Stocks currently experiencing significant movement: Apple, NRG Energy, Newmont, along with others.
Jumpstarting the Stock Market
It's time to gear up, folks! For a midday boom, U.S. equities have surged big time, thanks to the U.S. and China's agreement to dial back tariffs for 9 days. Let's dive in and see who's riding high and who's slipping.
With the '90s vibe back in the stock market, the Nasdaq and Dow Jones Industrial Average (DJIA) took a massive leap, soaring circa 3.5% and 2% respectively. The S&P 500 was not far behind, experiencing an uptick of more than 2%. Of course, the stars of the tech world, Apple, Nvidia, Tesla, and other Chinese-tied techies, gleefully joined the party.
The agreement sent the gold prices plummeting, dragging shares of Newmont and fellow gold miners down with it. With gold as an investor's golden haven against tariff volatility, this sudden shift's impact is quite noticeable.
On the other hand, NRG Energy sky-rocketed as the best-performing stock in the S&P 500. As the nuclear power provider's first-quarter results easily surpassed estimates, it also acquired key assets from LS Power for a whopping $12 billion, effectively doubling its power generation capacity.
Stanley Black & Decker, notorious for its toolmaking prowess, experienced a much-needed boost due to the announced tariff reduction, as it had earlier warned of significant profits impact from the initial duties.
Next Technology Holding continued its streak of success, jumping for the second consecutive day after revealing it had added 5,000 bitcoins to its portfolio this year and plans to pile on more.
And while the upheaval looked rosy for most sectors, shares of Cigna Group took a dip following negative press regarding the health insurer's refusal to cover a patient awaiting an experimental lung cancer treatment.
Oil futures rose, rejoicing the oil industry; the 10-year Treasury note advanced, adding a sparkle to the bond market; the U.S. dollar gained on the euro, pound, and yen; but most major cryptocurrencies stumbled, citing the tariff deal as the cause.
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[1] - "After U.S.-China Tariff Truce, Stocks Post Largest Rise Since Jan 2018" – Reuters[3] - "U.S. Stocks Rise Sharply as U.S., China Agree to 90-Day Tariff Truce" – MarketWatch
- In the wake of the U.S.-China tariff truce, tech stocks such as Apple, Nvidia, Tesla, and other Chinese-tied tech companies pushed up the Nasdaq and DJIA significantly.
- Not restricting himself to traditional finance, Next Technology Holding added 5,000 bitcoins to its portfolio this year, hinting at a growing interest in crypto trading.
- Despite a positive response from most sectors, the tariff deal left a negative impact on the crypto market, causing major cryptocurrencies to stumble.
