Stocks rose Thursday following news that the U.S. reached a trade agreement with the United Kingdom

The Dow Jones Industrial Average and S&P 500 each gained 0.6%, while the tech-heavy Nasdaq Composite added 1.1%, with each of the major indexes finishing well below their session highs.

The U.S. stock market rose on Thursday after President Donald Trump said that more trade deals are in the works and that tariffs on China could be reduced if the upcoming talks between the two countries go well.

By noon ET, the Dow Jones Industrial Average and S&P 500 each gained 0.6%, while the tech-heavy Nasdaq Composite added 1.1%, although major indexes were well below their session highs. The indexes were also coming off a winning session on Wednesday after two consecutive days of declines as investors looked for any signs of progress on trade deals amid hopes that Trump will soften his stance on tariffs.

Trump announced in a press conference this morning that the U.S. has reached a trade agreement in principle with the United Kingdom, which was the first in a series of agreements on trade that his administration has been negotiating over the past four weeks.

"We're going to be announcing a new trade deal with the U.K. We've completed that deal. It's a very good deal for both countries. Perhaps it's a great deal for both countries. But we'll be announcing that, I think, on Saturday. We're also making great progress on other trade deals. I think you'll be pleased," Trump said during a press conference on Thursday.

He added that the U.S. is in the "serious stages of negotiation" for "many other deals" after striking a new trade pact with the U.K. and that he expects to announce more trade agreements soon.

The president's comments come ahead of highly anticipated talks, scheduled for Saturday in Switzerland, between U.S. and Chinese officials. The two countries have imposed tariffs of more than 100% on one another, effectively halting trade and sparking concerns about the likelihood of product shortages and rising inflation.

During the press conference, Trump said that he expects the discussion with China will be fruitful and that he's hopeful they will be able to reduce tariffs on Chinese imports if the talks go smoothly. He added that he's planning to meet with Chinese President Xi Jinping at some point during the upcoming week.

Meanwhile, shares of the world's largest technology companies were higher across the board on Thursday, led by a 3% gain for EV maker Tesla (TSLA).

Alphabet (GOOG) closed 2% higher after plunging 7% yesterday following reports that Apple is looking to add AI-powered search options to its Safari browser, a move that could erode Google's share of the online search market. Apple (AAPL) shares rose 0.6% today.

Chipmakers Nvidia (NVDA) and Broadcom (AVGO), which surged late yesterday on news that the Trump administration plans to ease trade restrictions on semiconductors, advanced 0.3% and 1.4%, respectively. Amazon (AMZN) climbed nearly 2%, while Microsoft (MSFT) and Meta Platforms (META) also moved higher.

Among other noteworthy tech sector movers, shares of AppLovin (APP) jumped 12% after the adtech company late Wednesday announced the sale of its mobile game business alongside first quarter earnings that topped analysts’ expectations. Arm Holdings (ARM) tumbled 6% after the chip designer issued an outlook that missed expectations on the top and bottom lines.

Crypto-related stocks jumped as the price of bitcoin surged above $100,000 for the first time since February. Strategy (MSTR), the world's largest corporate holder of bitcoin, rose nearly 6%, while crypto exchange Coinbase Global (COIN) and bitcoin miner MARA Holdings (MARA) surged 5% and 7%, respectively. Bitcoin was at $102,800 in late-afternoon trading, up from an overnight low of $96,100.

Gold futures were down 2.4% at $3,310 an ounce, losing ground for the second straight day, while West Texas Intermediate futures, the U.S. crude oil benchmark, rose 3.8% to $60.30 per barrel, continuing a volatile run for the commodity amid economic uncertainty.

The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of loans, notably mortgages, rose to 4.38% from 4.28% at yesterday's close. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was up 1% at 100.63, trading at its highest level in a month.