Live Nasdaq Composite: Gold Up, APLD (Nasdaq: APLD) Rises 5% in Bright Spot
Live Updates Live Coverage Updates appear automatically as they are published. Tariff Fallout 10:04 am by Gerelyn Terzo The markets remain under pressure as of mid-morning trading, with the three major stock market averages stuck in a rut. While March retails sales rose a higher than expected 1.4%, the markets are obsessed with Nvidia (Nasdaq; […] The post Live Nasdaq Composite: Gold Up, APLD (Nasdaq: APLD) Rises 5% in Bright Spot appeared first on 24/7 Wall St..
Live Updates
Tariff Fallout
The markets remain under pressure as of mid-morning trading, with the three major stock market averages stuck in a rut. While March retails sales rose a higher than expected 1.4%, the markets are obsessed with Nvidia (Nasdaq; NVDA), which warned that it will take a massive $5.5 billion charge for processor exports to China, giving the markets their ‘I told you so’ moment. Magnificent Seven stocks are each down in the ballpark of 2% this morning, including Apple (Nasdaq: AAPL), whose market cap has dipped below the $3 trillion threshold.
The markets are under pressure out of the gate despite stronger than anticipated economic data. All three of the major stock market averages are trading in the red, including a 1.7% drop in the Nasdaq Composite, which is being weighed down by Nvidia (Nasdaq: NVDA). On the flip side, Applied Digital (Nasdaq: APLD) is gaining 5% today, bucking the otherwise downward trend, on the heels of its fiscal Q3 results. Despite missing Wall Street’s expectations, Applied Digital is benefiting from its roll in data center infrastructure for AI and high-performance computing, two white-hot tech trends.
The gold price is rising 2.4% today to $3,319.30 per ounce as investors flock to the inflationary hedge during these times of heightened uncertainty. Newmont Mining (NYSE: NEM) is gaining 4% on the day as a beneficiary of the gold rush.
The technology sector is being dragged lower by NVDA stock after the company revealed an upcoming $5.5 billion charge related to chip exports to China, igniting trade war selling once again. Nvidia shares are sinking 5.6% today. Most sectors of the economy are down, including a 2.4% decline for technology, while energy stocks are up by 1%. Each of the Magnificent 7 stocks is lower today.
Retail sales grew by 1.4% in March, stronger than the expected 1.2% increase and providing yet another sign of a resilient U.S. consumer. Results excluding auto sales also beat economist projections, coming in at 0.5% vs. estimates of 0.3% even in the face of tariff uncertainty targeting the auto sector.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 165.73 (-0.41%)
Nasdaq Composite: Down 292.95 (-1.74%)
S&P 500: Down 47.89 (-0.90%)
Market Movers
BofA analysts have reiterated their “buy” rating on Nvidia stock, but it’s doing little to lift sentiment in shares today. The Wall Street firm also lowered their price target on NVDA to $160 from $200 per share, blaming tariff uncertainty.
Oppenheimer analysts have begun coverage on new stock Reddit (NYSE: RDDT) with an “outperform” rating attached.
Piper Sandler likes Tesla (Nasdaq: TSLA) stock, reiterating its “overweight” rating on the EV maker while lowering the price target from $450 to $400 per share.
The post Live Nasdaq Composite: Gold Up, APLD (Nasdaq: APLD) Rises 5% in Bright Spot appeared first on 24/7 Wall St..
