The Dow is more than 800 points higher this afternoon
Stocks are higher this afternoon, with all three major indexes bouncing back from Monday’s steep selloff. The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are up triple digits and looking to snap four-day losing streaks, while the S&P 500 Index (SPX) is also sporting a solid gain.
Traders are brushing off renewed attacks on Fed Chair Jerome Powell, turning their attention instead to upbeat earnings from 3M (MMM) as they eye Tesla's (TSLA) report, which is due out after the closing bell. Gold futures surged to a new intraday peak earlier this morning, and Bitcoin (BTC) climbed back above $90,000 as ETFs that track its price reported the biggest daily inflows since January.
Continue reading for more on today's market, including:
- Can gold prices keep up the momentum?
- Top- and bottom-line beat couldn't save Verizon stock.
- Plus, GE options pop after earnings; FSLR surges on tariff news; and MDP brushed off quarterly win.
GE Aerospace (NYSE:GE) is seeing higher-than-usual options activity after earnings. So far, 27,000 calls and 8,189 puts have changed hands -- 4 and 2 times the average intraday volume, respectively. Traders are targeting the May 210 call and the weekly 5/2 190-strike call, with new positions opening at both. GE Aerospace topped earnings expectations with adjusted profits of $1.49 per share, though revenue slightly missed analyst estimates. Last seen 4% higher at $185.50, GE is now 10.9% higher year to date.
First Solar Inc (NASDAQ:FSLR) stock is one of the top performers on the IXIC today, last seen 11.5% higher at $136.52. The solar stock is surging after U.S. trade officials finalized steep new tariffs on most solar cells imported from Southeast Asia. The decision concludes a year-long trade dispute brought on by First Solar, Hanwha Qcells, and other U.S. producers alleging unfair pricing by Chinese firms. Up 8.8% this quarter, FSLR still has ground to cover to erase its 22% year-to-date deficit.
Medpace Holdings Inc (NASDAQ:MEDP) is one of the worst-performing IXIC stocks this afternoon, last seen down 5.3% at $273.56. The clinical research firm reported $500 million in net new business awards for the first quarter, a 18.8% year-over-year drop. The stock is brushing off a first-quarter earnings and revenue beat to trade at its lowest level since November 2023, after being rejected by its 20-day moving average. MEDP is now down 27.8% year-over-year.
