Many Wall Street diversity initiatives are being pulled back in the face of opposition from the Trump administration.

"If it escalates into bilateral tariffs, we estimate an 8% hit to EPS assuming unitary elasticity," Bank of America analysts said.

The Standard & Poor’s 500 climbed 0.7%, coming off a losing week that was bookended by worries about how potential tariffs could push up inflation and threaten the economy. The Dow Jones industrial average added 167 points, or 0.4%, and the Nasdaq composite rallied 1% as Nvidia and other Big Tech stocks led the way.