What’s News in Markets: Nvidia’s China Rival, Tariff Tech Effect, McDonald’s Slips

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  Hey listeners, it's Saturday, May 3rd.

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  I'm Francesca Fontana for The Wall Street Journal, and this is What's News in Markets,

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  our look at the biggest duck moves of the week and the news that drove them.

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  Let's get to it.

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  Trade and earnings were the two big stories of the market this week,

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  and in many ways they were intertwined,

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  as investors have been watching for the effects of Trump's tariffs on corporations,

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  on consumer spending, on the real world, really.

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  A big focus was earnings from four of the magnificent seven super stocks,

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  but more on those reports and how they moved the market later.

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  Notable trade developments this week injected some optimism into the stock markets,

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  including Commerce Secretary Howard Lutnick saying he's reached a trade deal with an unnamed country,

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  although no trade deals have been announced, Trump softening the blow of auto tariffs,

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  and some signs of the ice thawing between Washington and Beijing.

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  This week, the Dow rose 3%, while the S&P 500 gained 2.9%, and the Nasdaq rose 3.4%.

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  Let's start by checking in with AI chip company NVIDIA and how the U.S.-China chipmaking rivalry is heating up.

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  So in Monday's session,

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  we saw investors reacting to the Wall Street Journal's report that China's Huawei Technologies is gearing up to test its newest and most powerful artificial intelligence processor,

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  hoping it'll beat some of Nvidia's chips.

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  And Huawei has emerged as China's champion in the AI field.

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