Morning Business Report: Wall Street rallies for third straight day amid easing tariff concerns
Stocks continued their upward momentum for a third consecutive day, with major indexes posting strong gains as investor fears over tariffs appeared to ease.
(LILAMAX)- Stocks continued their upward momentum for a third consecutive day, with major indexes posting strong gains as investor fears over tariffs appeared to ease. The Nasdaq is leading the charge, up more than 5% for the week, while the S&P 500 has climbed nearly 4 points. Analysts are calling it a “relief rally,” buoyed by positive trade signals. India is reportedly on the verge of finalizing a trade deal with the U.S.—potentially the first under the current administration. The White House also indicated that a deal with South Korea is nearing completion.
In the housing market, existing home sales dropped nearly 6% in March—the sharpest month-over-month decline since 2022. The Western U.S., where prices are highest, saw a steeper drop of more than 9%. However, there may be relief ahead for homebuyers. The 10-year Treasury yield—closely tied to mortgage rates—has fallen for three straight days, down nearly a full percentage point. Mortgage rates currently average around 6.8%, but economists say buyers will see more value once rates dip to 5.5%.
On the policy front, President Trump is signaling strong opposition to a proposed “millionaires tax,” telling reporters in the Oval Office it could drive wealthy Americans to leave the country. This comes as the Trump-era tax cuts are set to expire at the end of 2025.
In corporate news, Google is cracking down on remote work. The tech giant is requiring employees to return to the office at least three days a week—or risk being included in future cost-cutting measures.
The 2025 NFL Draft kicked off last night, with teams expected to spend an average of $25 million on the event—not including the salaries of new players. First-round picks alone are projected to command contracts ranging from $13 million to as much as $43 million.
