The Dow and S&P 500 saw their first back-to-back gains of 1% or more since November
Stocks extended their bounce on Wednesday, with the Dow and Nasdaq each adding triple digits despite trimming bigger gains in the afternoon hours. The S&P 500 settled higher as well, scoring its first back-to-back move of 1% or more since November alongside the Dow, while the Nasdaq saw its first consecutive gain of 2% or more since February 2023. The Cboe Volatility Index (VIX), meanwhile, closed back below 30.
Hopes of a trade deal between China and the U.S., as well as increased confidence in the Federal Reserve's independence boosted market sentiment today. Investors also unpacked mixed manufacturing data as well as a slew of earnings, with Tesla (TSLA) CEO Elon Musk noting he will dedicate "significantly" less time to President Trump's Department of Government Efficiency (DOGE) starting next month, and more to his company.
Continue reading for more on today's market, including:
5 Things to Know Today
- The European Union (EU) fined Apple (AAPL) €500 million for allegedly breaching its Digital Markets Act, and fined Meta Platforms (META) €200 million. (Wall Street Journal)
- The Fed's Beige Book showed business dealing with the impact of President Trump’s tariffs are already trying to pass increasing costs onto consumers. (CNBC)
- Intel stock pops on reported 20% workforce reduction.
- More on Tesla's interesting earnings report.
- Beat-and-raise lifted this data center infrastructure stock.
Oil Falls Potential Output Increase, Gold Cools Off
Oil prices tumbled on Wednesday, amid reports that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) may accelerate oil output increases in May. June-dated West Texas Intermediate (WTI) crude -- now the front-month contract -- fell $1.91, or 3%, to finish at $61.76 per barrel.
Gold prices also fell, as investor sentiment over the central bank's independence and China-U.S. trade tensions improved. June-dated gold shed $125.30, or 3.7%, to settle at $3,294.10 an ounce.