Markets Rise Ahead of Tariff Announcement, Mixed Global Trends

Stocks gained as Trump prepared to unveil new tariffs. U.S. job growth exceeded expectations, factory orders rose and airline stocks surged. Asia-Pacific markets were mixed while European markets declined.

The Nasdaq advanced 151.16 points (0.9%) to 7,601.05, the S&P 500 climbed 37.90 points (0.7%) to 5,670.97 and the Dow rose 235.36 points (0.6%) to 42,225.32.

Trump will announce new tariffs in the Rose Garden after markets close. Press secretary Karoline Leavitt said they take effect immediately. Reports suggested last-minute adjustments, but a White House official confirmed Trump's final decision.

The payroll processor ADP released a report showing private sector employment in the U.S. increased by more than expected in the month of March. ADP said private sector employment jumped by 155,000 jobs in March after climbing by an upwardly revised 84,000 jobs in February.

The Commerce Department also released a separate report showing factory orders increased by slightly more than anticipated in the month of February. Airline stocks moved sharply higher, with the NYSE Arca Airline Index surging by 2.3%. Networking stocks displayed significant strength, as reflected by the 1.8% jump by the NYSE Arca Networking Index. Banking, retail and housing stocks were notably strong on the day, moving higher along with most of the other major sectors.

Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index rose by 0.3% and China's Shanghai Composite Index inched up by 0.1% while South Korea's Kospi fell by 0.6%. The major European markets all moved downwards while the German DAX Index slid by 0.7%, the U.K.'s FTSE 100 Index dipped by 0.3% and the French CAC 40 Index edged down by 0.2%.

In the bond market, treasuries turned lower. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose 4 bps to 4.19% after hitting a low of 4.11%.

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