Dow rises 200 points after Trump says U.S. and UK reach trade deal: Live updates

Stocks were higher Thursday after President Donald Trump announced that a trade deal between the U.S. and United Kingdom had been struck.

The Dow Jones Industrial Average gained 205 points, or 0.5%. The S&P 500 gained 0.5%, and the Nasdaq Composite advanced 0.7%.

“The agreement with the United Kingdom is a full and comprehensive one that will cement the relationship between the United States and the United Kingdom for many years to come,” Trump said in a Truth Social post after teasing the announcement in previous posts.

Trump said there will be a news conference at 10 a.m. ET to announce the deal.

Tech shares rose, boosted on news Wednesday that the Trump administration is preparing to rescind Biden-era artificial intelligence chip controls that would have taken effect later this month.

Nvidia traded about 0.5% higher, and Intel climbed 3.3%. AMD traded more than 3% higher as well. Megacaps Meta Platforms and Amazon advanced more than 1% each, and Tesla popped over 3%.

Thursday’s moves come after a winning session on Wall Street that saw volatile moves, as investors digested the latest Federal Reserve policy announcement and monitored for signs of progress on trade deals. Market participants share increasing worries that a global trade war could send prices higher and worsen inflationary pressures.

The Fed on Wednesday kept its benchmark overnight borrowing unchanged, as expected. Fed Chair Jerome Powell said during his post-decision press conference that if announced tariffs remain at their current levels, they could lead to a slowdown in economic growth, a spike in long-term inflation and greater unemployment.

While the Fed appears content to stick to its wait-and-see approach, there’s a growing concern that soft data, like sentiment and confidence, will eventually show up in the hard data, like retail sales, GDP, and employment … So far though, that concern has not come to fruition,” said Bret Kenwell, eToro U.S. investment analyst. “If we do start to see deterioration in the labor market, jobless claims could be an early indicator to that development, and at least for now, we’re not seeing it materialize.”