President Trump has delivered an update on tariff details. He said that the Aug. 1 deadline is a clarification, not a delay, while also commenting that some trade partners will be getting letters establishing tariff rates as high as 70%-80%. President Trump also acknowledged that trade talks with the EU were going swimmingly.
The Nasdaq Composite has trimmed its gains to 0.12% on the day.
Morgan Stanley analyst Adam Jonas believes conditions could worsen for EV leader Tesla (Nasdaq: TSLA) before they improve due to CEO Elon Musk’s political leanings. TSLA shares are recouping some lost ground and are up 2.8% but remain down a steep 25% year-to-date.
Wells Fargo analysts are busy making calls on the tech industry today.
Wells Fargo lifted its price target on Meta Platforms (Nasdaq: META) by $119 to $783, keeping its “overweight” rating. The analyst firm also became more bullish on Amazon, increasing its price target on the stock by $37 to $238 per share with a steady “equal weight” rating. Also, Wells Fargo analysts are optimistic on Google parent Alphabet (Nasdaq: GOOGL), increasing the price target by $2 per share to $177 with a similar “equal weight” rating attached.
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The markets have come out of the gate mixed after yesterday’s steep sell-off, with technology leading the Nasdaq Composite to a slight gain. Meanwhile, the Dow Jones Industrial Average is relatively flat while the S&P 500 is slightly positive. Tough tariff talk reemerged over the weekend and has not relented, reigniting fears of an escalating trade war with certain trade partners. On the positive side, President Trump and the EU have apparently made progress on their trade talks.
Amazon Prime week kicks off today in which members can shop exclusive deals. Amazon (Nasdaq: AMZN | AMZN Price Prediction) stock is down slightly today despite positive attention on the stock.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 37.42 (-0.08%)
Nasdaq Composite: Up 22.39 (+0.07%)
S&P 500: flat
Solar stocks are under pressure today, with SunRun (Nasdaq: RUN) and First Solar (Nasdaq: FSLR) down 9.7% and 3.1%, respectively, on regulatory concerns. Enphase Energy (Nasdaq: ENPH) is losing 4.8%. The Trump administration revealed it would shutter an EV tax credit sooner than previously expected.
Fintech stock SoFi (Nasdaq: SOFI) is soaring 7.9% today after announcing the addition of private market funds that pave the way for investors to back innovative private companies like Elon Musk’s SpaceX, ChatGPT parent OpenAI and Epic Games.
Silicon carbide-focused semiconductor technology company Wolfspeed (NYSE: WOLF), which is in the midst of a corporate restructuring, is skyrocketing by 32.6% today after announcing a new C-Suite higher and bringing greater certainty to the leadership team.
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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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