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After coming out of the gate higher across the board, the markets have turned mixed as uncertainty sets in once again on trade deal progress and interest rates. The Federal Reserve is set to wrap up its two-day meeting on monetary policy today, making a determination on interest rates. If Bank of America economists are correct, there won’t be any interest rate cuts until mid-summer, which may already be built into the markets. The Dow Jones Industrial Average and S&P 500 have trimmed earlier gains while the Nasdaq Composite has turned lower.
Nevertheless, signs suggest buying demand for equities is back based on fund flow data. David Marlin of Marlin Capital stated that “U.S. equities benefitted from $61B+ of mechanical/systematic flows last week,” adding that the trend is poised to continue.
U.S. Treasury Secretary Scott Bessent is out front again, making comments on the state of the world’s financial system.
Dow stock Walt Disney (NYSE: DIS) is boosting market sentiment, tacking on over 10% after reporting earnings and revealing a blueprint for a theme park in Abu Dhabi. Streaming stocks Netflix (Nasdaq: NFLX) and Spotify (NYSE: SPOT) are trading at fresh all-time highs.
Magnificent Seven stocks are a mixed showing. Tesla (Nasdaq: TSLA) revealed EV sales slowed in China. There is excitement around its robotaxi service set to launch in Texas next month.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 128 (+0.31)
Nasdaq Composite: Down 24.04 (-0.12%)
S&P 500: Up 5.98 (+0.11%)
Market Movers
Medical research equipment stock Charles River Labs (NYSE: CRL) is today’s winner, soaring by 21% after reporting strong Q1 results. The company reported a better-than-expected profit of $25.5 million on revenue of $984.2 million, also beating consensus estimates.
Uber (NYSE: UBER) stock is a loser, declining 1.5% today on signs of revenue weakness, including a precipitous 18% drop in Q1 trips compared with year-ago levels. The company is looking ahead to the opportunity in autonomous driving technology.
Novo Nordisk (NYSE: NVO) is tacking on 3% on expectations for weight loss drug Wegovy demand. The company lowered its 2025 outlook but the markets do not appear to be worried.
EV maker Rivian Auto (Nasdaq: RIVN) is up 2% after reporting its Q1 results despite expectations that tariff impacts will cut into demand.
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