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The markets are breathing a sigh of relief on positive trade developments. President Trump revealed a “comprehensive” trade agreement between the U.S. and the U.K., giving the major stock market averages a catalyst for gains as buying activity picks up. The White House has reportedly agreed to slash tariffs on vehicles made in the U.K. to 10% and beef tariffs to close to zero. Further progress on trade deals is also considered to be imminent, according to the Trump Administration.
The Vanguard IT ETF is gaining 0.81% today. Each of the Magnificent 7 stocks, which are major holdings in the VGT ETF, are rising in today’s session, including Tesla (Nasdaq: TSLA), which is tacking on 3% while Microsoft (Nasdaq: MSFT) is gaining 1.6%. Google parent company Alphabet (Nasdaq: GOOGL) is up 1% after yesterday’s AI-fueled sell-off in the stock. Alphabet stock was punished yesterday after an Apple (Nasdaq: AAPL) executive forecast AI will replace traditional search engines.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 190.92 (+0.46%)
Nasdaq Composite: Up 110.97 (+0.64%)
S&P 500: Up 26.21 (+0.47%)
Market Movers
Advanced Micro Devices (Nasdaq: AMD) is up 4.5% on positive regulatory tailwinds for the chip sector. On the flip side, ARM Holding stock is down 6.2% today after providing guidance that fell short.
Shopify (NYSE: SHOP) was a winner yesterday but is shaving off nearly 5% of its value today after reporting a wider than expected Q1 net loss.
AppLovin (Nasdaq: APP) stock is climbing 17% higher today after divesting its mobile games studio portfolio in an $800 million transaction. The AppLovin CEO stated that the company was “never a game developer at heart.”
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