Sat May 17 01:50:00 UTC 2025: Here’s a summary of the text and a rewrite into a news article:

**Summary:**

US stocks closed higher on Friday, marking a positive week for major averages, driven by easing US-China trade tensions. The S&P 500 erased its year-to-date losses. Tech stocks particularly outperformed, with companies like Nvidia and Tesla seeing strong gains. However, consumer sentiment plummeted to near-record lows due to rising inflation expectations fueled by Trump’s tariffs. While Trump announced plans to communicate tariff rates to countries, his tax and spending bill faced opposition. Bitcoin remained relatively stable, while gold prices declined. Several company-specific news items impacted individual stocks, including Novo Nordisk’s CEO departure, Charter Communications’ merger plans, and UnitedHealth facing a DOJ probe. Overseas, Japan’s economy contracted, and Asia-Pacific markets showed mixed performance.

**News Article:**

**Wall Street Cheers Trade Thaw Despite Plunging Consumer Confidence**

NEW YORK – US stocks rallied on Friday, capping off a winning week for the major averages as investors welcomed signs of easing trade tensions between the US and China. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all closed higher, with the tech-heavy Nasdaq leading the charge with a weekly gain of roughly 7%. The S&P 500 has completely recovered its losses and is up on the year.

The positive momentum was initially triggered by a surprise US-China tariff rollback earlier in the week. While investor enthusiasm remained, some caution emerged following warnings from Walmart about potential tariff-fueled price increases.

Adding a layer of complexity, consumer sentiment plummeted in May, hitting its second-lowest reading on record, according to the University of Michigan survey. Americans are increasingly pessimistic about the inflation outlook, with one-year inflation expectations surging to levels not seen since 1981.

President Trump announced plans to communicate tariff rates to countries in the coming weeks, but his administration’s tax and spending bill suffered a setback after failing to clear a key hurdle.

**Market Movers:**

* **Nvidia (NVDA):** Shares surged, pushing the AI chip giant back into positive territory for the year.
* **Tesla (TSLA):** Continued its upward trajectory, recovering a significant portion of recent losses, adding Jack Hartung from Chipotle to its board.
* **Bitcoin (BTC-USD):** Remained relatively stable, hovering around $104,000.
* **Gold (GC=F):** Pulled back more than 1% due to easing trade tensions and peace talks between Russia and Ukraine.
* **Novo Nordisk (NVO):** Shares dropped following the announcement of CEO Lars Fruergaard Jørgensen’s departure.
* **Charter Communications (CHTR):** Stock soared after announcing a merger with Cox Communications.
* **UnitedHealth (UNH):** Stock turned higher following an 11% drop, as investors assess the ramifications of a DOJ criminal probe and change in CEO.

**Overseas Developments:**

Japan’s economy contracted more than expected in the first quarter, impacting regional markets. Asia-Pacific equities showed mixed performance overall.

**Looking Ahead:**

Investors will be closely watching for further developments in US-China trade negotiations and any potential shifts in policy.

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