Live Markets: Dow Stays Alive, AAPL, NKE Up

After Friday’s fear-induced market sell-off, stocks attempted a recovery, led by an early-morning 100-plus point gain in the Dow Jones Industrial Average. Those gains have faded, but the Dow is attempting to stay alive. Meanwhile, the S&P 500 and Nasdaq Composite remain in the red. All eyes are on Nvidia (Nasdaq: NVDA) for hopes of a renewed rally when Wall Street’s AI darling reports its quarterly earnings on Wednesday.

In the meantime, there is tech optimism, with each of the Magnificent 7 stocks initially trading in the green but then turning mixed. Apple (Nasdaq: AAPL) has agreed to invest a whopping $500 billion into the U.S. market over four years in an American innovation push, improving sentiment. Apple plans to double its Advanced Manufacturing Fund and is targeting Texas for the development of advanced technology. AAPL stock is up fractionally.

Also among the Mag 7 stocks is Tesla (Nasdaq: TSLA), which has turned south, falling over 2% as of mid-morning. The stock can’t seem to get out of its own way of late and remains close to 30% below its record high of $480 reached in December. In a competitive move, Tesla plans to roll out its driver assistance technology akin to full self-driving software in China. Meanwhile, Rivian Auto (Nasdaq: RIVN) is tumbling 9% on the day.

Here’s a look at the performance as of morning trading:

Dow Jones Industrial Average: Up 42.49 (+0.12%)
Nasdaq Composite: Down 174.16 (-0.89%)
S&P 500: Down 18.74 (-0.31%)

Market Movers

With Tesla’s sell-off today, Berkshire Hathaway has currently surpassed the EV maker in market cap at $1.074 trillion compared with Tesla’s $1.06 trillion. Berkshire’s stock is up nearly 4% on the day on the heels of Warren Buffett’s letter to shareholders.

Starbucks (Nasdaq: SBUX) has announced a wave of layoffs, including 1,100 corporate jobs, to accelerate its restructuring. The stock is up fractionally today.

Nike (NYSE: NKE) is bucking the downward trend today, rising 6% and helping both the Dow and S&P 500. A bullish call from Jefferies analysts is the catalyst amid a forecast for “changes afoot.”

Palantir Technologies (NYSE: PLTR) is sinking almost 11% on the day, extending recent declines in a sell-off sparked by reports of U.S. defense budget cuts, where the company plays.

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