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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. President Trump also hinted toward further progress to be revealed soon, helping stocks to hold their gains. After rising 200 points out of the gate, the Dow Jones Industrial Average has trimmed its gains while the S&P 500 and Nasdaq Composite remain fractionally higher. The SPX ETF is up 0.55%.
Each of the Magnificent 7 stocks are seeing green today, including Tesla (Nasdaq: TSLA), which is adding 3% while Microsoft (Nasdaq: MSFT) advances by 1.6%. Google parent company Alphabet (Nasdaq: GOOGL) is recovering with a 1% gain after yesterday’s steep AI-driven sell-off in the stock. Alphabet stock was targeted 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 186.88 (+0.45%)
Nasdaq Composite: Up 118.62 (+0.70%)
S&P 500: Up 26.63 (+0.47%)
Market Movers
Quantum computing stock D-Wave Quantum (NYSE: QBTS) is soaring by 22.1% on the heels of its Q1 earnings report. After generating $15 million in revenue, D-Wave’s results topped estimates and set a fresh record fore the company.
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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