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Tech and Tariff-Prone Stocks Rally as Trump’s Comments Relieve Wall Street

Tech and Tariff-Prone Stocks Rally as Trump’s Comments Relieve Wall Street

Published: by Omor IE

Key Points

  • The stock market has been surging since Trump clarified his stance on Powell.

  • Almost every sector is green. Tech stocks and tariff-prone stocks are leading the recovery.

  • There have been some losers today, but the market has been overwhelmingly positive.

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President Donald Trump’s comments yesterday offered major relief to the markets after he clarified that he had no intention of firing Federal Reserve Chair Jerome Powell. He also hinted at the trade war with China being de-escalated, with tariffs being slashed. It was reported that tariffs could come down to 50% to 65% on China. However, a White House official said that this would not happen unilaterally.

In the meantime, the broader market has rallied. Tech stocks and defense stocks that fell earlier are leading the pack as the risk-off selloffs from earlier are being priced out. A full recovery back to stock market highs is unlikely since significant tariffs are still in place, and negotiations would be required for tariffs to come down. Not only that, tariffs of 50% to 65% are still much higher than before.

Here’s a market update as of 10:30 A.M (ET) today.

  • The S&P 500 is up 168.09 points, or 3.18%.
  • The Nasdaq Composite is up 667.76 points, or 4.09%.
  • The Dow Jones Industrial Average is up 1,031.44 points, or 2.63%.
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Tech and Tariff-Prone Stocks Surge

  • Amazon (NASDAQ: AMZN) is up 7.5% today due to the administration dropping hints that the worst may be behind for the U.S.-China trade war. The Trump administration is also reportedly close to making a deal with India.
  • Tesla (NASDAQ: TSLA) is up 6.8%. It is rallying despite a dismal Q1 report where Tesla reported a 71% decline in profits. Elon Musk was able to hold up optimism by promising to shift his focus from DOGE to Tesla starting next month. He is also trying to put the focus on Tesla’s robotics and AI solutions and move the spotlight away from the declining core business.
  • Broadcom (NASDAQ: AVGO) is up 5.9%.
  • NVIDIA (NASDAQ: NVDA) is up 5.2%.

Other stocks like Oracle (NYSE: ORCL), Palantir (NASDAQ: PLTR), American Express (NYSE: AXP), AMD (NASDAQ: AMD), RTX (NYSE: RTX), and ServiceNow (NYSE: NOW) are up by mid-to-high single digits.

Notable Gainers Today

  • Pony AI (NASDAQ: PONY) is up 33% after it unveiled its seventh-generation autonomous driving system. It also unveiled its new robotaxi lineup at the Shanghai Auto Show.
  • Pegasystems (NASDAQ: PEGA) is up 32% after it reported stellar Q1 2025 earnings. EPS trounced estimates and came in at $1.53 vs. the $0.54 forecast. Revenue also exceeded expectations of $357.24 million and came in at $475.63 million.
  • Novavax (NASDAQ: NVAX) is up 22% after positive FDA discussions. It asked for more data on its COVID vaccine.
  • Power Solutions International (NASDAQ: PSIX) is up 21%. It is recovering from earlier sell-offs.
  • VNET (NASDAQ: VNET) is up 18.8%. It is also recovering.
  • Hesai (NASDAQ: HSAI) is up 15.6%.

Many other companies are up by double digits this morning as the broader market is now surging higher.

Notable Losers Today

Very few major losers today due to the broader market’s optimism.

  • WeRide (NASDAQ: WRD) is down 11% as it extends earlier losses
  • Enphase Energy (NASDAQ: ENPH) is down 9.4% after it missed Q1 revenue estimates.
  • Diginex Limited (NASDAQ: DGNX) is down 7.25%. The stock is cooling down from a massive rally this year.
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