Market Wrap | US Stocks Surge as Tech Sector Leads Market Rally
2min read On April 23, 2025, the U.S. stock market saw significant gains with the S&P 500 rising 1.67%, the Dow Jones Industrial Average increasing 1.07%, and the Nasdaq Composite surging 2.50%. This bullish sentiment was driven by the Federal Reserve's Beige Book, which highlighted widespread concerns about trade policy uncertainty, particularly regarding tariffs, affecting economic outlooks and prompting businesses to plan for cost increases. However, the U.S. April S&P Global Manufacturing PMI exceeded expectations at 50.7, indicating growth in manufacturing activity, which could contribute positively to the stock market performance.
Based on the day's market performance, the technology and discretionary consumer goods sectors outperformed the S&P 500. Notably, the technology sector and the discretionary consumer goods sector demonstrated strong performance. Conversely, the consumer staples and energy sectors moved in the opposite direction of the S&P 500.
Today, the tech sector saw significant gains with Nvidia rising 3.86% as increased demand for AI chips boosted its market position. Palantir surged 7.27% following a partnership with a major government agency, enhancing its future revenue potential. Oracle climbed 3.27% driven by strong financial performance and strategic investments. TSMC rose 4.23% due to collaborations with major tech companies, driving innovation and growth. ASML Holding increased 3.02% after announcing a strategic share buyback plan, targeting 10% of its outstanding shares by October 2026. Meta rose 4.00% as AI advancements boosted investor confidence. Tesla surged 5.37% with Elon Musk's plan to focus more on the company and less on government work. Broadcom rose 4.32% following a partnership with a major cloud provider, enhancing their AI capabilities. Amazon.com rose 4.28% due to easing US-China trade tensions. SAP rose 7.56% as its new cloud services gained strong market traction.
Jayud Global surged over 160%, driven by a new strategic partnership with a major logistics company, significantly boosting investor confidence. Ensysce Biosciences rose nearly 96%, fueled by promising FDA designations and trial results, which have bolstered investor optimism. Ocean Biomedical, however, saw a sharp decline of over 46%, as the company shifts its focus towards power infrastructure and crypto treasury. China SXT Pharmaceuticals also experienced a drop of over 18%, attributed to a significant decrease in sales revenue.
Southwest Airlines plans to reduce flights this year due to "macroeconomic uncertainty" and has withdrawn its profit outlook for 2025 and 2026. The US S&P Composite PMI Flash came in lower than expected at 51.2, indicating potential economic softening. Meta and Apple have been given 60 days to comply with EU decisions or face periodic penalty payments, amid tensions between the US and EU over what the US describes as economic extortion. Tesla's stock rose 5.1% in premarket trading after its Q1 margins exceeded estimates, with Elon Musk indicating he will lessen his involvement in the Trump administration.
