Coverage ended 3 updates · Last at 11:53am ET

Live Nasdaq Composite: Tech Stocks Soar, Oil Falls on Long-Awaited Mideast Ceasefire Deal

By Gerelyn Terzo · Updated Apr 8, 11:53am ET · Published Apr 8, 9:12am ET

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Biggest Gainers

Here’s a few of the stocks driving today’s market rally:

Carnival Corp (NYSE: CCL) is up 10.5%.

United Airlines (NYSE: UAL) is gaining 10.2%.

Ciena Corp (NYSE: CIEN) is tacking on 9.6%.

Lam Research (Nasdaq: LRCX) is up 9.5%.

Stock Market Rally

Stocks are holding their gains.

The S&P 500 is about 3% away from a fresh all-time high.

The Nasdaq 100 index, as represented by the Invesco QQQ ETF, is about 5% from setting another record level, lifted by stocks like MercadoLibre (Nasdaq: MELI) today, which is up 3.4% on a Jefferies upgrade to a “buy” rating.

 

Bulls Unleashed

JPMorgan’s trading desk isn’t wasting any time. The firm is moving back to tactically bullish on the heels of the ceasefire, calling for a re-risking move potentially on par with the post-Liberation Day rally.

The desk sees the S&P 500 breaking above 7,000 as euphoria returns, with a strong earnings season poised to add more fuel to the fire.

Live coverage has ended. The full story is below.

Full Coverage

The story so far

This article will be updated throughout the day, so check back often for more daily updates. 

With a two-week ceasefire agreement between the U.S. and Iran in place, stocks are soaring. The broader markets are even knocking on the door their next all-time high. Oil prices are now retreating, with WTI Crude and Brent Crude both falling by double-digit percentages to hover in the lower $90-per-barrel area. The rally is broad-based, with many sectors of the economy getting a bump, but energy stocks have now been downgraded on Wall Street.

Tech leaders including Nvidia (Nasdaq: NVDA | NVDA Price Prediction), Alphabet (Nasdaq: GOOGL) and Amazon (Nasdaq: AMZN) are up between 3% and 4% in pre-market trading. Invesco’s QQQ ETF, which tracks the Nasdaq 100 index, is up 3.5%.

President Trump announced a two-week double-sided ceasefire with Iran, raising hopes that the Strait of Hormuz could soon reopen and oil prices may finally ease. Additionally, Trump threatened an immediate 50% tariff on any country supplying military weapons to Iran, with no exclusions or exemptions. He posted that Iran has gone through what he called a “very productive Regime Change,” signaling that the next chapter in U.S.-Iran relations could look very different from the last.

Here’s a look at where futures stand as of  pre-market trading:

Dow Jones Industrial Average: 48,060 Up 2.67%
Nasdaq Composite: 25,220 Up 3.48%
S&P 500: 6,833 Up 2.64%

Market Movers

The New York Times published a piece naming cryptogprapher Adam Back as Satoshi Nakamoto, the creator of Bitcoin. Back has denied those claims.

Unity Software (NYSE: U) and Meta Platforms (Nasdaq: META) are deepening their ties, announcing a multi-year platform support and enterprise agreement that extends their long-standing collaboration in virtual reality.

Delta Air Lines (NYSE: DAL) is flying high this morning after posting a beat on both the top and bottom lines. EPS of $0.64 topped the $0.62 estimate, while revenue of $15.9 billion blew past the $14.9 billion forecast, sending the stock surging 13% in pre-market trading.

Palo Alto Networks (Nasdaq: PANW) is gaining 2.9% in early-morning trading amid a wider rally in the cybersecurity sector. AI company Anthropic’s Project Glasswing thrust security back into the spotlight.

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Gerelyn Terzo

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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