Wall Street continues to assess the dynamics of the US-China trade war while digesting earnings reports from major tech giants. As of the opening on the 25th, the main US indices showed little volatility, with the Dow Jones Industrial Average down 124.32 points or 0.31%. At the time of writing, the S&P 500 Index was up 10.59 points or 0.19%; the Nasdaq Composite Index up 93.87 points or 0.58%; and the Philadelphia Semiconductor Index up 1.68 points or 0.038%.

According to a report from CNBC, the latest interview with Trump in Time magazine, published on the 25th, has once again influenced investor sentiment. Trump stated that if the US continues to impose high tariffs of 20% to 50% on imported goods a year later, he would consider it a “complete victory.” He also denied that the yields on US bonds were the reason for his decision to suspend reciprocal tariffs, saying, “The bond market is in panic, but I am not affected.” On the other hand, Trump has hinted at releasing a series of trade agreements in the coming three to four weeks.

However, the clarity that investors expect regarding the US-China tariff situation seems to be still absent, as Beijing maintains that there are no ongoing tariff negotiations. Concerns over the trade war linger. Analyst Joachim Klement remarked, “The market is currently not based on fundamentals, but rather driven by the conflicting statements from Trump and his officials.” In individual stocks, Google’s parent company Alphabet reported strong Q1 earnings, with stock prices rising around 3% during trading. Facebook’s parent company Meta also saw its stock rise about 2% following news of layoffs. In contrast, Intel saw its stock plunge nearly 8% due to disappointing revenue forecasts.