U.S. stocks ended the week on a quiet note on Friday after oscillating between slight gains and declines, as investors gauged President Donald Trump's comments on Chinese tariffs ahead of weekend trade talks between the two countries.

Market Snapshot

The Dow Jones Industrial Average fell 119.07 points, or 0.29%, to 41,249.38, the S&P 500 lost 4.03 points, or 0.07%, to 5,659.91 and the Nasdaq Composite gained 0.78 points, or flat, to 17,928.92.

Market Movers

Coinbase Global, Inc. reported first-quarter earnings of $1.94 a share, slightly beating Wall Street expectations. Revenue of $2 billion rose 24% from a year earlier but missed forecasts of $2.1 billion. First-quarter transaction revenue of $1.3 billion fell 19% from the fourth quarter. Coinbase guided for lower subscription and services revenue -- between $600 million and $680 million -- in the current second quarter. The company said it took a hit from declines in crypto prices that "dropped alongside broader market declines driven by tariff policy and macroeconomic uncertainty." Shares of the cryptocurrency asset manager and brokerage fell 3.5%.

Strategy was up 0.4%, a day after the largest corporate holder of Bitcoin rose 5.6% as the cryptocurrency crossed $100,000 for the first time since February. Bitcoin was last trading at $103,411, up 1.8%.

Expedia reported adjusted earnings in the first quarter of 40 cents a share, better than Wall Street estimates of 35 cents, as revenue rose 3.4% to $2.99 billion but missed expectations of $3.01 billion. Total gross bookings rose 4.3% to $31.45 billion but missed estimates. CEO Ariane Gorin said Expedia posted first-quarter bookings and revenue within its guidance range "despite weaker-than-expected" U.S. demand. The stock fell 7.3%.

First-quarter adjusted earnings at Pinterest, Inc. missed analysts' expectations but the stock was up 4.9% after the social-media company reported better-than-expected quarterly revenue and said it anticipated revenue in the current second quarter of $960 million to $980 million. Analysts had been calling for second-quarter revenue of $966 million. The company said global monthly active users in the first quarter rose 10% to 570 million.

Lyft, Inc. swung to a profit in the first quarter as revenue jumped 24% to $1.45 billion but was shy of analysts' estimates of $1.47 billion. Rides in the quarter rose 16% from a year earlier to 218.4 million and beat expectations of 215.1 million. Gross bookings were $4.16 billion, up 13% and slightly higher than forecasts of $4.15 billion. The ride-hailing service said it expects second-quarter gross bookings to rise 10% to 14%. The stock rose 28%.

Affirm Holdings, Inc. reported fiscal third-quarter earnings that were better than expected, but the buy now, pay later company was down 14% after saying it sees fourth-quarter revenue of between $815 million to $845 million, with the midpoint of the guidance below Wall Street consensus.

Cloudflare, Inc., the cybersecurity company, jumped 6.5% after first-quarter earnings met analysts' expectations but revenue of $479.1 million jumped 27% from a year earlier and beat forecasts of $469.3 million. For the current second quarter, Cloudflare said it expected revenue of $500.5 million, in line with estimates.

Trade Desk Inc., the advertising-technology company, jumped 19% after reporting better-than-expected adjusted earnings and revenue in the first quarter.

Microchip Technology gained 13% after the maker of chips and circuits for electronics said it expects fiscal first-quarter revenue of between $1.02 billion and $1.07 billion, higher than analysts' estimates of $980 million. Microchip reported fiscal fourth-quarter revenue of $970.5 million.

Insulet, the insulin device company, surged 21% after beating Wall Street's first-quarter adjusted earnings and revenue expectations and raising its forecast for 2025.

Sweetgreen, Inc. shares were down 16% after the fast-casual salad chain reported a wider-than-expected loss in the first quarter and reduced its revenue and earnings expectations for 2025.

Market News

Trump Says US Will Maintain 10% Tariffs Even After Trade Deals

President Donald Trump said on Friday that the U.S. will maintain a baseline 10% tariff on imports even after trade deals are struck, adding there could be exemptions when countries offer significant trade terms.

Trump said to expect new trade deals in the coming weeks, but "we always have a baseline of 10%."

Bessent Warns Debt Limit Measures Could Be Exhausted in August

U.S. Treasury Secretary Scott Bessent warned Friday that the federal government could exhaust its cash balance and so-called extraordinary measures by August.

He, in turn, urged Congress to raise or suspend the debt ceiling by mid-July to avoid a potential default while lawmakers will be on break, according to a letter written to House Speaker Mike Johnson.