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.
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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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