Key Points
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Big-cap stocks have recovered slightly after plunging yesterday.
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The broader market is up, but the Fed will decide how the market will close today.
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Investors are waiting for key announcements as the FOMC meeting concludes.
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The Federal Reserve is expected to conclude its meeting today and announce key interest rate decisions for this year. The market expects two rate cuts for all of 2025 but none today. Still, many Magnificent Seven stocks have staged a slight recovery rally after markets opened on tariff-related optimism and further talks of a ceasefire in Ukraine.
The Mag 7 stocks underperformed in the past few trading days compared to the rest of the market, but today’s moves may imply a shift in trends.
Beyond the Magnificent 7, several other stocks are also making big moves today. The performance is mixed if you look beyond the big-cap stocks.
Here’s a market update as of 11:00 A.M (ET) today.
- The S&P 500 is up 30.24 points, or 0.54%.
- The Nasdaq Composite is up 126.3 points, or 0.72%.
- Dow Jones Industrial Average is up 204.45 points, or 0.49%.
Magnificent Seven Stocks Recover
The big-cap stocks plunged yesterday. They’re making a slight recovery today, but further gains are needed for them to make higher highs from last week.
- Alphabet (NASDAQ: GOOG, GOOGL): Has gained over 0.84% today as investors take advantage of market fears and buy the dip. Truist also maintained their $220 price target on the stock. Yesterday, news came out of Google buying an Israeli cybersecurity startup called Wiz for $32 billion.
- Amazon (NASDAQ: AMZN): Up 0.37%.
- Apple (NASDAQ: AAPL): Up 1.89% as investors see the company more insulated from AI-related risks. Apple jumped on the AI bandwagon late and did so cautiously.
- Meta Platforms (NASDAQ: META): Up 0.16%, but this is after a significant plunge yesterday.
- Microsoft (NASDAQ: MSFT): Up 0.88% as it recovers from yesterday’s decline.
- Nvidia (NASDAQ: NVDA): Up 1.32%, but sentiment is not as great due to its GTC conference failing to impress Wall Street.
- Tesla (NASDAQ: TSLA): Up 2.63%, but this is after a sharp pullback in the past few days. California also allowed it to begin carrying passengers, which could lead to Tesla offering ride-hailing services.
Notable Gainers Today
- Signet Jewelers (NYSE: SIG): Up 23.4% as shorters get squeezed out after Q4 earnings and dividend hike.
- Black Diamond Therapeutics (NASDAQ: BDTX): Surged 34% as it entered a licensing deal with Servier and received a positive forecast from HC Wainwright.
- Aeva Technologies (NASDAQ: AEVA): Up 26.12% as it secured an OEM deal.
- Richtech Robotics (NASDAQ: RR): Up 18% after Lake Street started coverage on the stock with a $3 price target
- StoneCo (NASDAQ: STNE): Up 13.65% after topping Q4 earnings and revenue estimates.
- Boeing (NYSE: BA) is also up. BA is up 6.4% as the CFO gives upbeat remarks.
Notable Losers Today
- Healthequity (NASDAQ: HQY): Tumbled over 20% on Q4 earnings miss, along with fraud costs and cyber threats.
- Tonix Pharmaceuticals (NASDAQ: TNXP): Fell 18% as Q4 earnings missed and revenue fell short of estimates.
- Turkcell (NYSE: TKC): Down 13.5% as Turkish stocks tumble due to the arrest of Erdogan’s rival.
- Intel (NASDAQ: INTC): Down 6.6% as hype cools down over its new CEO.
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