All three major indexes are sporting triple-digit midday gains
Stocks are soaring this afternoon, with the Dow Jones Industrial Average (DJI) up 871 points amid optimism over easing U.S.-China trade tensions. Both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are sporting triple-digit gains as well, as President Trump considers scaling back tariffs on Chinese imports and Treasury Secretary Scott Bessent touts the opportunity the two nations have to reach a “big deal” on trade.
Plus, Trump said he has “no intention” of firing Fed Chair Jerome Powell, even as Fed Governor Adriana Kugler flagged tariffs as an inflation risk. April purchasing managers' index (PMI) data painted a mixed economic picture -- manufacturing unexpectedly expanded, but services growth slowed, with both surveys citing tariff pressures.
Continue reading for more on today's market, including:
Intuitive Surgical Inc (NASDAQ:ISRG) stock is surging, last seen up 3.8% at $497.13, after the surgical robotics company reported better-than-expected first-quarter earnings and revenue. ISRG is seeing heavy options activity in response, with 11,000 calls and 8.712 puts traded so far today, or 5 times the average intraday volume. New positions are being opened at the most popular contract, the May 580 call. On the charts, the stock gapped above the $500 level earlier and reclaimed support from its 260-day moving average. In the last 12 months, ISRG added 32.1%.
Super Micro Computer Inc (NASDAQ:SMCI) is the best-performing SPX stock this afternoon, last seen 8.9% higher to trade at $33.29 amid the broader market rally. The highly shorted stock is getting a boost from improved sentiment across tech. Digging deeper, 116.19 million shares are now sold short -- accounting for 22.8% of SMCI’s total available float. So far in 2025, the equity added 10.7%.
Otis Worldwide Corp (NYSE:OTIS) is one of the worst stocks on the NYSE today, last seen 5.6% lower at $93.43. The elevator and escalator maker announced a 2.5% drop in first-quarter net sales to $3.30 billion, missing Wall Street's estimates. Otis also flagged a $45 million to $75 million tariff-related impact on its operating profit. The equity has now shed 9.9% this quarter and is trading near its year-to-date breakeven level.