Live Nasdaq Composite: Markets Extend Rebound, Oil Slips in Pivot Toward Tech Deals

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Nasdaq Resilience

1 hour ago

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The Nasdaq Composite is on a historic run. The tech-heavy index has clawed back all of its losses from both the Iran war market sell-off and the earlier AI bubble scare, turning positive for the year in the process. Today marks the 10th consecutive day of gains, a winning streak not experienced since late 2021, with the index up more than 12% during that stretch and on pace for its biggest 10-day point gain ever if today’s pace isn’t interrupted. The Nasdaq Composite is currently up 400 points, or 1.7%.

Warsh in the Spotlight

3 hours ago

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Media reports have turned to nominated Fed Chairman Kevin Warsh and his vast accumulated wealth. According to filings, Warsh is sitting on a net worth in the hundreds of millions of dollars, including a single asset with an estimated worth of $50 million. If appointed, Warsh would have the distinction of the wealthiest Fed Chairman in recent history. Warsh’s nomination hearing is planned for early next week.

 

 

Consumer in Focus

3 hours ago

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JPMorgan (NYSE: JPM) chief Jamie Dimon says the U.S. economy held up well in Q1, with consumers still spending and businesses in decent shape, buoyed by a tailwind mix of stimulus, deregulation, AI capex and Fed policy. However, headwinds remain amid geopolitical flashpoints, whipsawing energy prices, trade uncertainty and a mountain of global debt, all of which are stacking up and making the road ahead far harder to read. The range of possible outcomes has almost never been wider, and Dimon warns that now is the time to be prepared for all of them.

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

Markets are continuing to take back lost ground as they shift their focus to the economy and earnings season. Oil prices are retreating today, with WTI crude lower by nearly 4% to just over $95/barrel.  All three of the major stock market averages are marching forward, including a 0.88% jump in the Nasdaq Composite. Tech deals are capturing the headlines, as discussed in further detail below.

March PPI rose 0.5%, coming in below expectations, but the bigger picture is getting more complicated. When folding in both the consumer and producer price readings, Bank of America estimates headline PCE inflation for March will run around 3.1% annually and core at 3.5%, up from 2.8% and 3%, respectively, in February. The bank says trends “should keep the Fed firmly on hold in the near-term.”

Fed officials are keeping a close eye on the pump. Chicago Fed president Austan Goolsbee says the central bank needs to wait and see how oil markets shake out before making any moves, saying if inflation stays elevated, rate cuts could get pushed out of 2026 entirely. But he didn’t rule out hikes either, leaving all options squarely on the table.

Here’s a look at where things stand as of morning trading:

Dow Jones Industrial Average: 48,487 Up 0.56%
Nasdaq Composite: 23,433 Up 1.07%
S&P 500: 6,933.85 Up 0.68

Tech Deals

Amazon (Nasdaq: AMZN) and Apple (Nasdaq: AAPL) are partnering in a new dream-team scenario. The two tech titans just announced an agreement to bring Amazon Leo satellite connectivity to supported iPhone and Apple Watch models. The deal comes on the heels of Amazon’s acquisition of Globalstar (NYSE: GSAT) for $90 a share, a deal that adds satellite operations, spectrum and direct-to-device capabilities to the Leo network.

Novo Nordisk (NYSE: NVO) is bringing OpenAI into the lab and beyond. The Danish drugmaker announced a partnership to deploy AI across its entire business, spanning drug discovery, manufacturing, and commercial operations, using OpenAI models, per Reuters.

Broadcom (Nasdaq: AVGO) is under pressure on reports that Google (Nasdaq: GOOGL) is moving to diversify its TPU supply chain, raising questions about Broadcom’s grip on one of its most important customers. Astera Labs (Nasdaq: ALAB) is caught in the crossfire too. A bigger shift toward custom ASICs in AI accelerators could shrink its addressable market over time by reducing demand for discrete PCIe and CXL connectivity.

Uber (Nasdaq: UBER) has upped its commitment to purchase at least 35,000 Lucid (Nasdaq: LCID) vehicles built exclusively for its future global robo-taxi service, while also pouring an additional $200 million into the company, bringing Uber’s total investment to $500 million. Saudi Arabia’s Public Investment Fund affiliate Ayar Third Investment Company is also getting in on the action, agreeing to purchase $550 million of Lucid’s convertible preferred stock.