---
title: "Overnight U.S. Stocks | S&P 500 Index Rises for Nine Consecutive Days, Erasing \"Tariff Crash\" with Chinese Concepts Strongly Up Over 3%"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/238626689.md"
description: "On Friday, the three major U.S. stock indices all rose by more than 1%, with the S&P 500 Index and the Dow Jones Industrial Average rising for nine consecutive days. The S&P 500 Index recovered its losses since April, recording its longest winning streak since November 2004. Chinese concept stocks performed strongly, with the Nasdaq Golden Dragon China Index rising by 3.50%. Popular Chinese concept stocks such as Pony AI rose by over 21%, and XPeng rose by 5.84%"
datetime: "2025-05-03T00:22:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/238626689.md)
  - [en](https://longbridge.com/en/news/238626689.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/238626689.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/238626689.md) | [繁體中文](https://longbridge.com/zh-HK/news/238626689.md)


# Overnight U.S. Stocks | S&P 500 Index Rises for Nine Consecutive Days, Erasing "Tariff Crash" with Chinese Concepts Strongly Up Over 3%

According to Zhitong Finance APP, on Friday, all three major indices closed up more than 1%, recording gains for the week, with the S&P 500 Index and Dow Jones both rising for nine consecutive days. The rise in risk assets was supported by a "moderate" cooling of the U.S. labor market and more favorable news regarding tariffs.

**\[U.S. Stocks\]** As of the close, the Dow Jones rose 564.47 points, an increase of 1.39%, closing at 41,317.43 points, with a cumulative weekly gain of 3.00%; the Nasdaq rose 266.99 points, an increase of 1.51%, closing at 17,977.73 points, with a weekly gain of 3.42%; the S&P 500 Index rose 82.53 points, an increase of 1.47%, closing at 5,686.67 points, with a weekly gain of 2.92%. The S&P 500 Index recorded its longest consecutive rise since November 2004, recovering losses since April 2.

Meta (META.US) rose 4.34%, Nvidia (NVDA.US) rose 2.47%, Tesla (TSLA.US) rose 2.38%, Microsoft (MSFT.US) rose 2.32%, and Apple (AAPL.US) fell 3.74%. The Nasdaq Golden Dragon China Index rose 3.50%, with a cumulative weekly increase of 3.14%. Popular Chinese concept stocks Pony AI (PONY.US) rose over 21%, XPeng (XPEV.US) rose 5.84%, and JD (JD.US), Pinduoduo (PDD.US), Alibaba (BABA.US), Zhihu (ZH.US), and iQIYI (IQ.US) all rose over 4%.

**\[European Stocks\]** The German DAX 30 Index rose 2.62%, closing at 23,086.65 points; the UK FTSE 100 Index rose 1.17%, closing at 8,596.35 points; the French CAC 40 Index rose 2.33%, closing at 7,770.48 points; the Euro Stoxx 50 Index rose 2.42%, closing at 5,285.19 points; the Spanish IBEX 35 Index rose 1.20%, closing at 13,446.70 points; the Italian FTSE MIB Index rose 1.92%, closing at 38,327.94 points.

**\[Foreign Exchange\]** On Friday's New York close, the ICE Dollar Index fell 0.27%, closing at 99.973 points, with a cumulative weekly increase of 0.50%. The Bloomberg Dollar Index fell 0.43%, closing at 1,224.64 points, with a cumulative weekly decrease of 0.12%.

**\[Cryptocurrency\]** Driven by a continued increase in risk appetite, Bitcoin rose about 0.5% in New York's late trading, approaching $97,000.

**\[Metals\]** Spot gold rose 0.11%, closing at $3,240.61 per ounce, but with a cumulative weekly decrease of 2.35%. COMEX gold futures rose 0.77%, closing at $3,247.00 per ounce, with a cumulative weekly decrease of 1.58%.

**\[Crude Oil\]** The WTI futures price for June delivery on the New York Mercantile Exchange fell 1.6%, closing at $58.29 per barrel, with a cumulative weekly decrease of over 7.50%. The Brent crude oil futures price for July delivery fell 1.4%, closing at $61.29 per barrel, with a cumulative weekly decrease of over 6.85% **\[Macroeconomic News\]**

**The U.S. added 177,000 jobs, reinforcing the "soft landing" path, and interest rate cut expectations remain strong.** The U.S. non-farm employment market continued to grow steadily in April, with the unemployment rate remaining stable, indicating that the new round of aggressive tariff policies and global trade battles led by U.S. President Donald Trump have not yet had a substantial negative impact on U.S. companies' hiring plans. Data released by the U.S. Bureau of Labor Statistics on Friday showed that non-farm employment increased by 177,000 in the month, lower than the previous month's figures but better than economists' expectations of 130,000. The non-farm employment data for the previous two months was slightly revised downward. The unemployment rate remained at 4.2%, in line with market expectations.

**OPEC+ is reportedly discussing an increase in oil production by about 400,000 barrels in June.** On Friday, media reports citing numerous attending representatives indicated that OPEC+ is discussing an increase in oil production by about 400,000 barrels in June. Following this news, both WTI crude oil and Brent crude oil futures plummeted. Earlier that day, OPEC+ decided to hold a policy-making conference call originally scheduled for Monday ahead of time, and OPEC+ will hold a video conference on Saturday, May 3. Previously, OPEC+ had already increased oil production by 411,000 barrels per day, nearly tripling the original planned increase. This move aims to constrain member countries that have exceeded production quotas. According to representatives, the organization is considering taking similar actions again next month.

**The U.S. government proposed a $163 billion cut to the federal budget by 2026.** The Trump administration in the U.S. stated in a statement on May 2 that it plans to cut $163 billion in federal spending next year. The White House Office of Management and Budget indicated that the proposed budget would increase defense spending by 13% compared to the levels set in 2025, increase homeland security spending by nearly 65%, and cut non-defense discretionary spending by 23%, bringing it to the lowest level since 2017.

**The Canadian Prime Minister will visit the U.S. for talks with Trump, stating that he does not expect to reach an agreement soon.** On Friday, Canadian Prime Minister Carney stated that he would travel to Washington next Tuesday for "difficult but constructive" talks with U.S. President Trump. Carney indicated that the focus of the talks with Trump next Tuesday would be on current trade pressures and broader future economic and security relations. Carney noted that the negotiations with Trump are expected to be difficult but constructive, but do not expect both sides to reach a trade agreement soon, as the U.S. has imposed tariffs on many Canadian products, and Canada has retaliated.

**\[Individual Stock News\]**

**NVIDIA is unwilling to give up the Chinese market! Plans to launch a "China-specific" AI chip.** According to the latest media reports, global "AI chip leader" NVIDIA has notified its most important customers in the Chinese market, including ByteDance, Alibaba, and Tencent, that the company is revising its AI chip design architecture to comply with the latest U.S. government export restrictions and insists on continuing to supply AI chips to Chinese companies. According to the latest report from The Information, NVIDIA CEO Jensen Huang revealed this latest plan for a China-specific AI chip to customers during his recent high-profile visit to the Chinese market **Nike (NKE.US), Adidas (ADDYY.US), Under Armour (UAA.US) and other companies seek tariff exemptions due to cost concerns.** Major footwear companies represented by industry associations, including Nike, Adidas, Under Armour, and Puma, have requested the Trump administration to grant tariff exemptions for their products. The organization expressed concerns that tariffs would significantly increase the cost of footwear for American consumers and could lead to business closures. The association emphasized that the footwear industry is already bearing a heavy tariff burden, with existing tariff rates for children's footwear reaching as high as 37.5% before the implementation of new reciprocal tariffs. They warned that additional tariffs could raise many companies' tariff rates to between 150% and nearly 220%, which would be unsustainable, especially for those providing affordable footwear for low- and middle-income families.

**Apple collaborates with Anthropic to develop AI-driven programming software.** Apple is working with the startup Anthropic to develop a new software platform that uses artificial intelligence (AI) to assist programmers in writing, editing, and testing code. This platform is an upgraded version of Apple's existing programming software Xcode and will integrate Anthropic's Claude Sonnet model. According to insiders, Apple plans to initially launch the software internally. However, the tech giant has not yet determined whether it will release the software to the public

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