Stock Market Today: S&P 500 Nabs Longest Win Streak Since 2004
The stock market's rebound from its mid-April tariff-induced lows has been nothing short of impressive.



A solid April jobs report helped ease recession worries and sent stocks higher out of the gate Friday. A mixed batch of Big Tech earnings couldn't keep bulls sidelined, with the main indexes rallying into the close.
Ahead of open, the Bureau of Labor Statistics said nonfarm payrolls rose by 177,000 in April. This was lower than March's downwardly revised 185,000 figure but more than the 133,000 new jobs economists expected.
The unemployment rate, which is calculated from a separate survey, remained at 4.2%.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The strength of the labor market is one of the factors that the National Bureau of Economic Research (NBER) uses to determine if the U.S. is in a recession, and Joe Gaffoglio, CEO and president at Mutual Of America Capital Management, says the April jobs report underscores a resilient economy.
Still, Gaffoglio warns that "cracks have been forming. Job openings continue to decline, and steady quit rates suggest workers are growing less confident about jumping to new roles."
He notes that the ongoing job market momentum will be closely watched going forward, "given the more cautious stance by both companies and workers."
And "despite growing economic headwinds, Fed Chair Jerome Powell signaled he was in no rush to cut rates, with inflation above the Fed's target and a labor market that's holding firm, at least for now."
Indeed, today's data did little to change near-unanimous expectations that the Fed will hold interest rates steady when its next meeting concludes on Wednesday afternoon.
However, the chance for a June rate cut fell to 34% today from 55% on Thursday, while the odds of one happening in July jumped to 55% from 44%, according to CME FedWatch.
Apple warns of a $900 million tariff hit
The earnings calendar gave market participants plenty to talk about, too. Apple (AAPL) was one of the more noteworthy names reporting, with the iPhone maker beating on the top and bottom lines for its fiscal Q2.
However, AAPL sank 3.7% – making it the worst Dow Jones stock Friday – after the company warned that President Donald Trump's tariffs, at current levels, could boost costs by $900 million in its June quarter. Apple CEO Tim Cook added that this figure could increase in the coming quarters.
Apple, which has heavy exposure to China, has said it will begin to ship most of its devices from India and Vietnam, where tariffs are lower.
"We think AAPL will do its best to mitigate future tariffs and see rising costs from tariffs ultimately pushed to the consumer through higher prices," says CFRA Research analyst Angelo Zino (Buy).
While Zino sees Apple's lack of Services guidance as a negative, its aggressive stock buybacks – the board approved another $100 billion for share repurchases – the potential launch of foldable devices in 2026, and easing U.S.-China trade tensions as positives.
Amazon warns of tariff uncertainty
Earnings from e-commerce and cloud giant Amazon.com (AMZN, -0.1%) were also in focus. The company reported first-quarter earnings that were higher than expected, but gave soft guidance for Q2 operating income.
Amazon warned that its results are "inherently unpredictable" and may be impacted by several factors, including "tariff and trade policies" and "recessionary fears."
"It's hard to tell what's going to happen with tariffs right now," said Amazon CEO Andy Jassy on the company's earnings call. "It's hard to tell where they're going to settle and when they're going to settle."
Earlier this week, the company quickly shut down media reports that it would list tariff charges on some of its Amazon Haul products after pressure from the White House.
In other Amazon news, founder and former CEO Jeff Bezos disclosed plans to sell 25 million AMZN shares over the next 12 months, worth roughly $4.8 billion as of today's close.
Bezos is one of the richest people in the world, with a net worth of $212 billion, according to the Bloomberg Billionaires Index.
The S&P 500's longest win streak in 20 years
As for the main indexes, the Nasdaq Composite added 1.5% to 17,977, while the Dow Jones Industrial Average rose 1.4% to 41,317 for its ninth straight advance.
The S&P 500 also closed higher for a ninth straight day, up 1.5% to 5,686, to mark its longest winning streak since November 2004, according to Dow Jones Market Data.
This milestone is particularly impressive considering the S&P 500 was down more than 15% for the year to date in mid-April. It has since pared this deficit to just 3.3%.
The rebound occurred "as progress on tariff talks helped calm investor fears," says Mark Hackett, chief market strategist at Nationwide, and was helped by steady retail buying and institutional investors coming off the sidelines.
"Investors' positive response to earnings suggests expectations were appropriately reset, but with emotions still elevated, volatility is likely to remain," Hackett adds.
And there are plenty of potential market-moving events on next week's lineup. In addition to the May Fed meeting, the earnings calendar is jam-packed. Chipmaker Advanced Micro Devices (AMD) and media and entertainment giant Walt Disney (DIS) are among the many companies to report.
Related content
- May Fed Meeting: Live Updates and Commentary
- AI vs the Stock Market: How Did Value Stocks, Gold and PayPal Perform in April?
- Vanguard Is 50! Here's How It Has Made Investing Better
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Tax Reconciliation Bill Could Trigger $500 Billion in Mandatory Medicare Cuts
The deficits caused by the tax bill would trigger the Statutory Pay-As-You-Go Act of 2010 and force billions in cuts to Medicare. However, Congress can block the implementation of the cuts.
-
Stock Market Today: Stocks Chop After House Passes Trump's Tax Bill
The bill, which was narrowly approved by the House of Representatives, will now move to the Senate.
-
Stock Market Today: Stocks Chop After House Passes Trump's Tax Bill
The bill, which was narrowly approved by the House of Representatives, will now move to the Senate.
-
What You Expect in Retirement vs What You Get: Where Reality Can Surprise You
A financial planner explores how your expectations for retirement can greatly differ from reality — and how you can plan for that.
-
5 Momentum Stocks to Buy Now
momentum stocks Amid volatile trade and rising uncertainty, these momentum stocks have shown strong signs of leadership in the first half of 2025.
-
Nvidia Earnings: Live Updates and Commentary May 2025
Nvidia's earnings event is less than a week away, and investors are keyed into the AI bellwether's results.
-
Stock Market Today: Dow Falls 817 Points as Bond Yields Rise
Financial markets are once again focused on Washington, D.C., but taxes, not tariffs, are driving recent price action.
-
What's Up With the 10-Year Treasury Bond: Four Financial Experts Weigh In
A financial professional and three colleagues explain the fluctuations in the 10-year Treasury bond and what investors should do.
-
Stock Market Today: Cautious Investors Let Stocks Drift Lower
Markets weigh encouraging trends for earnings and tariffs against concerning signals from U.S. consumers.
-
Buffered ETFs for a Rocky Market
Buffered ETFs provide protection during market downturns, but in exchange, your gains are capped.