Wall Street’s three-day rally came to a pause on Friday, with major indices hovering near the flatline by midday in New York as caution returned amid mixed signals on U.S.-China trade relations.
President Donald Trump claimed to have held a phone call with President Xi Jinping, yet Chinese officials denied that any talks had taken place.
Tesla Inc. (NASDAQ:TSLA) extended its rally into a fourth consecutive session, notching its best weekly performance of the year with a 16% gain. On Thursday afternoon, Transportation Secretary Sean Duffy introduced a new regulatory framework for self-driving vehicles, saying it aimed to reduce bureaucratic hurdles and advance toward a unified national standard.
T-Mobile US Inc. (NYSE:TMUS) was the biggest laggard of the day, falling 11%, on track for its worst single-day loss since March 2020. This came despite better-than-expected earnings, as its core wireless business posted slower growth than analysts had projected.
Among sectors, consumer discretionary led gains, buoyed by Tesla’s 8% …