Nasdaq Composite Today: COIN, BKNG, ON Are Tailwinds
If there was any question the the tariff headlines were the reason behind the rut, they’ve been erased today. The markets are experiencing much-needed relief after President Trump revealed a willingness to ease tariff rules. The Nasdaq Composite led the markets higher with a 1.6% advance, followed by gains of over 1% in both the […] The post Nasdaq Composite Today: COIN, BKNG, ON Are Tailwinds appeared first on 24/7 Wall St..
If there was any question the the tariff headlines were the reason behind the rut, they’ve been erased today. The markets are experiencing much-needed relief after President Trump revealed a willingness to ease tariff rules. The Nasdaq Composite led the markets higher with a 1.6% advance, followed by gains of over 1% in both the Dow Jones Industrial Average and S&P 500 index. Each of the sectors of the economy tracked by Bloomberg are trading in the green today, led by consumer discretionary stocks with a 2.9% advance.
Cryptocurrency exchange Coinbase (Nasdaq: COIN) is gaining 4% on the day and contributing to the Nasdaq’s positive performance. The Trump administration’s friendly position on the blockchain industry has been a tailwind, as Coinbase would benefit from greater mainstream adoption of digital assets.
ON Semi (Nasdaq: ON) is also tacking on about 4% today. The stock is a play on both the semiconductor and electric vehicle space and has partnerships with companies like Volkswagen. The E-mini PHLX Semiconductor index is up 2.8% this morning.
Most of the Magnificent 7 stocks are rising this morning, led by Tesla (Nasdaq: TSLA)’s 8% advance. There is bullish options activity unfolding in the stock.
United Airlines (Nasdaq: UAL) is soaring 5% on the day on reports the airline will be raising its prices on credit cards and luxury lounge access, paving the way for greater revenue.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 504.16 (+1.2%)
Nasdaq Composite: Up 335.38 (+1.8%)
S&P 500: Up 83.74 (+1.5%)
Key Points
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The markets came out of the gate strong, led by the Nasdaq Composite.
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Tariff relief is lifting sentiment.
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Most of the Mag 7 stocks are advancing, led by Tesla on bullish options activity.
S&P 500 Rebalance: Who’s In and Out
The S&P 500 is welcoming the following stocks following a rebalancing. Here’s how they are trading:
DoorDash (Nasdaq: DASH) up 1.77%
TKO Group (NYSE: TKO) down 1.11%.
Williams-Sonoma (NYSE: WSM) up 1.6%
Expand Energy (Nasdaq: EXE) up 0.75%
The S&P 500 is releasing the following names. Here’s how they are trading:
BorgWarner (NYSE: BWA) up 2.1%
Teleflex (NYSE: TFX) up 0.22%
Celanese (NYSE: CE) up 2.3%
FMC (NYSE: FMC) up 0.5%
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