The Nasdaq Composite Just Disrupted the Tariff Narrative by Doing This
Live Updates Live Coverage Updates appear automatically as they are published. Labor Market Shows Resilience 10:04 am by Gerelyn Terzo On the economic data front, April’s widely anticipated employment results are in and can be summed up in a word: resilience. U.S. payrolls expanded by 177,000 last month. While results were slower than March payrolls, […] The post The Nasdaq Composite Just Disrupted the Tariff Narrative by Doing This appeared first on 24/7 Wall St..
Live Updates
Labor Market Shows Resilience
On the economic data front, April’s widely anticipated employment results are in and can be summed up in a word: resilience. U.S. payrolls expanded by 177,000 last month. While results were slower than March payrolls, economists were already expecting that. Besides, April’s performance surpassed the consensus estimates of 133,000 new payrolls added to the labor market.
Several positive catalysts are paving the way for market gains today, not least a technology sector that keeps on giving. The markets are in relief mode, extending yesterday’s gains in yet another technology-fueled positive session. Big Tech has singlehandedly managed to pop the tariff balloon, with bullish capex plans and unrelenting demand for AI solutions, resulting in quarterly profits that have surpassed expectations. The Technology sector is fueling the Nasdaq Composite higher while the S&P 500 extends its winning streak further. The Dow Jones Industrial Average is adding over 400 points on the session as the buying spree spreads. Each sector of the economy is higher with the exception of a modest decline in energy stocks.
Meta Platforms (Nasdaq: META) and Microsoft (Nasdaq: MSFT) are all being celebrated, with gains of about 3% each, for shifting the market focus from tariffs to fundamentals on stronger-than-expected quarterly results. Apple (Nasdaq: AAPL) also beat estimates but is the outlier today, with the iPhone maker’s stock falling 4.7% in response to a couple of tariff-related Wall Street downgrades. Amazon (Nasdaq: AMZN) has most recently turned lower after expressing worries about the tariff climate up ahead.
Yet another tailwind has been a seemingly willingness on the part of Beijing to come to the table to discuss tariffs with the Trump administration, potentially bringing clarity to the one wildcard trade war relationship.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 468 (1.15%)
Nasdaq Composite: Up 236 (+1.2%)
S&P 500: Up 69.25 (+1.2%)
Market Movers
Apple’s declines come on the heels of an analyst downgrade from Jefferies, which cut the stock to an “underperform” rating after the company revealed tariffs will cost the company’s bottom line to the tune of $900 million. Apple is leaning more heavily on production from India in a pivot away from tariff-heavy China. Also, Rosenblatt securities lowered its rating on Apple to a “neutral” rating from “buy.”
Block (NYSE: XYZ) stock, formerly known as Square, is shaving off 21% of its value today after its Q1 results missed expectations as growth stagnates.
DexCom (Nasdaq: DXCM) is soaring by 13.5% today after reporting its Q1 results.
The post The Nasdaq Composite Just Disrupted the Tariff Narrative by Doing This appeared first on 24/7 Wall St..
