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The stock market is volatile today, flipping from green to red as of mid-morning trading. President Trump displayed a willingness to cut tariffs on China imports from over 100% to 80%, saying that level seems doable as Washington, D.C. readies negotiations with Beijing. Stocks remain cautiously optimistic on the development, causing them to meander between positive and negative ground. The VGT ETF is down fractionally as Big Tech stocks turn lower.
China could be the first of many tariff deals in the works with U.S. trade partners, according to the White House, but Wall Street is once bitten twice shy on tariffs.
Magnificent Seven stocks have turned mixed, the bright spot of which is Tesla (Nasdaq: TSLA), tacking on 7% and on its way to reclaiming a $1 trillion market cap. The Dow Jones Industrial Average is being lifted in part by Boeing (NYSE: BA) stock on a desirable Dreamliners jet order from the British Airways parent company. BA stock is up 1.4%.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 132.56 (-0.29%)
Nasdaq Composite: Down 23.24 (-0.13%)
S&P 500: Down 6.80 (-0.12%)
Market Movers
Palantir Technologies (Nasdaq: PLTR) might be a volatile play, but it’s also one of the leading tech stocks. As of Thursday, Palantir was added to the top-10 most valuable technology plays in the U.S. market, with a market capitalization of $281.1 billion. Comparatively, Salesforce’s (NYSE: CRM) market cap currently hovers below that level at $268.4 billion. PLTR stock is taking it on the chin today, down fractionally.
Ad-tech platform The Trade Desk (Nasdaq: TTD) is skyrocketing by over 20% today after reporting strong Q1 results. Revenue soared by 25% to $616 million. Earlier this month, RBC maintained a buy rating on the stock with a price target of $85 per share, reflecting upside potential of 41%.
Lyft (Nasdaq: LYFT) stock is climbing 20.3% higher today after lifting its Q2 forecast and initiating a $750 million share buyback program. Most Wall Street analysts have a “hold” rating on the stock.
Expedia Group (Nasdaq: EXPE) is down 7.3% on the day on a Wall Street downgrade to “underweight” by Piper Sandler analysts.
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