The markets remain in relief mode as the stars potentially align for corporate America despite lingering tariff uncertainty. All three of the major stock market averages are trading higher, as the S&P 500 looks to clinch its longest positive streak in two decades. Technology earnings have shifted the tone to one of optimism, most notably after Meta Platforms (Nasdaq: META) and Microsoft (Nasdaq: MSFT) showed their hands, revealing AI demand and spending are as strong as ever. Each of those stocks is being rewarded with gains of over 3% today.
But it’s a mixed bag, as Apple (Nasdaq: AAPL) and Amazon (Nasdaq: AMZN) are getting punished today on tariff-related uncertainty despite reporting better-than-expected quarterly results. A glimmer of home emerged amid reports that China has come to the point where it is ready to negotiate with the U.S. on tariffs. Meanwhile, all sectors of the economy are trading in the green except for a slight decline in energy stocks.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 464.23 (+1.1%)
Nasdaq Composite: Up 232.53 (+1.3%)
S&P 500: Up 70.83 (+1.2%)
Market Movers
Apple has been the wildcard among the Mag 7 stocks for its heavy exposure to China, where the tariffs are concentrated. While the iPhone maker said it will shift more of its production to India, the damage has already been done. Apple predicts tariffs will cost its bottom line $900 million in the current quarter. In response, Jefferies analysts lowered their rating on the stock to “underperform” while Rosenblatt Securities downgraded AAPl shares to “neutral” from “buy.”
Block (NYSE: XYZ) stock, previously known as Square, is getting hammered in today’s session, plummeting 21% on a Q1 miss and stagnant growth.
DexCom (Nasdaq: DXCM) is rising by 13.5% today after reporting its Q1 results.
Palantir Technologies (Nasdaq: PLTR) is rising 5.8% as the tech and AI bet is back in play.
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