Stocks rebound as tariff fears ease
Stocks clawed back some, but not all, of Friday’s losses after Trump signaled softening in his China stance.
Stocks rebounded from their worst day in six months to recapture some of Friday’s losses after President Trump signaled some softening in his stance on China just two days after threatening an additional 100% tariff on Chinese goods.
Traders jumped back into the AI trade, as every Magnificent 7 company rose. Risk was back on as consumer staples was the worst-performing sector ETF, in a reverse from Friday’s session. Healthcare was the only other sector ETF to close lower.
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Stocks that moved higher:
Broadcom spiked after the chip designer announced that it’s collaborating with OpenAI to develop and deploy 10 gigawatts of custom AI accelerators for use across data centers.
Rare earth stocks continued to soar on expectations of US government involvement after JPMorgan announced a $10 billion plan to focus on financing and taking direct stakes in companies, sending American Battery Technology Co., United States Antimony Corp., USA Rare Earth, and Critical Metals higher.
Micron jumped after a rare double upgrade to “outperform” from “underperform” by BNP Paribas Exane, more than doubling its price target on the stock to $270 — the highest among analysts surveyed by Bloomberg — from $100, which had previously been the lowest price target on the Street.
IonQ’s stock ripped higher after the quantum computing company announced “a significant advancement in quantum chemistry simulations.”
BitMine Immersion Technologies rose after buying the ethereum dip, bringing its total to over 3 million tokens and 2.5% of the coin’s total supply.
Tesla’s stock charged up as the company started selling the Model Y Standard in some European countries.
StubHub soared as Wall Street initiated largely positive coverage on the ticketing platform.
Rocket Lab ticked higher after Morgan Stanley analysts lifted their price target on the stock to $68 from $20, making them the high bidder among analysts covering the popular, but still money-losing, commercial space launch company.
