US Equities Markets End Higher Friday as Banks Report Better-Than-Expected Results

US benchmark equity indexes ended higher Friday as major banks reported stronger-than-expected quarterly results while markets tracked tariff updates.

* JPMorgan Chase's (JPM) and Morgan Stanley's (MS) Q1 top- and bottom-line results surpassed Wall Street's estimates, while Wells Fargo (WFC) exceeded earnings views.

JPMorgan shares rose 4.5%, while Morgan Stanley increased 1.6%. Wells Fargo shares were down 0.6%.

* China on Friday raised its tariffs on US imports to 125% in response to US President Donald Trump's move to hike duties on Beijing to 145%. Earlier in the week, Trump announced a 90-day pause on certain tariffs for non-retaliating countries.

"Even if the US continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy," CNBC reported Friday, citing a translated statement from the Chinese finance ministry.

* US producer prices turned negative last month for the first time since October 2023, the Bureau of Labor Statistics reported Friday. On Thursday, BLS data showed that consumer inflation unexpectedly turned negative in March in what was its first monthly decline since May 2020.

* May West Texas Intermediate crude oil closed up $1.50 to settle at $61.57 per barrel, while June Brent crude, the global benchmark, was last seen up $1.42 to $64.75 after a report the Trump Administration could force the suspension of Iran's oil exports, even as a trade war between the world's two largest economies threatened to slow global growth and weaken demand.

* US chipmakers that outsource manufacturing to other countries will be exempt from China's retaliatory tariffs on American imports, Reuters reported Friday, citing a notice from the state-backed China Semiconductor Industry Association posted to the Weibo social media platform.

The news report said chips made by companies such as Texas Instruments (TXN), which own and operate US-based fabs, may be classified as US origin and subject to 84% or higher tariffs.

Shares of Texas Instruments declined 5.4%.