Wall St rises as Trump touts EU trade concessions

Traders work on the floor of the New York Stock Exchange

The Nasdaq slipped down almost 80 points as Facebook Inc (NASDAQ:FB) shares continued their downward spiral, falling almost 20% to US$175.16 by the close. Netflix, which disappointed investors last week, was down about 3 percent in after-hours.

The ecommerce-giant Amazon reported earnings Thursday evening. The S&P 500 was up 25.67 points, or 0.91 per cent, to 2,846.07, Xinhua news agency reported.

The Dow Jones Industrial Average on Wednesday increased 172.16 points, or 0.68 per cent, to 25,414.10.

"It's going to be hard for markets today with such a massive market cap stock down so much", said Michael Antonelli, managing director, institutional sales trading at Robert W. Baird in Milwaukee.

Their gains, along with Microsoft which rose 1.8 percent to a record and Apple up 0.4 percent, just shy of its all-time high, boosted the technology index.

Facebook, which closed at an all-time high of $217.50 on Wednesday to $176.26, after warning investors that it sees slower revenue growth ahead, and that its user base and revenue grew more slowly than expected in the second quarter.

Shares of Qualcomm Inc (QCOM.O) gained 7.0 percent after the chipmaker pulled its $44 billion bid for NXP Semiconductors NV (NXPI.O) upon failing to win Chinese regulatory approval.

Industrials and trade-sensitive stock gained after President Donald Trump and the European Commission chief agreed to tackle their transatlantic trade row, seeking to resolve US tariffs on steel and aluminum and Europe's retaliatory duties. Australia's S&P ASX 200 jumped 0.9 percent. At the same time, traders have been wary of global trade tensions, which have ratcheted up in recent weeks as the USA and some of its trading partners imposed tariffs and threatened more.

Juncker went on to say that the two leaders also agreed that as long as negotiations were ongoing, "we'll hold off further tariffs and reassess existing tariffs on steel and aluminum" put in place by the Trump administration. Analysts are expecting adjusted earnings of US$0.16 per share.

OIL: Benchmark U.S. crude rose 31 cents to $69.61 per barrel in NY.

TASTY RESULTS: Shares in Mondelez International, which sells Oreo cookies and Cadbury chocolate, climbed 4.7 percent to $43.45 after the company's latest quarterly earnings and revenue topped analyst estimates. The yield on the 10-year Treasury fell to 2.95 percent from 2.97 percent late Wednesday.

Mastercard declined 2.8 percent and Visa fell 1.5 percent despite the payments processors topping profit estimates.

More stocks rose than fell on the New York Stock Exchange.

Five of the 11 major S&P sectors were lower, led by the S&P telecom sector's 2.94 percent decline due to AT&T. Germany's DAX jumped 1.8 percent while France's CAC 40 added 1 percent.

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