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Stocks have managed to find their way into positive territory as of late afternoon. The Fed is looking for further inflation progress before moving rates, according to the January minutes. Policymakers are feeling uneasy about tariffs and say that any upcoming rate cuts are now on hold. Nevertheless, the S&P 500 has managed to notch yet another all-time high.
Among the stocks that are moving, semiconductor company Analog Devices (Nasdaq: ADI) is racing 9.3% higher after a quarterly beat on the top and bottom lines alongside upbeat guidance. The PHLX Semiconductor Index is gaining approximately 1%.
Microsoft has thrust quantum stocks into the spotlight with its latest innovation, the new Majorana 1 chip. In response, quantum company BTU Technologies, which trades over the counter, is soaring by nearly 35% today. The company isn’t wasting any time and has submitted its application to list its common shares on Nasdaq.
Rigetti Computing (Nasdaq: RGTI) is gaining 5.4% on the day, though it remains a far cry from its 52-week high.
IonQ (NYSE: IONQ) is gaining 2.3% on the day and is expected to report its quarterly earnings later this month.
Quantum computing stocks have been facing heightened competition from China, which after giving U.S. AI companies a run for their money has pivoted its focus to quantum of late.
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The markets are trading lower with the S&P 500 retreating from its recently minted record high levels while the negative sentiment has also spilled over to the Dow Jones Industrial Average and Nasdaq. Tariff-related fears appear to have sparked the sell-off, with President Trump warning that tariffs on autos, pharmaceuticals and semiconductors, which were originally targeting 25%, could rise higher.
Profit taking in yesterday’s tech winner Intel (Nasdaq: INTC | INTC Price Prediction) is pressuring the S&P 500 today. Hims & Hers Health (Nasdaq: HIMS) is soaring 20% on the day on an at-home lab-testing acquisition.
The Dow Jones U.S. Auto Manufacturing Index is up 1.25% as of late morning trading despite the tariff fears. However, General Motors (NYSE: GM) is falling 1.2%. The oil price is up today, and that is buoying energy stocks. The S&P 500 Energy Index is up 1.1% today,
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 133.64 (-0.30%)
Nasdaq Composite: Down 21.09 (-0.10%)
S&P 500: Down 1.44 (-0.03%)
Intel has been rallying amid reports of a potential split, which added more fuel to the gains, but the stock is giving up some of that ground today, falling 5.5%.
The EV industry suffered a blow after Nikola Corp (Nasdaq: NKLA) filed for bankruptcy protection, sending the stock reeling by 36%. The company was once a high-flying EV startup but started unraveling recently amid executive shakeups exacerbated by instances of fraud on top of weakening demand. Meanwhile, EV leader Tesla (Nasdaq: TSLA) is up 1.5% on the day.
Apple has introduced the iPhone 16 at a lower price point, but the stock is relatively flat. While this device is labeled as a more affordable product, it still has the capacity to harness AI technology.
Microsoft (Nasdaq: MSFT) is making strides with its Quantum chip, and the stock is higher on the day.
Etsy (Nasdaq: ETSY) stock is down nearly 10% on the day after a Q4 revenue miss that sent the stock reeling. The revenue, which reflects performance during the holiday season, came in at $852.2 million compared with estimates of $862.8 million. General merchandise sales also fell short of expectations while falling almost 7% year-over-year.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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