Stock Market Today: Stocks end mixed; Walmart, Apple in focus

Updated 4:25 p.m. EDT by Rob Lenihan

Stocks ended mixed Thursday, with the S&P 500 posting its fourth winning session. 

The Dow Jones Industrial Average gained 271.69 points, or 0.65%, to end the session at 42,322.75, while the S&P 500 added 0.41% to close at 5,916.93, while the tech-heavy Nasdaq lost 0.18% to finish the day at 19,112.32.

In economic news, April retail sales rose 0.1% after rising a revised 1.7% month-to-month in March as buyers splurged before any new tariffs were enacted.

The biggest contributor in April was restaurant spending, a sign that consumers are willing to allocate toward discretionary spending, said Jeffrey Roach, chief economist for LPL Financial

Demand for home improvement has skyrocketed, as households stay put given the abnormalities of the housing market. Retailers for building materials posted the biggest gains since 2022.

"Retailers in the home improvement space are benefiting from strong demand for renovations and home improvements," Roach said. "Given the abnormalities in the housing market, we should expect that to continue if the labor market holds."

"Steady consumer incomes should support discretionary spending, adding to the likelihood that the Fed can stay on hold as long as growth prospects remain stable," Roach added.

Updated 1:38 p.m. EDT

Stocks surge in afternoon trading

A weak open for stocks has given now given way to a decent rally.

All of the major averages are now ahead on the day, driven by gains in interest-rate sensitive stocks, including consumer staples, utilities and real estate. 

The top-performing Standard & Poor 500 Index components are medical-equipment maker Steris Corp.  (STE) , up 8.21% to $246.39, and Cisco Systems  (CSCO) , up 4.9% to $64.28. 

Only two of the 11 sectors in the S&P 500 are trading lower: energy and consumer discretionary stocks.

Stocks showing declines include

•  Oil-and-gas producers APA  (APA)  and Occidental Petroleum  (OXY)  (a major holding of Berkshire Hathaway  (BRK.A)  and  (BRK.B) )
• Discretionary stocks, including Amazon.com  (AMZN) , and Tesla  (TSLA) .  

The S&P 500 was up 15 points to 5,907. The Dow Jones Industrial Average added 222 points, or 0.5%, to 42,272. The Nasdaq Composite Index was off 32 points to 19,115.

At current levels, the S&P 500 is enjoying its fourth straight gain since the United States and China agreed to cut what can only be described as punitive tariff rates for 90 days. 

Helping the market is a switch by institutions, who had been selling stocks while retail investors were buying just about every possible dip in markets. 

Lower interest rates offset tariff worries 

Stocks opened lower but  in late-morning trading were starting to move ahead. 

The rally has been prompted by a weak inflation number on the Producer Price Index that ignited hopes for rate cuts this summer. 

That, in turn, offset weakness built on trade worries. 

At 11:30 a.m. ET the Dow Jones industrials were 94 points to 42,145. The Standard & Poor's 500 Index was down5 points to to 5,897, but the Nasdaq Composite Index was still off 58 points to 19,088. the index had been down as many as 179 points.

Apple  (AAPL)  was down after President Trump groused that Apple was moving its U.S.-bound iPhone production to India, which is subject to lower tariffs. He wants Apple to move its production back to the United States, which would take year and years to accomplish. 

Walmart  (WMT)  said it had a solid first quarter, but it remains worried about the next few quarters. The retail giant is a huge importer of products from China and other countries and is facing much higher tariffs going forward. 

Chief financial officer John David Rainey said Walmart appreciated that China and the United States agreed to suspend punishing tariff rates from well above 125% for 90 days. But the new 30% tariffs are still in place and substantially higher than a year ago. 

Stock Market Today

Stocks are expected to open lower on Thursday because tariff controversies just won't go away. 

Apple  (AAPL)  shares were lower premarket after President Donald Trump complained about the company's decision to move as much of its iPhone production to India.