Global stocks are moving higher following a softening of his stance on universal tariffs from President Donald Trump.

NEW YORK — U.S. stocks pulled back from their all-time high on Friday as they closed out a second straight winning week . The S&P 500 slipped 0.3% a day after setting a record. The Dow Jones Industrial Average dipped 140 points, or 0.3%, and the Nasdaq composite sank 0.5%.

One trading day into Donald Trump’s second term and it’s clear the stock market has a new driver, at least for now. Share prices rallied Tuesday, with gains largely generated by one thing the president didn’t do: enact sweeping tariffs on major trading partners.

The S&P 500 closed within 4 four points of an all-time high last night, but looks set for a modest pullback in early trading.

Stocks were choppy Friday, though all three main benchmarks closed with weekly gains. All eyes are on next week's Fed meeting – particularly after President Donald Trump's comments on interest rates during a virtual appearance at Davos – though the latest batch of earnings reports created plenty of headlines too.