Market Wrap | US Tariff Cut Boosts Markets Tech Stocks Surge

On April 24, 2025, the U.S. government is considering halving tariffs on Chinese imports, potentially easing trade tensions and benefiting export-reliant sectors. This news, coupled with recent comments from the Fed suggesting a possible rate cut if unemployment rises, has contributed to positive sentiment in equity markets. The Standard & Poor's 500 Index rose 2.03%, the Dow Jones Industrial Average increased by 1.23%, and the Nasdaq Composite Index surged by 2.74%.

The technology sector, along with the materials and industrial sectors, outperformed the S&P 500. Notably, the technology sector demonstrated exceptional performance. Conversely, the consumer staples sector moved in the opposite direction of the S&P 500.

Nvidia's stock rose 3.62% as investors reacted positively to the company's strong earnings report, driven by surging AI demand. Microsoft's stock increased 3.45% following the unveiling of new AI features in Office 365, which are expected to boost productivity and user engagement. Palantir's stock surged 6.90% after Bank of America raised their price target and gave the stock a "buy" rating. Netflix's stock rose 4.50% after Wolfe Research upgraded the company to "outperform" with a $1,100 price target. Oracle's stock increased 4.65% due to strong cloud revenue growth. TSMC's stock rose 4.04% after the company announced ambitious plans for advanced chip manufacturing technology. Salesforce's stock rose 5.68% following strong quarterly earnings and an increased annual revenue forecast. Eli Lilly's stock rose 3.65% due to positive results from a clinical trial for their Alzheimer's drug. Tesla's stock rose 3.50% despite disappointing earnings, as investors focused on a positive market outlook beyond its automotive segment. Broadcom's stock rose 6.35% after securing a large-scale chip supply deal with a major smartphone manufacturer. Amazon.com's stock rose 3.29% due to strong quarterly sales growth in cloud services.

Odyssey Marine Exploration surged over 100%, driven by a significant deep-sea mining contract that has bolstered investor confidence. Cantor Equity rose nearly 50% after securing a major government contract, which has also boosted investor sentiment. Meanwhile, Greenlane Holdings plummeted over 93%, reporting a significant revenue decline and operational challenges. TMD Energy dropped over 77% as global regulatory investigations into its accounting practices raised concerns.

Intel has received $1.1 billion in grants from the Chips Act in the first quarter, but the company's shares have faced a decline, dropping 7.8% after reporting an adjusted Q3 EPS of 13 cents, significantly below the estimated 74 cents. Meanwhile, Wall Street has shown positive momentum, with the Nasdaq up 3%, S&P 500 rising 2.03%, and the Dow increasing by 1.23%. Key tech players like Intel, Nvidia, and Tesla have all experienced gains, with Intel up by 4.35% and Nvidia and Tesla both up over 3.5%. Additionally, BlackRock CEO Larry Fink expresses increased confidence in the UK economy, leading to more capital allocation back to the region.