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U.S. equities jumped at midday on signs the tariffs planned for April 2 by President Donald Trump won’t affect as many industries as had been thought.
Tesla reportedly is ready to begin offering its highest-level self-driving technology in cars sold in China.
Goldman Sachs downgraded Super Micro Computer stock on increasing competition in the AI computer server space.
U.S. equities took off at midday on indications that President Donald Trump’s reciprocal tariffs set for April 2 won’t be as wide-ranging as initially thought. The Nasdaq jumped 2%, and the Dow Jones Industrial Average and S&P 500 added more than 1%.
Tesla (TSLA) shares advanced on the tariff news plus a report that the electric vehicle (EV) maker is about to launch its highest-level self-driving technology in cars sold in China.
Shares of Nucor (NUE) and rival U.S. steelmakers rose as UBS upgraded the sector on what it called Trump’s “tariff protection” for the industry.
AZEK (AZEK) shares soared when Australian building materials maker James Hardie Industries (JHX) purchased the outdoor living products manufacturer for $8.75 billion in cash and stock.
Super Micro Computer (SMCI) shares fell when Goldman Sachs downgraded the stock and lowered the price target, saying the computer server maker faces growing competition in the artificial intelligence (AI) server market.
Shares of 23andMe Holding (ME) plunged when the struggling ancestry information provider filed for Chapter 11 bankruptcy in hopes of making it more attractive to a potential buyer. In addition, co-founder and CEO Anne Wojcicki resigned.
Lockheed Martin (LMT) shares continued their slide after the military aircraft maker lost out to Boeing (BA) for the contract to build the new U.S. fighter jet. That news led Bank of America to downgrade the stock and slash the price target.
Oil futures advanced. Gold prices were little changed. The yield on the 10-year Treasury note climbed. The U.S. dollar gained on the euro and yen, and was little changed against the pound. Most major cryptocurrencies traded higher.
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