markets

5/12/25

Semiconductor stocks surge on US-China trade reset

Chip stocks are leading the SPDR S&P 500 Trust higher in premarket trading after the US and China agreed to slash sky-high tariffs to more manageable levels for 90 days, with the VanEck Semiconductor ETF up more than 5%.

While bellwether Nvidia and fellow AI leader Broadcom are surging, the gains are being led by smaller stocks in the space like Microchip Technology.

Semis had a carve-out from tariffs to begin with, but this was with the understanding that the industry would face different, sector-specific levies pending the outcome of a Department of Commerce investigation. More to the point, chips go into pretty much everything — if wide-ranging tariffs were going to raise the price of imports and dent demand, semiconductors wouldn’t be immune. Any countervailing tariffs would also pose a risk to US firms’ ability to sell abroad.

In the interim, the Trump administration has done the opposite of restricting exports by signaling that it will rescind a Biden-era regulation that curbed sales of high-powered chips to nations deemed to be geopolitical adversaries of the US, which was slated to go into effect this week.

All future risks related to trade seem to be getting priced out of the market given the direction of travel regarding tariff talks since April 9, when President Donald Trump announced a 90-day pause to reciprocal tariffs for most countries, following a sharp sell-off of US assets.

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Oracle Wall Street Revisions

Analysts revise up anything and everything they thought about Oracle

After the company’s bombshell earnings this week, Wall Street thinks Oracle’s trajectory has changed.

Matt Phillips9m

markets

1h

Six Flags pops after reiterating its guidance as theme park attendance rebounds

Six Flags shares rose more than 7% today after the company reported a rebound in attendance and early season-pass sales heading into the fall. The nine-week period ending August 31 saw 17.8 million guests, up about 2% from the same stretch in 2024, with stronger momentum in the final four weeks.

More importantly, Six Flags reaffirmed its full-year adjusted EBITDA guidance of $860 million to $910 million, showing confidence that its cost and operations strategy can stay strong for the duration of the year. Riding that wave, Six Flags also said early 2026 season pass unit sales are pacing ahead of last year, and average season pass prices are up around 3%.

The good vibes come despite a drop in in-park per capita spending, especially from admissions, where promotions and changes to attendance mix (which parks or days guests visit) have weighed. Earlier this week, the amusement giant extended a new agreement that extended its position as the exclusive amusement park partner for Peanuts™ in North America through 2030.

Despite the rally, Six Flags shares are down around 52% year-to-date.

markets

3h

Rivian turns red on the year, squeezed by a recall and the looming end of the EV tax credit

Shares of EV maker Rivian are down more than 5% on Friday following the company’s recall of 24,214 vehicles due to a software issue. The stock move erases Rivian’s year-to-date gain and turns the company negative on the year.

Rivian’s 2025 model year R1S and R1T are affected by the defect, which was identified after a vehicle’s hands-free highway assist software failed to identify another vehicle on the road, causing a low-speed collision. Rivian said it’s released an over-the-air update to fix the issue.

The recall marks Rivian’s fifth this year, affecting nearly 70,000 of its vehicles.

Rivian’s shares are down more than 20% from their 2025 high, which came prior to the passage of President Trump’s “big, beautiful bill.” Through the legislation, the $7,500 EV tax credit is set to expire at the end of the month.

markets

J. Edward Moreno

3h

Moderna, Pfizer dip after WaPo reports Trump officials’ plan to link Covid vaccines to child deaths

Vaccine makers are falling after The Washington Post reported that the Trump administration plans to link the coronavirus vaccine to 25 child deaths.

Moderna and Pfizer, the two companies who sell the vaccine in the US, fell by more than 5% and 2%, respectively. The coronavirus vaccine is virtually the only revenue driver for Moderna, while Pfizer has a larger and more diverse portfolio.

Trump officials to link child deaths to covid shots, alarming career scientists

DEVELOPING PROBLEMS

Concerns about rising government debt are not strictly an American problem

Global government debt piles are swelling to record levels. That’s an issue for many nations, but developing countries may be most at risk.

Closeup rolled of variety banknote and multi currency around the world. Exchange rate and Forex investment concept.-Image.

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