US stocks opened higher Friday as traders weighed comments from President Donald Trump suggesting that an 80% tariff on China seemed right, just as negotiations between the two countries are set to begin on Saturday.
The S&P 500 Index rose 0.4% by 9:36 a.m. in New York, while the Nasdaq 100 Index advanced 0.6%. The Dow Jones Industrial Average gained 0.3% and Russell 2000 Index climbed 0.3%. If the moves hold, the S&P 500 will end the week with a small increase.
Among individual stocks, shares of Expedia Group Inc. sank 12% after the company cut its full-year outlook for gross bookings and revenue, citing weaker-than-expected domestic and inbound travel demand in the US early in the year. Chip stocks rose after Taiwan Semiconductor Manufacturing Co.’s revenue jumped 48% in April, as electronics firms rushed to secure essential components before global tariffs took effect. Lyft Inc. jumped 16% after reporting better-than-expected gross bookings in the first quarter — a sharp contrast with the disappointing results from larger ride-hailing rival Uber Technologies Inc.
Investors remained focused on the stream of trade-related developments. Trump, in a social-media post Friday morning, said “80% Tariff on China seems right! Up to Scott B,” referring to Treasury Secretary Scott Bessent. Meanwhile, European leaders presented a united front, with German Chancellor Friedrich Merz saying individual member states won’t strike side deals and European Commission President Ursula von der Leyen indicating that a concrete proposal is needed for any serious talks with Washington.
“Trade anticipation should drive trading today and specifically any ‘chatter’ about expectations for this weekend’s US/China trade meeting in Geneva,” said Tom Essaye of the Sevens Report.
