By STAN CHOE, Associated Press Business Writer

NEW YORK (AP) — U.S. stocks are rising Thursday after President Donald Trump said he was set to announce an agreement on trade with the United Kingdom, the first of what Wall Street hopes will be enough to keep a recession from hitting the economy.

The S&P 500 was 0.6% higher in early trading and on track for an 11th gain in the last 13 days. The Dow Jones Industrial Average was up 253 points, or 0.6%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.9% higher.

Stocks have been swinging for weeks with hopes that Trump could reach deals with other countries that would lower his tariffs, which many investors believe would cause a recession if left unchecked. Trump said Thursday that the U.K. agreement, which is set to be announced at 10 a.m. Eastern, is “a full and comprehensive one.”

“Many other deals, which are in serious stages of negotiation, to follow!” he added on his Truth Social account.

It could be an encouraging start, and analysts said they’re curious to see if it will affect the 10% tariffs that Trump placed on all imports coming into the United States on “Liberation Day.” But bigger trading partners could offer bigger hurdles, including China.

The world’s second-largest economy again on Thursday called on the United States to cancel its tariffs, ahead of high-level talks between the world’s two largest economies that could take place this weekend. That followed Trump’s saying on Wednesday that he wouldn’t reduce his 145% tariffs on Chinese goods as a condition for negotiations.

Besides hopes for deals on trade, strong profit reports from U.S. companies have also helped to drive the S&P 500 closer to its all-time high set in February.

Tapestry joined the list Thursday, and its stock climbed 5% after the company behind the Coach and Kate Spade brands reported better profit and revenue than expected. It credited new, younger customers in North America, among other things.

Molson Coors, though, described a different landscape when it released its latest quarterly results, which fell short of analysts’ expectations. Its stock fell 7.4%.

“The global macroeconomic environment is volatile,” CEO Gavin Hattersley said. “Uncertainty around the effects of geopolitical events and global trade policy, including the impacts on economic growth, consumer confidence and expectations around inflation, and currencies has pressured the beer industry and consumption trends.”

It became the latest company to either lower or pull its financial forecasts for 2025 given the uncertainty.

Krispy Kreme tumbled 24.3% after withdrawing its forecasts for the full year. The doughnut seller said it made the move in part because of “macroeconomic softness” and because it’s pausing the rollout of sales of its doughnuts at more McDonald’s restaurants.

The U.S. economy has remained OK so far, with the Federal Reserve saying Wednesday that it still looks to be running at a solid rate underneath the surface. But pessimism has soured sharply among U.S. households because of tariffs, and the fear is that all the uncertainty created by them could be enough to force the economy into a recession.

A couple mixed reports on the economy Thursday did little to clear the caution. One said slightly fewer U.S. workers applied for unemployment benefits last week. But another one said productivity for U.S. workers weakened by more than economists expected during the first three months of the year. That could keep upward pressure on inflation, when tariffs could be set to raise prices for all kinds of imported products.

Treasury yields rose following the reports, and the 10-year yield climbed to 4.29% from 4.26% late Wednesday.

In stock markets abroad, the FTSE 100 slipped 0.1% in London after the Bank of England cut its main interest rate by a quarter of a percentage point.

Indexes were modestly higher across much of the rest of Europe and Asia.

AP Business Writers Yuri Kageyama and Matt Ott contributed.

By LORNE COOK, Associated Press

BRUSSELS (AP) — The European Union published on Thursday a list of U.S. imports that it would target with retaliatory duties if no solution is found to end U.S. President Donald Trump’s tariff war, which could include aircraft maker Boeing.

At the same time, the EU’s executive branch, the European Commission, said that it would begin legal action at the World Trade Organization over the “reciprocal tariffs” that Trump imposed on countries around the world a month ago.

“The EU remains fully committed to finding negotiated outcomes with the U.S.,” commission President Ursula von der Leyen said. “At the same time, we continue preparing for all possibilities.”

The commission manages trade deals and disputes on behalf of the 27 EU countries.

In early April, Trump imposed a 20% levy on goods from the EU as part of his tariff onslaught against global trading partners. A week later he paused them for 90 days to give countries a chance to negotiate solutions to U.S. trade concerns.

A blanket 10% tariff still applies to EU imports.

The commission drew up countermeasures to target 20.9 billion euros ($23.6 billion) of U.S. goods, roughly the equivalent of what Trump would be hitting in Europe. But it also paused them for 90 days to give negotiations a chance.

The bloc’s top trade official has shuttled between Brussels and Washington trying to find a solution, but with little to show, the commission has made public a list of American imports for possible targeting worth 95 billion euros ($107 billion).

The list is broken down into sectors and broad categories of products rather than brand names. It contains 10.5 billion euros ($11.9 billion) worth of aircraft, 10.3 billion euros ($11.6 billion) in vehicle parts and 2 billion euros ($2.3 billion) in vehicles.

Around 1.3 billion euros ($1.5 billion) in imports of U.S. wine, beer and spirits could also be hit. European wine producers have been deeply concerned that Trump’s tariffs would deal a severe blow to their sector, which relies on the U.S. as its top market.

Interested companies and parties are being given until June 10 to provide feedback, before the commission decides on the next steps. “Boeing is very welcome to make comments on this list,” a commission official said, briefing reporters on the list and the rationale for the EU’s approach.

In parallel, the commission said that it would be taking legal action at world trade’s governing body, and would soon request consultations with the United States to try to resolve the issue, which must take place within two months.

It said that this action would focus on Trump’s “universal” reciprocal tariffs, and duties on cars and car parts. “It is the unequivocal view of the EU that these tariffs blatantly violate fundamental WTO rules,” a statement said.

The commission estimates that 379 billion euros ($428 billion) of EU exports to the U.S. have been hit by new tariffs, including those on pause until mid-July, since Trump took office. It said they are already “raising costs for business, stifling growth, fueling inflation and heightening economic uncertainty.”

By MATT OTT, Associated Press Business Writer

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell last week despite heightened uncertainty about how President Donald Trump’s tariffs will impact the U.S. economy.

Jobless claim applications fell by 13,000 to 228,000 for the week ending May 3, the Labor Department said Thursday. That’s in line with the 229,000 new applications analysts forecast.

Weekly applications for jobless benefits are considered a proxy for layoffs, and have mostly bounced around a healthy range between 200,000 and 250,000 since COVID-19 decimated the economy and wiped out millions of jobs.

The four-week average of claims, which evens out some of the week-to-week gyrations, inched up by 1,000 to 227,000.

The total number of Americans receiving unemployment benefits for the week of April 26 fell to 1.88 million, a decrease of 29,000.

By THALIA BEATY, Associated Press

SEATTLE (AP) — Bill Gates says he will donate 99% of his remaining tech fortune to the Gates Foundation, which will now close in 2045, earlier than previously planned. Today, that would be worth an estimated $107 billion.

The pledge is among the largest philanthropic gifts ever – outpacing the historic contributions of industrialists like John D. Rockefeller and Andrew Carnegie when adjusted for inflation. Only Berkshire Hathaway investor Warren Buffett’s pledge to donate his fortune — currently estimated by Forbes at $160 billion — may be larger depending on stock market fluctuations.

People walk by a Gates Foundation sign at the foundation’s campus Wednesday, April 30, 2025, in Seattle. (AP Photo/Lindsey Wasson)

Gates’ donation will be delivered over time and allow the foundation to spend an additional $200 billion over the next 20 years.

“It’s kind of thrilling to have that much to be able to put into these causes,” Gates said in an interview with The Associated Press.

His announcement Thursday signals both a promise of sustained support to those causes, particularly global health and education in the U.S., and an eventual end to the foundation’s immense worldwide influence. Gates says spending down his fortune will help save and improve many lives now, which will have positive ripple effects well beyond the foundation’s closure. It also makes it more likely that his intentions are honored.

“I think 20 years is the right balance between giving as much as we can to make progress on these things and giving people a lot of notice that now this money will be gone,” Gates said.

In a league of its own

The Gates Foundation has long been peerless among foundations — attracting supporters and detractors but also numerous unfounded conspiracy theories.

In addition to the $100 billion it has spent since its founding 25 years ago, it has directed scientific research, helped develop new technologies, and nurtured long-term partnerships with countries and companies.

About 41% of the foundation’s money so far has come from Warren Buffett and the rest from the fortune Gates made at Microsoft.

FILE – Berkshire Hathaway Chairman and CEO Warren Buffett smiles during an interview in Omaha, Neb., May 7, 2018, with Liz Claman on Fox Business Network’s “Countdown to the Closing Bell”. (AP Photo/Nati Harnik, File)

Started by Bill Gates and Melinda French Gates in 2000, the foundation plays a significant role in shaping global health policy and has carved out a special niche by partnering with companies to drive down the cost of medical treatments so low- and middle-income countries could afford them.

“The foundation work has been way more impactful than I expected,” Gates said, calling it his second and final career.

The foundation’s influence on global health — from the World Health Organization to research agendas — is both a measure of its success and a magnet for criticism. For years, researchers have asked why a wealthy family should have so much sway over how the world improves people’s health and responds to crises.

Gates said, like any private citizen, he can choose how to spend the money he earns and has decided to do everything he can to reduce childhood deaths.

“Is that a bad thing? It’s not an important cause? People can criticize it,” he said, but the foundation will stick to its global health work.

The Associated Press receives financial support for news coverage in Africa from the Gates Foundation and for news coverage of women in the workforce and statehouses from Melinda French Gates’ organization, Pivotal Ventures.

Major ambitions for the remaining 20 years

The foundation’s most prized metric is the drop in childhood deaths from preventable causes by almost half between 2000 and 2020, according to United Nations figures. The foundation’s CEO Mark Suzman is careful to say they do not take credit for this accomplishment. But he believes they had a “catalytic role” — for example, in helping deliver vaccines to children through Gavi, the vaccine alliance they helped create.

The foundation still has numerous goals — eradicating polio, controlling other deadly diseases, like malaria, and reducing malnutrition, which makes children more vulnerable to other illnesses.

Gates hopes that by spending to address these issues now, wealthy donors will be free to tackle other problems later.

The Gates Foundation had planned to wind down two decades after Gates’ death, meaning today’s announcement significantly moves up that timetable. Gates plans to stay engaged, though at 69, he acknowledged he may not have a say.

In its remaining two decades, the foundation will maintain a budget of around $9 billion a year, which represents a leveling off from its almost annual growth since 2006, when Buffett first started donating.

Suzman expects the foundation will narrow its focus to top priorities.

“Having that time horizon and the resources just puts an even greater burden on us to say, ‘Are you actually putting your resources, your thumb down, on what are going to be the biggest, most successful bets rather than scattering it too thinly?’” Suzman said, which he acknowledged was creating uncertainty even within the foundation about what programs would continue.

Gates is the only remaining founder

Major changes preceded the foundation’s 25th year.

In 2021, Melinda French Gates and Bill Gates divorced, and Buffett resigned as the foundation’s trustee. They recruited a new board of trustees to help govern the foundation, and in 2024, French Gates left to continue work at her own organization.

FILE – Co-chair of the Bill & Melinda Gates Foundation Melinda French Gates smiles as she leaves June 23, 2023 the Elysee Palace in Paris. (AP Photo/Christophe Ena, file)

French Gates said she decided to step down partly to focus on countering the rollback of women’s rights in the U.S. At the ELLE Women of Impact event in New York in April, she said she wanted to leave the foundation at a high point.

“I so trusted Mark Suzman, the current CEO,” she said. “We had a board in place that I helped put in place, and I knew their values.”

Even as the foundation’s governance stabilizes, the road ahead looks difficult. Enduring conflicts in Ukraine and Gaza, global economic turmoil and cuts to foreign aid forecast fewer resources coming to global health and development.

“The greatest uncertainty for us is the generosity that will go into global health,” Gates said. “Will it continue to go down like it has the last few years or can we get it back to where it should be?”

Even facing these obstacles, Gates and the foundation speak, as they often do, with optimism, pointing to innovations they’ve funded or ways they’ve helped reduce the cost of care.

“It’s incredible to come up with these low-cost things and tragic if we can’t get them out to everyone who needs them,” Gates said. “So it’s going to require renewing that commitment of those who are well off to help those who are in the greatest need.”

Associated Press coverage of philanthropy and nonprofits receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content. For all of AP’s philanthropy coverage, visit https://apnews.com/hub/philanthropy.