S&P 500 up After Trump-Xi Call, but Tesla Stock Falls Amidst Musk-Trump “Split”

President Donald Trump and President Xi Jinping of China have held a phone call. This was confirmed by both Chinese media, its foreign ministry, and the Chinese Embassy in the U.S. Trump also posted on Truth Social about the call, and he said it went well. Both China and the U.S. will be meeting soon to bring about a new trade deal between the two nations. Trump also said that Xi invited him and First Lady Melania to visit China. Trump said he reciprocated.

The broader market turned bullish on the news, and it was also supported by Treasury yields falling yesterday. The market is increasingly pricing in a rate cut in September, especially since inflation has not been as bad as expected. Tariffs should de-escalate more as trade talks with both China and the E.U. gain more steam. On top of that, the trade balance report that came out today showed that the trade deficit has narrowed much more than expected.

The only odd one out among the Magnificent Seven winners today has been Tesla (NASDAQ: TSLA). It has declined 4%, and analysts are blaming Elon Musk’s criticism of Trump’s “Big Beautiful Bill” for TSLA stock’s performance.

Here’s a market update as of 11:30 AM (ET) today.

• The S&P 500 is up 25.74 points, or 0.43%.
• The Nasdaq Composite is up 141.4 points, or 0.72%.
• The Dow Jones Industrial Average is up 126.53 points, or 0.3%.

AI/Chip Stocks Strengthen More

• Nvidia (NASDAQ: NVDA) is continuing its rally and has regained its spot as the world’s most valuable company. The market capitalization is now nearing $3.5 trillion.
• Amazon (NASDAQ: AMZN) has gained 2.2% after the company said it is experimenting with humanoid robots for deliveries.
• Micron Technology (NASDAQ: MU) is up 4%.
• Synopsis (NASDAQ: SNPS) is up 2.9%.
• Palo Alto Networks (NASDAQ: PANW) is up 2.7%.

Notable Gainers Today

• Planet Labs (NYSE: PL) is up 58.9% after reporting Q1 FY 2026 earnings. Revenue came in at $66.3 million vs. $62.3 million expected. Adjusted EBITDA came in at $1.2 million vs. the -$3.06 million estimate. Planet Labs also upgraded its guidance.
• Reitar Logtech Holdings (NASDAQ: RITR) is up 26% after announcing a $1.5 billion Bitcoin purchase agreement.
• Nebius Group (NASDAQ: NBIS) is up 22.3% as it is on a triple-digit rally over the past month. It is up 102% in the past 30 days.
• IperionX (NASDAQ: IPX) is up 19.7% after a U.S. DoD contract win worth $99 million.
• Digital Turbine (NASDAQ: APPS) is up 18.2% after setting the date for its Q4 earnings call on June 16. Analysts expect solid results.
• MongoDB (NASDAQ: MDB) is up 15.6% after the company boosted its guidance figures.
• First Majestic Silver (NYSE: AG), Oscar Health (NYSE: OSCR), Greif (NYSE: GEF), Sibanye Stillwater (NYSE: SBSW), and Murano Global Investments (NASDAQ: MRNO) are up over 10%.

Notable Losers Today

• PVH Corp (NYSE: PVH) is down 18.4% after its owner Calvin Klein said that tariffs will hurt profits.
• Brown-Forman (NYSE: BF.A, NYSE: BF.B) is down 18.5% after missing earnings.
• TELUS International (NYSE: TIXT) is down 14.9% after a new stock offering.
• TechTarget (NASDAQ: TTGT) is down 14.8% as investors weren’t impressed by its investor presentation.
• Ciena (NYSE: CIEN) is down 12.3% after earnings missed estimates.

CRWV, DSGX, GIBO, and CNTA are down in the high single digits.

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