02:24 PM EDT, 06/05/2025 (MT Newswires) -- US benchmark equity indexes were higher intraday after President Donald Trump said he had a "very good" phone call with his Chinese counterpart, Xi Jinping.

The Dow Jones Industrial Average was up 0.3% at 42,540.5 after midday Thursday, while the S&P 500 and the Nasdaq Composite rose 0.1% each to 5,979.3 and 19,487.3, respectively. Among sectors, communication services paced the gainers, while consumer discretionary and consumer staples saw the biggest drops.

In a social media post, Trump said his call with Xi "resulted in a very positive conclusion" for both the US and China.

The two leaders discussed "some of the intricacies of" a preliminary trade deal that suspended most tariffs on each other's imports for 90 days, Trump wrote. "Our respective teams will be meeting shortly at a location to be determined."

The US and China recently accused each other of violating their trade deal.

US Treasury yields were higher intraday Thursday, with the two-year rate rising 4.9 basis points to 3.93% and the 10-year rate increasing three basis points to 4.4%.

In company news, MongoDB ( MDB ) shares jumped nearly 14%. The database software maker late Wednesday raised its full-year outlook and reported fiscal first-quarter results that exceeded market expectations.

Brown-Forman (BF.A, BF.B) issued a downbeat outlook Thursday amid an uncertain consumer backdrop while reporting a disappointing fiscal fourth-quarter performance. The wine and spirits maker's class B shares tumbled 17%, the worst performer on the S&P 500, while its class A shares slid 16%.

Tesla (TSLA) followed Brown-Forman on the S&P 500, down 8.7%, amid a souring relationship between Tesla Chief Executive Elon Musk and Trump.

Musk opposes Trump's tax bill because he is "upset" about the elimination of electric vehicle credits, CNBC reported, citing Trump. "I'm very disappointed in Elon," Trump reportedly said. "I've helped Elon a lot."

"Without me, Trump would have lost the election," Musk said in post on social media platform X.

Broadcom ( AVGO ) , Lululemon Athletica ( LULU ) , DocuSign ( DOCU ) and Petco Health and Wellness ( WOOF ) are among the companies scheduled to post results after the closing bell Thursday.

West Texas Intermediate crude oil was up 0.8% at $63.32 a barrel intraday.

In economic news, the US trade deficit fell the most on record in April as imports plunged following the previous month's jump ahead of anticipated tariffs.

"Goods imports should rebound in May on concern that the 90-day pause on reciprocal duties won't get extended, and with China's 125% reciprocal duty now temporarily slashed to 10%," BMO Capital Markets said.

Weekly applications for unemployment insurance unexpectedly increased, reaching the highest count since October 2024, US government data showed.

"Broadly, the data reflect the continued, gradual cooling in the labor market," Jefferies said.

The Bureau of Labor Statistics is expected to report Friday that the US economy added 126,000 nonfarm jobs last month, which would mark a drop from a 177,000 increase reported for April, according to a Bloomberg poll.

Challenger Gray & Christmas said Thursday that US job cuts totaled 93,816 last month, up 47% year on year, but down 12% sequentially.

Inflation in the US is expected to continue to rise over 2025 as the effects of higher tariffs have started to emerge, Federal Reserve Governor Adriana Kugler said.

"I see greater upside risks to inflation at this juncture and potential downside risks to employment and output growth down the road," Kugler said. "This leads me to continue to support maintaining the (Federal Open Market Committee's) policy rate at its current setting if upside risks to inflation remain."

Gold was down 0.7% at $3,375.3 per troy ounce, while silver jumped 3.4% to $35.82 per ounce.