Data showed US retail sales were near-flat in the US in April, while US wholesale inflation unexpectedly fell during the month.

“We’re back into the vacuum where news about trade dominates everything,” said Art Hogan of B. Riley Wealth Management.

The Dow Jones Industrial Average finished up 0.7% at 42,322.75.

The broad-based S&P 500 gained 0.4% to 5,916.93, while the tech-rich Nasdaq Composite Index fell 0.2% to 19,112.32.

After tumbling in early April following President Donald Trump’s sweeping tariff plan, stocks have been on the upswing in recent weeks as Trump has retreated from some of the most onerous levies while announcing a trade deal with Britain and a deescalation with China.

But Hogan said markets are bracing themselves for a hit to inflation later in 2025 from the overall policy shift to higher tariffs.

Among individual companies, UnitedHealth plunged more than 11% after the Wall Street Journal reported the health giant faces a US criminal investigation for possible Medicare fraud.

UnitedHealth said in a statement it had not been notified by the justice department of an investigation and criticised the “deeply irresponsible” article.

Walmart dipped 0.4% as it warned of higher prices due to tariffs, saying the levies were still too high for the company to absorb without passing on to consumers.

Dick’s Sporting Goods dropped 14.6% after announcing a deal to acquire Foot Locker for about US$2.4 billion. Foot Locker surged 85.7%.