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Live Nasdaq Composite: AMD (Nasdaq: AMD) Rises, TXN Nasdaq: TXN) Falls Amid Economic Turbulence
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Key Points
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The markets came out of the gate lower but are starting to turn around.
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Wholesale prices fell more than expected last month, a welcome sign for the economy and an indication of falling inflation.
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It’s a tale of two markets for chip stocks today.
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Markets Look Up
Wall Street is determined to end the week on a positive note, as all three of the major stock market averages make their way decidedly into the green. The Nasdaq Composite is leading the charge with a 1.8% advance, followed by the S&P 500 and Dow Jones Industrial Average, which are up 1.6% and 1.4%, respectively. China is apparently ready to come to the negotiating table on tariffs, infusing optimism into an otherwise confused stock market today.
The Nasdaq Composite is being led by stocks like Apple (Nasdaq: AAPL), Broadcom (Nasdaq: AVGO) and Apple Materials (Nasdaq: AMAT) today.
At the current pace, the Nasdaq Composite is looking at a 7% gain for the week, giving it a year-to-date advance of about 3%.
Whipsaw Trading
The markets are seeing green as of early afternoon trading in what has been a whipsaw trading session for investors. All three of the major stock market indices are now seeing green, but there is a lack of conviction in either direction today. The Nasdaq Composite is being lifted by stocks like Apple (Nasdaq: AAPL) and Linde (Nasdaq: LIN), with gains of 3% and 2%, respectively.
While the latest wholesale price data shows inflation is waning, policymakers aren’t convinced. NY Fed official John Williams predicts economic growth will slow to a mere 1% in 2025, blaming tariffs for what he expects could result in 4% inflation by year-end.
Stocks Flip Green
As of mid-morning trading, the stock market has turned higher, with all three of the major stock market averages now seeing green. Most sectors of the economy are now trading higher, led by materials and technology, each of which are up about 1%. The economy is still uncertain, but inflation is headed in the right direction – lower. BlackRock CEO Larry Fink warned on CNBC that a recession might have already reared its head in the U.S. economy.
Here’s a look at where things stand at last check:
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 198.68 (+0.48%)
Nasdaq Composite: Up 129.17 (+0.79%)
S&P 500: Up 24.31 (+0.40%)
The markets remain fearful, falling modestly at the open across the board amid what JPMorgan CEO Jamie Dimon has called a turbulent economy. Dimon also warned that S&P 500 earnings estimates are going to be revised downward as corporate American continues to cancel their current outlooks, some of which have already begun to do so. He expects that American banks will be in the crosshairs of the trade wars.
Markets are also weighing some better than expected economic data on the inflationary front. Wholesale price declined by 0.4% last month, yet another indication of waning inflation as the Federal Reserve gears up for its May meeting on interest rates.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 305.83 (-0.77%)
Nasdaq Composite: Down 78.09 (-0.44%)
S&P 500: Down 32.54 (-0.66%)
Market Movers
It’s a tale of two markets for the chip stocks today. Texas Instruments (Nasdaq: TXN) is falling a steep 8.9% to about its 52-week low level. The stock was trading in the $200 area last month to currently hover at $142 per share. On the flip side, Advanced Micro Devices (Nasdaq: AMD) is gaining 4.3% today to nearly $94 per share. The stock was well over $100 per share in recent weeks and has been volatile.
Earnings season has begun. Financial stock Morgan Stanley (NYSE: MS) reported better-than-expected Q1 profit results, sending shares up about 1%. The company’s results were fueled by robust stock market trading, leading to a record performance in that business.
Advertising technology company AppLovin (Nasdaq: APP) shares are under pressure today, falling 6% to below $250 per share as the tug-of-war in that stock continues to unfold.
Bitcoin bull MicroStrategy (Nasdaq: MSTR) is rising 5% on the day alongside a rising BTC price.
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