Dow and Nasdaq Almost Back in Positive Territory for 2025 The S&P 500 closed Tuesday’s session in positive territory for the year, the first time that’s happened since early March. The Dow Jones Industrial Average and Nasdaq Composite aren’t far behind. After two straight days of gains, the S&P 500 is up 0.1% since the start of the year. The benchmark index has gained 22% from its early-April low. The Dow has narrowed its year-to-date decline to 1%, while the Nasdaq is down 1.6% since the start of the year. The Dow has risen 15% since hitting its low early last month, while the Nasdaq has soared 29% since its low. The S&P inched into positive territory for the year today, while the Dow and Nasdaq are close to doing likewise. TradingView

Why One Stock Sent the Dow Lower on Tuesday Soft inflation data and a major AI deal lifted U.S. stock indexes Tuesday, except for one notable exception: the Dow Jones Industrial Average, the blue-chip index that for many is synonymous with “the stock market.” Health care giant UnitedHealth Group (UNH) was the culprit behind the Dow’s 0.6% decline. Shares of insurer plummeted nearly 18% after the company said its CEO would step down for personal reasons, and suspended its full-year guidance, citing unexpectedly high healthcare costs. The reason for the divergence in the performance of major indexes lies in the Dow’s peculiar construction. The index, composed of 30 of America’s largest companies, is price-weighted, meaning the stock with the highest share price has the greatest impact on the index’s level throughout the day. On the other hand, the S&P 500 is a capitalization-weighted index in which the companies with the largest market caps have the most influence. The two indexes contain the same stocks—granted, there are an extra 470 in the S&P 500—but those stocks have vastly different weights within the indexes. Apple (AAPL), with its $3.1 trillion market cap, is the second-most valuable company in the world, and thus the second-largest stock in the S&P 500. But its share price of about $210 ranked it 16th in the Dow as of Monday’s close. That gives it less sway within the index than companies a fraction of its size, like the Travelers Companies (TRV), with its $268 share price and $60 billion market cap. UnitedHealth entered Tuesday with the third-highest share price of any company in the Dow, behind just Goldman Sachs (GS) and Microsoft (MSFT). Thus, UnitedHealth’s slump detracted about 420 points from the Dow, accounting for all of its 270-point loss. Today was the second time in the past month that a sharp drop in UnitedHealth shares single-handedly pulled down the Dow. The stock plunged 22% on April 17, its worst day since 1998, after the company reported weak first-quarter results and cut its full-year profit forecast. -Colin Laidley

Palantir Closes at Record High Amid Tech Rally Shares of Palantir (PLTR) closed Tuesday at an all-time high as optimism about easing tariffs has driven a broad market rally that has lifted artificial intelligence stocks. The company’s stock rose 8% to finish just above $128, though it was even higher intraday; the stock established both closing and intraday records. The latest surge comes after the U.S. and China agreed Monday to slash their tariffs on one another for 90 days. Tuesday’s gains more than made up for losses early last week following quarterly results from Palantir that may not have lived up to investors’ lofty expectations. Despite beating Wall Street’s estimates and raising its full-year outlook, Palantir’s shares dropped 12% the following day. Palantir stock is up more than 70% in 2025 and over 500% from a year ago. On Monday, Bank of America analysts called the firm a “market definer” for companies looking to leverage artificial intelligence. The bank said Palantir’s recent deal with the North Atlantic Treaty Organization, which came despite pressure on the body to buy from a European firm, “hints at the superior capabilities [the company] can provide customers.” Their price target, $150, is well above the Visible Alpha consensus near $95. -Andrew Kessel

Nvidia Returns to the $3 Trillion Club Nvidia (NVDA) leaped back into the $3 trillion club on Tuesday as its stock shot up following the announcement of a major deal with a state-backed Saudi Arabian AI company. Nvidia shares rose nearly 6% to close just under $130. The gains put Nvidia’s market capitalization at nearly $3.2 trillion, more than every other U.S. company aside from Microsoft (MSFT) and Apple (AAPL). Nvidia on Tuesday announced a partnership with Humain, an AI subsidiary of Saudi Arabia’s sovereign wealth fund. Nvidia will sell Humain “several hundred thousand” advanced GPUs over the next five years, starting with an AI supercomputer powered by 18,000 GB300 chips. The announcement coincided with the beginning of President Trump’s four-day tour through the Middle East, the first major international trip of his second term. Nvidia became only the third U.S. company to reach a $3 trillion market value in June 2024. The AI chipmaker’s path to that milestone looked very different than the two companies that preceded it, Microsoft and Apple. Its shares began a near-constant $3 trillion ascent in late 2022 when the release of ChatGPT sparked the generative AI boom. It was around the time Nvidia topped $3 trillion that the stock’s meteoric rise gave way to a more volatile sideways drift. Still, it competed with Apple and Microsoft for the title of the world’s most valuable company throughout the remainder of the year before its market cap topped out at about $3.66 trillion in early January. The stock has been on a wild ride since. The company lost about $1.3 trillion in value between early January and early April as Wall Street questioned both the economics of AI and how President Trump’s trade war with China would affect sales. The stock has rebounded strongly in the last month, driven higher by solid earnings reports from big tech and the White House’s softened stance on tariffs. Nvidia is set to report its first-quarter results later this month, on May 28. -Colin Laidley

Robinhood Jumps as BofA Raises Price Target Shares of Robinhood Markets (HOOD) surged Tuesday after Bank of America raised its price target for the do-it-yourself online brokerage’s stock. The bank upped its target to $65 from $60, implying a 13% upside from Monday’s closing level of $57.43. Robinhood stock rose 9% to close at $62.57 and has gained nearly 70% in 2025. Robinhood shares have risen about 70% since the start of the year, while the benchmark S&P 500 index is flat. TradingView BofA pointed to Robinhood’s ability to generate strong organic growth “without significant expense inflation.” The brokerage “is working on multiple sizable initiatives in parallel and only a few will need to be successful,” the analysts said. Those projects include upgrades to desktop trading platform Robinhood Legend, which launched in the fourth quarter of 2024, and an AI-powered customer service assistant called Cortex that is expected in the fourth quarter of 2025, BofA wrote -Andrew Kessel

Nvidia Leads Chip Stocks Higher Shares of Nvidia (NVDA) and other semiconductor stocks surged Tuesday amid optimism about new partnerships and trade deals. Nvidia was up about 6% in recent trading, and Advanced Micro Devices (AMD) shares were up 4% after the companies said they would supply semiconductors to Saudi Arabian AI startup Humain, as part of initiatives announced as President Trump kicked off a four-day trip to the Middle East, starting in Saudi Arabia. As part of Nvidia’s partnership with Humain, which CEO Jensen Huang reportedly announced on stage at an event in Riyadh, the company said it will deploy “several hundred thousand” of Nvidia’s most advanced GPUs over the next five years, starting with an 18,000 GB300 Grace Blackwell AI supercomputer with Nvidia’s InfiniBand networking technology. Meanwhile, AMD said it and Humain would invest up to $10 billion over the next five years to build out AI computing centers “stretching from the Kingdom of Saudi Arabia to the United States.” The announcements come as President Trump reportedly looks to secure $1 trillion in investment and trade pledges from Saudi Arabia, with plans to visit Qatar and the United Arab Emirates as well during his trip. The White House didn’t immediately respond to an Investopedia request for comment on the chip partnerships. Shares of Broadcom (AVGO), Micron Technology (MU) and other chip companies were also higher in recent trading, driving the PHLX Semiconductor Index (SOX) up about 3%. Today’s rally extended Monday’s gains that came after the U.S. and China agreed to lower tariffs on each other’s imports for 90 days. -Kara Greenberg

Supermicro Soars After a Bullish New Recommendation Super Micro Computer (SMCI) shares jumped Tuesday after Raymond James initiated coverage of the server maker’s stock with an “outperform” rating and $41 price target. The stock was up about 15% to more than $38 in recent trading, though even with Tuesday’s gains, the shares have lost over half their value from a year ago. Supermicro has “emerged as a market leader in AI-optimized infrastructure,” Raymond James analysts told clients. The company has 9% of the $145 billion AI platform market, which could climb, the analysts said, adding that it leads branded suppliers, according to research firm Dell’Oro. Earlier this month, several analysts cut their price targets for Supermicro after the Nvidia (NVDA) partner reduced its sales outlook, and pointed to customers delaying product decisions amid economic uncertainty. Supermicro shares have been volatile over the past few months, pressured by downward forecast revisions, disappointing results, and worries about the company’s accounting practices. In February, the company narrowly avoided being delisted for delinquent financial filings. -Andrew Kessel

Goldman Raises S&P 500 Target Goldman Sachs analysts are growing more bullish on the S&P 500’s growth prospects after the U.S. and China agreed to pare back tariffs on each other’s imports for 90 days. The analysts said they now expect the S&P 500 over the next 12 months to rise to about 6,500 points, up from a prior forecast of 6,200. The S&P 500 was just below 5,900 in midday trading Tuesday. Goldman pointed to “lower tariff rates, better economic growth, and less recession risk than we previously expected,” for the shift. The Trump administration’s agreement with China will reduce the levy on Chinese imports to 30% from 145% by Wednesday, while Beijing’s tariffs on U.S. goods will drop to 10% from 125%. The S&P 500 has slightly outperformed the Dow Jones Industrial Average and the Nasdaq Composite since the start of the year. TradingView The S&P 500 has gained about 22% from its recent low point in early April. The benchmark index has nudged back into positive territory for 2025. -Andrew Kessel

Honda Stock Drops as Automaker Sees Big Hit From US Tariffs U.S.-listed shares of Honda Motor (HMC) tumbled Tuesday morning after the Japanese automaker warned it will have a significant drop in profit because of uncertainty over new U.S. tariffs. It will also postpone plans for a new Canadian electric vehicle supply chain as demand for EVs slides. For the fiscal year ending March 31, 2026, Honda sees net profit slumping 70% year-over-year to 250.0 billion yen ($1.69 billion). It expects operating profit declining 59% to 500.0 billion yen ($3.38 billion), and sales to fall 6.4% to 20.30 trillion yen ($137.27 billion). Honda Director, President, and Representative Executive Officer Toshihiro Mibe said in a call with analysts that the tariffs would have a negative impact of JPY650 billion ($4.40 billion) in the current fiscal year. “I think the tariff impact will continue to change as time goes by, and we have to think about these major changes taking place,” Mibe said, according to a transcript provided by AlphaSense. Mibe noted that Honda was already looking at ways to respond, saying that “if the tariff measures are to be in place for a long time, then we will have to increase our production capacity in the United States.” Mibe also pointed out that its plan announced in April 2024 of an EV operation in Canada would be put on hold for at least two years since “in North America, the EV market growth is slowing down.” U.S.-listed shares of Honda are up more than 2% since the start of 2025, slightly outperforming shares of rival Toyota over that period. TradingView Honda shares were down more than 5% in recent trading. Despite today’s losses, the stock is up slightly year-to-date. -Bill McColl

UnitedHealth Slides As CEO Exits, Outlook Suspended Shares of UnitedHealth Group (UNH) sank in early trading Tuesday as the health insurance giant replaced its CEO and suspended its 2025 outlook. The company said Andrew Witty decided “to step down as CEO for personal reasons,” and that former CEO and current board chair Stephen Hemsley has been appointed as his replacement, effective immediately. Hemsley held the CEO role from 2006 to 2017. In addition, UnitedHealth suspended its full-year outlook “as care activity continued to accelerate while also broadening to more types of benefit offerings than seen in the first quarter, and the medical costs of many Medicare Advantage beneficiaries new to UnitedHealthcare remained higher than expected.” The suspension comes weeks after UnitedHealth cut its full-year profit forecast while reported first-quarter results below expectations. The performance and reduced forecast led to a 22% share decline on April 17— the company’s worst day since 1998—that brought the Dow down with it. UnitedHealth shares were down 13% in early trading, pulling the Dow lower. Other insurance stocks, including CVS Health (CVS), Centene (CNC), Humana (HUM) and Elevance Health (ELV), were also down sharply this morning. -Aaron McDade

Watch These Nike Levels After Stock’s Monday Surge Nike (NKE) shares inched higher in premarket trading after surging Monday on news that the U.S. and China would slash tariffs on one another. The development was good news for the sports apparel and equipment giant, which generated 15% of its revenue from China in its latest quarter and relies on the country as a major global supply chain hub. Analysts at Jefferies recently pointed out that large companies such as Nike could see significantly fewer costs as trade discussions progress, despite having planned for higher hefty import duties, Barron’s reported. Nike shares slumped as much as 37% between late February and early April amid concerns that tariffs could significantly increase production costs, leading to increased pressure on the company’s profit margins. However, a more optimistic trade outlook has seen the stock rebound 20% from last month’s low as of Monday’s close. The stock was up 0.5% at just under $63 this morning, after gaining more than 7% yesterday. Source: TradingView.com. Since gapping sharply lower in early April, Nike shares consolidated within an ascending triangle before breaking out above the pattern’s upper trendline in Monday’s trading session. Importantly, Monday’s move occurred on above-average volume, indicating buying conviction by larger market participants. Moreover, the breakout saw the relative strength index cross back above the neutral threshold to signal bullish price momentum. Investors should watch crucial overhead areas on Nike’s chart around $63, $71 and $79, while also monitoring a key support level near $59. Read the full technical analysis piece here. -Timothy Smith

US stock futures climbed as trade tensions eased and Federal Reserve officials signaled they may cut rates sooner than expected.

The Dow Jones Industrial Average (^DJI) jumped 1.2%, or nearly 500 points. The benchmark S&P 500 (^GSPC) gained 2%, while the tech-heavy Nasdaq Composite (^IXIC) rose around 2.7%. The “Magnificent Seven” megacap stocks all gained.

Over the past three trading sessions, the Nasdaq has soared over 8%, followed by the S&P 500 at just over 6% and the Dow at over 5%.

It was reported that China may pause its 125% tariff on some US goods, boosting market sentiment.

The positive trading action comes as investors digested more tariff-talk optimism, with deals with India and South Korea reportedly on the table even as progress on negotiations with China remains unclear.

Investors’ expectations of a Fed rate cut also increased after Federal Reserve Bank of Cleveland President Beth Hammack said policymakers could move forward with a cut in June if the economic data is clear and convincing by then.

Read more: The latest on Trump’s tariffs

After the bell, Google parent Alphabet (GOOG, GOOGL) announced its fiscal first quarter financial results that topped analyst expectations for both revenue and earnings per share. The company also said it is boosting its dividend by 5% and authorized another $70 billion in stock buybacks.

LIVE COVERAGE IS OVER

30 updates

US stocks mostly rose on Tuesday, with tech stocks leading a rally after the latest consumer inflation report revealed easing prices in April amid continued euphoria over the US-China trade truce.

The S&P 500 (^GSPC) rose 0.7%, and is now in the green on the year in a stunning turnaround just more than a month after it had plunged to 2025 lows amid President Trump’s whipsawing tariff moves. The tech-heavy Nasdaq Composite (^IXIC) pushed up about 1.8% after entering a new bull market in the prior session.

Meanwhile, the Dow Jones Industrial Average (^DJI) slid 0.6%, weighed down by a sharp 18% fall in shares of key component UnitedHealth (UNH).

Nvidia (NVDA) powered the tech-led rally as a flurry of trade news bolstered prospects for the AI chip giant. The company once again crossed a $3 trillion market cap during Tuesday’s trading session as shares added almost 6%. Other “Magnificent 7” megacaps also continued surging, with Tesla (TSLA) up about 5% and Meta (META) up almost 3%.

April’s Consumer Price Index, released on Tuesday morning, showed the slowest annual rate of inflation since 2021, with no signs of immediate price hikes after back-and-forth implementation of Trump’s tariffs throughout the month.

While the brunt of the tariffs’ impact likely won’t be seen for some time, bond traders are watching the consumer inflation print for clues to the Federal Reserve’s path for interest rates. Markets are pricing in the first 0.25% rate cut in September, compared with previous expectations for June. The benchmark 10-year Treasury yield (^TNX) jumped on Tuesday, hitting its highest levels in over a month around 4.5%.

Read more: The latest on Trump’s tariffs

Major companies are still bracing for a tariff bruising. Honda (HMC, 7267.T) on Tuesday became the latest automaker to put out a warning, saying it expects a $3 billion hit to full-year profit from Trump’s new auto duties.

Elsewhere in corporates, UnitedHealth suspended its 2025 guidance as its CEO, Andrew Witty, stepped down immediately in a surprise move.

LIVE COVERAGE IS OVER

21 updates

Big S&P 500 Movers on Wednesday Advancers Amphenol (APH), a manufacturer of antennas and high-speed electronic cables, topped revenue and adjusted earnings per share (EPS) estimates in its first-quarter earnings report. The company also provided an upbeat forecast for the current quarter, noting opportunities across end markets and highlighting how innovation and strategic acquisitions have helped expand its product offering. Amphenol shares surged 8.2% to secure the top performance in the S&P 500 on Wednesday.

(APH), a manufacturer of antennas and high-speed electronic cables, topped revenue and adjusted earnings per share (EPS) estimates in its first-quarter earnings report. The company also provided an upbeat forecast for the current quarter, noting opportunities across end markets and highlighting how innovation and strategic acquisitions have helped expand its product offering. Amphenol shares surged 8.2% to secure the top performance in the S&P 500 on Wednesday. The technology sector outperformed on Wednesday, bolstered by increased optimism for improvements in the U.S.-China trade relationship. Super Micro Computer (SMCI) announced an expansion of its collaboration with Japanese tech firm Fujitsu, which will deploy a new Supermicro server as part of its large language model (LLM) project. Supermicro shares jumped 7.6%. Super Micro Computer CEO Charles Liang during the HumanX AI Conference in Las Vegas on March 10. Big Event Media/Getty Images Meanwhile, Palantir Technologies (PLTR) shares gained 7.3%. The data analytics software firm said it will partner with defense contractor Northrop Grumman (NOC) to develop combat vehicles that leverage artificial intelligence (AI) technology. Northrop Grumman shares edged 1.9% higher on Wednesday, marking a minor recovery from the heavy decline posted in the prior session following a lackluster earnings report. Decliners Shares of solar technology firm Enphase Energy (ENPH) plunged 15.7%, losing the most of any S&P 500 stock. The company posted lower-than-expected sales and profits for the first quarter, and Enphase’s CEO noted that tariffs could weigh on future results. In particular, the company sources battery cell packs from China and anticipates that levies on these imports will pressure its gross margins in upcoming quarters.

(ENPH) plunged 15.7%, losing the most of any S&P 500 stock. The company posted lower-than-expected sales and profits for the first quarter, and Enphase’s CEO noted that tariffs could weigh on future results. In particular, the company sources battery cell packs from China and anticipates that levies on these imports will pressure its gross margins in upcoming quarters. Although heating, ventilation, and air conditioning (HVAC) specialist Lennox International (LII) topped quarterly sales and profit estimates, its full-year guidance fell short of consensus forecasts, and its shares fell 9.0%. The CEO stressed that Lennox is adapting to the challenging economic environment with pricing adjustments as it aims to maintain the stability of its supply chain.

(LII) topped quarterly sales and profit estimates, its full-year guidance fell short of consensus forecasts, and its shares fell 9.0%. The CEO stressed that Lennox is adapting to the challenging economic environment with pricing adjustments as it aims to maintain the stability of its supply chain. Shares of oilfield services and energy technology firm Baker Hughes (BKR) sank 6.4% on Wednesday following a mixed quarterly earnings release. Although profits topped forecasts, revenues came in below expectations. The company faces an uncertain macroeconomic backdrop and softness in oil prices that could hinder its clients’ production activities. -Michael Bromberg

Texas Instruments Shares Climb on Strong Earnings, Outlook Texas Instruments (TXN) issued an outlook well above Wall Street’s projections and posted better-than-expected earnings for the first quarter, sending shares higher in extended trading Wednesday. The semiconductor company projected second-quarter revenue of $4.17 billion to $4.53 billion and earnings per share of $1.21 to $1.47. Analysts on average had been looking for $4.14 billion and $1.24 per share, respectively, according to Visible Alpha. Shares of Texas Instruments jumped over 5% in after-hours trading, after rising close to 4% in Wednesday’s session. They were down about 19% for 2025 through Wednesday’s close. Texas Instruments reported first-quarter revenue of $4.07 billion, up 11% year-over-year and above the analyst consensus from Visible Alpha. Net income of $1.18 billion, or $1.28 per share, compared to $1.1 billion, or $1.20 per share, a year earlier, also topping Street estimates. The results come after Citi analysts suggested earlier this month that analog chip firms like Texas Instruments could be positioned to outperform other types of semiconductor companies during an economic downturn. -Andrew Kessel

Chipotle Lowers Sales Outlook as Consumer Spending Slows Chipotle (CMG) reported first-quarter revenue that missed Wall Street’s expectations and lowered its full-year sales outlook, sending shares lower in extended trading Wednesday. The fast-casual chain reported revenue of $2.88 billion, up 6.4% year-over-year but slightly below the analyst consensus from Visible Alpha. Net income of $396.8 million, or 29 cents per share, compared to $369.3 million, or 27 cents per share, a year earlier, topping Wall Street’s estimates. Comparable sales declined 0.4%, missing projections. Chipotle said it now expects comparable sales growth for the full year in the low-single digit range, down from its previous estimate of low- to mid-single digit growth. Analysts had called for 3.1% growth. CEO Scott Boatwright said the company’s results were “impacted by several headwinds including weather and a slowdown in consumer spending.” On Monday, Chipotle said it plans to open its first location in Mexico by early 2026 and explore expanding to additional markets. The company operates about 3,600 locations in the U.S., 58 in Canada, and five in the Middle East. Chipotle shares have fallen 19% this year, a far steeper decline than the S&P 500 has recorded so far in 2025. TradingView Chipotle shares were down about 2% in after-hours trading. The stock has lost about a fifth of its value so far in 2025 through Wednesday’s close, outpacing the decline of the S&P 500 over the period. -Andrew Kessel

Why Software Stocks Face Less Risk From Tariffs Tech investors looking to reduce their risk in an unpredictable trade environment could turn to software names like Microsoft (MSFT) and Adobe (ADBE) over tech firms that depend more heavily on hardware sales, Morningstar analysts wrote in a note this week. Microsoft, for instance, “has minimal risk exposure to retail, advertising spending, cyclical hardware, or physical supply chains,” they said. Similarly, they added Creative Cloud developer Adobe has a long-term competitive advantage over many other tech firms, pointing to its “wide moat” and minimal risk of disruption. Shares of Microsoft rose 2% on Wednesday, but have lost about 11% since the start of the year. Adobe rose slightly today and is down more than 20% since the start of the year. Smartphones, computers, and semiconductors are presently exempt from President Donald Trump’s “reciprocal” tariffs, but the administration has warned new tech tariffs could be coming in the next few months. Morningstar analysts estimated that about 60% of smartphones and PCs are imported from China, which raises tariff-related risks for companies like Dell (DELL), HP (HPQ), and Apple (AAPL), amid trade tensions between the U.S. and China. -Andrew Kessel

Duolingo Stock Jumps as it Gets a New Wall Street Bull Morgan Stanley analysts think Duolingo (DUOL) is speaking its language, setting a Street-high price target on the language learning company’s stock. The analysts in a Wednesday note cited the company’s “rare combination of rapid user growth, strong and expanding margins, and clear Gen AI upside” as reasons initiating an “overweight” rating and $435 price target well above Visible Alpha’s mean around $383. Morgan Stanley said it believes Duolingo can see a 26% five-year revenue compound annual growth rate because it has a large market of language learners left to target. “We see DUOL as a best-in-class consumer internet asset,” Morgan Stanley analysts said in the report. “Its unique, gamified approach to learning allows it to combine the mobile gaming and language learning markets for a $220B [total addressable market], of which it has just [about] 0.5% share.” Duolingo CEO Luis von Ahn at the Allen & Co. Media and Technology Conference in Sun Valley, Idaho last July. David Paul Morris / Bloomberg / Getty Images Analysts at Morgan Stanley also see potential for the app to earn more, as it currently monetizes at a lower rate than its competitors. Its Gen AI subscription tier Max, which is ad-free and allows users to role-play and have personalized explanations, plays a large role in the bank’s growth projections. Shares of Duolingo were up about 10% at $369 in recent trading, pushing their gain over the past 12 months to nearly 70%. -Jordyn Bradley

Boston Scientific Surges on Strong Results Shares of Boston Scientific (BSX) rose sharply Wednesday after the firm posted first-quarter results that topped analysts’ estimates. The Marlborough, Mass.-based medical technology firm reported adjusted earnings per share (EPS) of $0.75 on revenue of $4.66 billion. Analysts surveyed by Visible Alpha expected $0.67 and $4.57 billion, respectively. For the full year, Boston Scientific sees adjusted EPS of $2.87 to $2.94 and sales up 15% to 17%, above Visible Alpha projections. The firm also announced Wednesday that CFO Dan Brennan “has elected to retire following nearly 30 successful years with the company.” Brennan will leave his role at the end of June but will stay on as a senior advisor until October 2025. Boston Scientific shares were up 4% in mid-afternoon trading, after rising as much as 8% early in the session. -Aaron Rennie

Philip Morris Hits Record High on Rosy Profit Forecast Shares of Philip Morris International (PM) set an all-time high Wednesday after the tobacco giant topped first-quarter estimates and lifted its full-year profit outlook. The maker of cigarettes and smoke-free tobacco products reported adjusted earnings per share (EPS) of $1.69 on revenue of $9.30 billion, both above Visible Alpha consensus. Led by surging sales of its Zyn nicotine pouches, Philip Morris said its smoke-free business generated 42% of its Q1 revenue. Philip Morris lifted its full-year adjusted EPS profit projection to a range of $7.36 to $7.49 from $7.04 to $7.17. “We remain confident in our ability to deliver superior results, despite an uncertain and volatile global economic environment, and now forecast double-digit adjusted diluted EPS growth in dollar terms for the full-year,” CEO Jacek Olczak said. The conglomerate also said it has halted plans to sell or spin off its cigar business as part of its shift to a future focused on smokeless products, “following a thorough review and evaluation of strategic options taking the current environment into consideration.” TradingView Shares were up more than 2% in recent trading at around $168 after touching a record $171.63 earlier in the session. The stock has gained 40% since the start of the year and more than 70% over the past 12 months. -Aaron McDade

Intel Reportedly Plans to Cut Over 20% of Staff Intel (INTC) shares surged Wednesday as the struggling chipmaker reportedly could announce plans this week to reduce more than 20% of its staff. The layoffs are part of Intel’s bid to streamline its operations, Bloomberg reported, citing a person with knowledge of the matter, and would mark the first major effort to do so since CEO Lip-Bu Tan took over running the company last month. Intel declined to comment on the report. Intel in August had announced a plan to lay off 15% of its workforce as part of a $10 billion cost-savings plan. The U.S. chipmaker is slated to report quarterly earnings after markets close on Thursday, also its first report since Tan took the helm. Tan had replaced Pat Gelsinger, who retired late last year after failing to turn around the U.S. chipmaker. Under Gelsinger, Intel’s manufacturing business struggled to compete with global players like Taiwan Semiconductor Manufacturing Co. (TSM). TradingView Intel shares were up nearly 6% in midday trading Wednesday amid a broader rally for the chip sector. The stock has lost about 40% of its value in the past 12 months. -Nisha Gopalan

Why Gold Prices Are Plunging on Wednesday Gold prices tumbled on Wednesday after comments from President Trump on Federal Reserve independence and trade relations with China revived Wall Street’s risk appetite. Gold futures were recently down 3.5% to $3,300 an ounce. Prices hit an all-time high of more than $3,500 early Tuesday morning as investors contemplated the possibility Trump could oust Federal Reserve Chair Jerome Powell, who he has criticized for not cutting interest rates and for saying tariffs are likely to increase consumer prices. Gold prices have surged this year, especially in the weeks since Trump paused the sweeping tariffs he announced in early April. Gold’s status as a safe-haven asset untethered to a single economy—unlike other traditional safe bets like the dollar and Treasurys, over which the U.S. government can wield substantial influence—has made it an appealing destination for investors unnerved by the Trump administration. Markets were relieved on Wednesday morning after Trump late Tuesday said he had no plans to fire Powell. That statement dispelled some of the fear running through markets since last Friday, when Trump’s economic advisor Kevin Hassett said the White House was exploring whether it was legally viable for the president to remove Powell before the end of his term. Investors’ risk appetite was stoked further on Wednesday by signs the White House is looking to de-escalate its trade war with China. Stocks soared on Tuesday following reports Treasury Secretary Scott Bessent said the current state of U.S.-China trade—with both countries charging each other tariffs of more than 100%—was unsustainable, and that he expected tensions to cool soon. Trump struck a similar tone later in the day when he said his administration would “be very good to China” in their negotiations. He predicted the final duty on Chinese goods entering America wouldn’t be “anywhere near” their current level. -Colin Laidley

Boeing Soars Following Narrower-Than-Expected Loss Boeing (BA) shares jumped Wednesday morning after the plane maker’s first-quarter adjusted loss came in much smaller than anticipated. The company reported an adjusted loss per share of $0.49 on revenue of $19.50 billion. Analysts polled by Visible Alpha had expected an adjusted loss per share of $1.24 on revenue of $19.66 billion. “Our company is moving in the right direction as we start to see improved operational performance across our businesses from our ongoing focus on safety and quality,” Boeing CEO Kelly Ortberg said. “We continue to execute our plan, are seeing early positive results and remain committed to making the fundamental changes needed to fully recover the company’s performance while navigating the current environment.” Shares of Boeing were up 6% in recent trading. The stock is down about 2.5% since the start of 2025, outperforming the S&P 500 over that period. TradingView On Tuesday, Boeing said it would sell parts of its Digital Aviation Solutions business to software investment firm Thoma Bravo for $10.55 billion. The company said the all-cash deal will help improve its balance sheet and allow it to focus on its core businesses. Boeing has been caught in the crossfire of the developing trade war between the U.S. and China, as its completed planes have reportedly started to come back to America after China told its domestic airlines not to accept deliveries.3 Boeing, which topped Q1 deliveries and production estimates earlier this month, said last year it expected Chinese airlines to generate demand for thousands of new planes over the next two decades as the air travel industry grows in the country. The plane maker also still faces a looming trial in June as it works with the U.S. Department of Justice on a revised guilty plea to a charge of defrauding the federal government over fatal 737 Max crashes in 2018 and 2019 after a previous agreement was rejected by a judge last December. -Aaron McDade

GE Vernova Shares Jump as Results Top Estimates GE Vernova (GEV) shares surged Wednesday after the firm’s first-quarter results topped analysts’ estimates. The energy-focused former General Electric division reported earnings per share (EPS) of $0.91 on revenue of $8.03 billion. Analysts polled by Visible Alpha expected $0.73 and $7.53 billion, respectively. The company again affirmed its 2025 revenue outlook of $36 billion to $37 billion. GE Vernova said its “guidance includes the impact of tariffs as currently outlined and resulting inflation, which is estimated to be approximately $300-$400 million, net of mitigating actions.” GE Vernova CEO Scott Strazik said the company is “well-positioned to navigate the current dynamic environment.” Shares of GE Vernova jumped 8% in early trading. They entered the day down less than 1% in 2025, although they have more than doubled since GE Vernova become a standalone company after spinning off from GE Aerospace (GE) in early April 2024. GE Vernova’s stock has received a number of upgrades and price target raises in its first year as a public company. Analysts have said the company should benefit from rising demand for products to generate renewable energy.

Shares of all three former GE segments sank earlier this month amid concerns over the impact of the tariff disputes and growing trade war between the U.S. and China. -Aaron McDade

Tesla Levels to Watch as Stock Jumps Despite Weak Earnings Tesla (TSLA) shares soared in premarket trading as CEO Elon Musk’s comments during the EV maker’s earnings call late Tuesday overshadowed quarterly results that came in well below Wall Street expectations. Musk told investors and analysts that, starting next month, he will be allocating far more of his time to Tesla and less to running the Department of Government Efficiency. The comments came after Tesla reported bigger-than-expected declines in revenue and profit, as the company’s automotive business slumped amid lower volumes and sagging average sales prices. Tesla shares have faced heavy selling pressure in recent months over concerns that Musk’s active involvement in the Trump administration has hurt the company’s brand and sales. The stock is down 41% since the start of the year as of Tuesday’s close, significantly underperforming the S&P 500’s 10% drop over the same period. Tesla shares were up more than 7% at around $256 ahead of the bell on Wednesday. Source: TradingView.com. Since breaking down from an ascending broadening formation last month, Tesla shares have consolidated within a pennant pattern ahead of the company’s quarterly results. While trading volume eased last week, share turnover has generally increased since the stock found a local bottom in early March, indicating that larger market participants had positioned ahead of time for a significant post-earnings move. With the expected pop at Wednesday’s open, the stage has been set for a potential breakout above the month-long pennant pattern. Investors should monitor key overhead areas on Tesla’s chart around $315 and $384, while also watching support levels near $206 and $170. Read the full technical analysis piece here. -Timothy Smith