The markets have pulled off a nearly impossible feat, reversing the downward trend and soaring more than they have in years. The S&P 500 is up over 8% followed by a massive 2,700-point gain for the Dow Jones Industrial Average. The Nasdaq Composite is leading the pack with nearly 11% gains, powered by an 11% rise in the technology sector.
President Trump has introduced a flat tariff rate of 10% for countries except for China, which was enough to unleash the bulls. He is also reportedly pausing some tariffs altogether. The ball is in China’s court, but the markets don’t seem to be too worried at the moment.
It appears that White House officials who preferred more moderate trade policies have emerged victorious. Scott Bessent, who is widely seen as more cautious versus trade hawks like Peter Navarro, is now on CNBC.
Breaking: Trump is offering a 90 day pause on tariffs for countries that haven’t retaliated. The Nasdaq Composite is up 9%.
Airline stock Delta (NYSE: DAL) is gaining 7% on the day, lifting the S&P 500. Delta’s gains come on the heels of the company’s quarterly results and despite the CEO observing signs of an economic recession brewing. The S&P 500 is now up nearly 1% alongside gains in the Dow Jones Industrial Average and Nasdaq Composite. S&P 500 member Intel (Nasdaq: INTC) is rallying 6% alongside the wider chip sector.
Here’s a look at where things stand as of early afternoon trading:
Dow Jones Industrial Average: Up 247.86 (+0.66%)
Nasdaq Composite: Up 254.76 (+1.67%)
S&P 500: Up 39.87 (+0.80%)
The S&P 500 index has flipped from green to red as the escalated trade tensions take a toll on market sentiment. These markets are volatile, as the CBOE’s VIX index, an indication of Wall Street fear levels, continues to rise, climbing 10% recently to the 50 level. Tech stocks are a bright spot today, with a 1.3% gain as a sector at last check. Healthcare stocks are sinking on the tariffs.
Here’s a look at where things stand as of mid-morning trading:
Dow Jones Industrial Average: Down 117.57 (-0.21%)
Nasdaq Composite: Up 125.65 (+0.82%)
S&P 500: Down 1.04 (-0.02%)
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The broader markets are showing resilience in the face of economic uncertainty as the trade war between the U.S. and China escalates. The S&P 500 is up fractionally in a show of strength, buoyed by stocks like the airlines, including Delta (NYSE: DAL | DAL Price Prediction) with a 6.7% increase, while Wynn Resorts (Nasdaq: WYNN) is enjoying a 3.7% advance while also lifting the broader market index higher.
Delta’s gains come despite the company warning that tariffs are going to hit its profits, responding by withdrawing its full-year outlook and warning that the entire airline sector will feel the pain. Wynn Resorts could be rising because according to analysts cited by reports, the impact of the tariffs on travel won’t be as severe as expected.
While the SPY’s gains are modest compared with its steep losses of late, Wall Street will take any sign of optimism while the global trade war unfolds. The markets could be responding to President Trump’s call to buy the dip, but on the other hand Wall Street CEOs like JPMorgan’s Jamie Dimon are already calling for a recession.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 54.21 (-0.14%)
Nasdaq Composite: Up 205.52 (+1.35%)
S&P 500: Up 13.64 (+0.24%)
Advanced Micro Devices (Nasdaq: AMD) is part of the S&P 500 and is marching forward today with a 4.5% gain.
Tesla’s (Nasdaq: TSLA) 2.7% rise is helping to lift sentiment in the technology sector.
Bristol-Myers Squibb (NYSE: BMY) stock is falling by 5.2% today due to the fact that the pharmaceutical sector is next in line for the tariff hit. The fear is also spreading to names like AbbVie (NYSE: ABBV), which is down a steep 6.2% in today’s session.
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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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