US close: Stocks pare losses as US-China talks offer hope on tariffs

(Sharecast News) - Major indices closed higher on Friday as the White House's softening rhetoric on trade talks with China offset renewed concerns over regional banks' lending practices.

At the close, the Dow Jones Industrial Average was up 0.52% at 46,190.61, while the S&P 500 advanced 0.53% to 6,664.01 and the Nasdaq Composite saw out the session 0.52% firmer at 22,679.97.

The Dow closed 238.37 points higher on Friday, taking a bite out of losses recorded in the previous session as bank stocks headed south late in the day after regional banks Zions and Western Alliance both disclosed bad loans, fuelling fears that similar issues could arise elsewhere.

Concerns surrounding the state of regional banks were somewhat eased after Fifth Third Bancorp posted better-than-expected quarterly numbers. However, shares in AI beneficiaries Nvidia and Oracle headed south as risk-averse traders lowered their exposure to tech stocks, while gold futures rose roughly 1% to trade above $4,300 per ounce at the open.

US stocks regained ground in afternoon trade on Friday after Treasury Secretary Scott Bessent said he would speak with his Chinese counterpart later in the day, raising hopes of progress on trade. Donald Trump also said a meeting with China's President Xi Jinping remained likely at month-end, suggesting the threatened 100% tariff hike on Chinese imports from 1 November may be avoided.

In terms of earnings, American Express posted Q3 earnings that beat expectations, thanks to a long-anticipated Platinum credit card refresh in September. American Express reported $421bn in billed business for the third quarter, ahead of consensus expectations of $415.2bn.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

American Express Co. (AXP) $346.62 7.27%

Apple Inc. (AAPL) $252.29 1.96%

Visa Inc. (V) $341.89 1.94%

International Business Machines Corporation (CDI) (IBM) $281.28 1.92%

Cisco Systems Inc. (CSCO) $70.13 1.51%

Coca-Cola Co. (KO) $68.44 1.26%

Procter & Gamble Co. (PG) $151.40 1.20%

Walmart Inc. (WMT) $107.73 1.18%

Home Depot Inc. (HD) $391.90 1.16%

Merck & Co. Inc. (MRK) $84.79 1.04%

Dow Jones - Fallers

Caterpillar Inc. (CAT) $527.05 -2.57%

Salesforce.Com Inc. (CRM) $243.08 -1.19%

Goldman Sachs Group Inc. (GS) $750.77 -0.97%

JP Morgan Chase & Co. (JPM) $297.56 -0.33%

Dow Chemical Co. (DOW) $21.89 -0.05%

Unitedhealth Group Inc. (UNH) $356.60 -0.02%

Dowdupont Inc. (DWDP) $0.00 0.00%

Walgreens Boots Alliance, Inc. (WBA) $11.98 0.00%

Travelers Company Inc. (TRV) $262.01 0.17%

Microsoft Corp. (MSFT) $513.58 0.39%

S&P 500 - Risers

American Express Co. (AXP) $346.62 7.27%

Jefferies Financial Group Inc. (JEF) $51.70 5.94%

Nektar Therapeutics (NKTR) $57.77 5.11%

Gap Inc. (GAP) $21.60 4.60%

Coty Inc. Class A (COTY) $4.34 4.58%

Gilead Sciences Inc. (GILD) $122.81 4.21%

Estee Lauder Co. Inc. (EL) $100.78 4.11%

Capital One Financial Corp. (COF) $211.34 4.03%

Truist Financial Corp. (TFC) $42.60 3.67%

Teleflex Inc. (TFX) $128.13 3.43%

S&P 500 - Fallers

Newmont Corporation (NEM) $90.77 -7.63%

Oracle Corp. (ORCL) $291.31 -6.93%

Fluor Corp. (FLR) $46.65 -3.74%

Albemarle Corp. (ALB) $92.74 -2.68%

Corning Inc. (GLW) $84.49 -2.57%

Caterpillar Inc. (CAT) $527.05 -2.57%

Cummins Inc. (CMI) $411.83 -2.56%

United Rentals Inc. (URI) $980.37 -2.51%

Sl Green Realty Corp. (SLG) $52.59 -2.30%

Robert Half Inc. (RHI) $31.35 -2.15%

Nasdaq 100 - Risers

Gilead Sciences Inc. (GILD) $122.81 4.21%

Fiserv Inc. (FI) $121.65 3.09%

Workday, Inc. (WDAY) $234.29 2.94%

Intuitive Surgical Inc. (ISRG) $446.13 2.65%

Dollar Tree Inc (DLTR) $96.44 2.56%

Booking Holdings Inc. (BKNG) $5,068.37 2.34%

Intuit Inc. (INTU) $661.39 2.23%

Hologic Inc. (HOLX) $69.95 2.12%

Vertex Pharmaceuticals Inc. (VRTX) $416.82 2.01%

Apple Inc. (AAPL) $252.29 1.96%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $13.65 -5.64%

Broadcom Inc. (AVGO) $349.33 -1.36%

Applied Materials Inc. (AMAT) $224.99 -1.20%

Mercadolibre Inc. (MELI) $2,020.26 -1.12%

DENTSPLY Sirona Inc. (XRAY) $12.51 -0.87%

Charter Communications Inc. (CHTR) $253.16 -0.85%

Amazon.Com Inc. (AMZN) $213.04 -0.67%

Lam Research Corp. (LRCX) $141.51 -0.60%

PACCAR Inc. (PCAR) $94.69 -0.49%

QUALCOMM Inc. (QCOM) $163.41 -0.41%