Wall Street weighed a tariff reprieve for Mexico, new trade deal with South Korea, and strong earnings from Meta and Microsoft.

The Dow Jones index rose Thursday as it appeared a China trade deal was near. Nvidia partner Arm plunged on earnings.

Microsoft’s multibillion-dollar bet on OpenAI is proving to be a game changer, powering its Office Suite and Azure offerings with cutting-edge AI and fueling the stock to more than double its value ...