The three major US stock indices recorded gains at the opening of trading today, Thursday, May 8, supported by positive news regarding a trade agreement between the United States and the United Kingdom. This was amid a lack of strong economic indicators from the US economy, and markets were anticipating Trump’s press conference in less than an hour to clarify the details of the deal.
Donald Trump announced in a tweet on Truth Social a few moments ago that a comprehensive agreement with the United Kingdom would be announced today, strengthening the relationship between the two countries for years to come. We are honored that the United Kingdom will be our first trade announcement, and there are many deals in the negotiation phase.
In the S&P 500, the energy sector led the gains, rising by approximately 1.37%, benefiting from higher oil prices. The telecommunications sector rose by 1.12%, the financial sector rose by 0.90%, and the technology sector rose by 0.60%. In contrast, Alphabet (Google) shares led the technology sector’s gains, rising 1.30%, while Microsoft shares rose 1.05%, Tesla shares rose by more than 1%, and Amazon shares rose by 0.76%.
In terms of economic data, figures from the US Department of Labor showed today that the number of Americans filing new applications for unemployment benefits decreased by 13,000 applications last week, ending May 3, to 228,000 applications.
The Dow Jones Industrial Average (Dow) is trading up approximately (144) points at 41,258, with gains of approximately 0.35%, while the S&P 500 index (S&P 500) recorded gains of 28 points at 5,659, with a rise of approximately 0.51%. The Nasdaq index (Nasdaq) rose by (110) points at 17,848, recording gains of approximately 0.62%.