The Nasdaq is clinging to gains this afternoon
The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are lower this afternoon, while the Nasdaq Composite Index (IXIC) sits flat, as U.S.-China trade tensions ramp up. A senior White House official said talks will take place "very soon" between Trump and China's President Xi Jinping, though a date was not specified. Meanwhile, Trump announced a steel tariff increase to 50% and a spike in bond yields has pushed the 10-year note to 4.4%.
Continue reading for more on today's market, including:
- Controversial airliner lands analyst praise.
- 2 EV stocks in focus on Wall Street today.
- Plus, crypto stock to watch; steel giant making moves; and golf giant dragged lower.
Options traders are targeting Applied Digital Corp (NASDAQ:APLD) today, with 160,000 calls and 59,000 puts exchanged so far -- 9 times the average intraday volume. Most popular is the weekly 6/6 10-strike call, where new positions are being sold to open. The crypto name landed a 15-year lease with CoreWeave (CRWV), which will be worth $7 billion in revenue. At last glance, APLD is trading up 43.8% at $9.82, pacing for its best daily pop since Sept. 5.
Riding at the top of the New York Stock Exchange (NYSE) this afternoon is steel stock Nucor Corp (NYSE:NUE), which was last seen up 10.4% at $120.70. Trump's decision to double steel tariffs to 50% is driving the shares higher, pushing NUE toward its best day since April 9 and a face off with the formerly resistant 120-day moving average. Thanks to today's pop, NUE is back above its year-to-date breakeven mark.
One of the worst NYSE performers today is Topgolf Callaway Brands Corp (NYSE:MODG), down 4.5% at $6.04, after the company announced the sale of its Jack Wolfskin unit to ANTA Sports for $290 million. The casual golfing chain is now eyeing its lowest close since early April and sporting a 22% deficit for 2025.