The U.S. and China concluded trade talks in London earlier this week that are poised to restore trade in critical minerals to the U.S. These rare earths are used in advanced manufacturing of items like electronics and batteries.

Recent government data was also encouraging, showing that tariff-induced inflation economists have warned about for months has yet to materialize. On Thursday, the producer price index showed wholesale inflation coming in cooler than expected, a day after the consumer price index was similarly positive on consumer prices, showing inflation at a 2.4% annual rate.

“For the second day in a row, inflation data came in lower than expected, and this gives the Fed room to sit on their hands,” said Chris Zaccarelli, chief investment officer for Northlight Asset Management. “As long as inflation isn’t increasing—or even better, is decreasing—the Fed can be patient and wait for more information on how the new tariffs and trade negotiations are going to impact the price stability part of their dual mandate later this year.”

Bond yields fell. A closely watched auction of 30-year Treasuries Thursday was awarded at 4.844%, Bloomberg reported, quelling fears that investors were starting to boycott U.S. bonds.

The dollar continued to lose ground against a basket of currencies. So far this year, the greenback has lost about 9% of its value, and is trading at its lowest level in more than three years.

GameStop fell 23% after announcing it planned to raise $1.75 billion from investors by issuing convertible bonds. Boeing lost 4.8% after the fatal crash of an Air India Dreamliner in Ahmedabad, India, that killed 241 people.