The Dow Jones Industrial Average rocketed nearly 3,000 points higher Wednesday after President Donald Trump announced a 90-day pause on reciprocal tariffs for some countries. The move came even though Trump raised tariffs on China to 125%, as that nation retaliated over the U.S.' levies along with the European Union. But investors ignored the move on the stock market today.
Nvidia and Boeing led the charge for the Dow. Meanwhile, Apple and Tesla soared on the stock market today.
Dow Jones stocks ended the day up roughly 2,963 points, or 7.9%, as blue chips hurtled well past the 40,000 mark. The S&P 500 soared 9.5% and was on its way to breaking a string of four down sessions.
The Nasdaq topped them all, rocketing 12.2% higher, but the tech-heavy index remained below all its daily moving averages. Small caps on the Russell 2000 were no exception, as they erased earlier losses and jumped 8.5%.
Volume was higher on both the New York Stock Exchange and Nasdaq compared with the same time on Tuesday. Advancers beat decliners by 13-to-1 on the NYSE and nearly 5-to-1 on the Nasdaq.
The yield on the benchmark 10-year Treasury note surged nine basis points to 4.35%. And the Innovator IBD 50 exchange traded fund jumped nearly 7%
The Magnificent Seven were on track to add more than $1 trillion in market cap on Wednesday, according to reports.
3:27 p.m. ET
Stock Market Today: Fed Officers Weigh In
Minutes from the Fed's March meeting stated that "available data pointed to an economy that continued to grow at a solid pace and labor market conditions that remained broadly balanced, but that inflation stayed somewhat elevated." Tariffs were the focus for some participants.
At the Economic Club of Washington, D.C., Richmond Fed President Tom Barkin said he was watching consumer spending closely for signs of a slowdown in the economy.
Minneapolis Fed President Neel Kashkari noted that "the hurdle to change the federal funds rate one way or the other has increased due to the tariffs."
Dow Jones: Trump Stock Rockets, Nvidia Stock Rebounds
In stocks, Trump Media & Technology leaped in recent action. But it wasn't the only seeing massive gains.
Nvidia jumped more than 16% on Wednesday but remained below two of its key moving averages. Though tariffs have yet to land on semiconductor imports, the escalating trade tensions between China and the U.S. are a risk.
Among other Dow stocks, Apple reversed and surged after a four-day losing streak. The tech giant had lost its crown as the biggest company by market cap to Microsoft amid the recent sell-off.
Late Tuesday, White House Press Secretary Karoline Leavitt stated that Trump wants iPhone manufacturing to move to the U.S. Foxconn, Apple's China contract manufacturer, makes the majority of iPhones.
Meanwhile, retail giant Walmart warned that the range of its operating income for the current quarter had widened though it maintained its outlook on sales and for 2026. According to reports, roughly one-third of Walmart's sales come from imported goods that now face levies.
But analysts at Citi Research maintained that Walmart's competitive advantage would remain undented, thanks to its domestic sourcing. Shares of Walmart jumped and retook their 200-day moving average.
Another Dow component, Boeing, jumped. Outside the Dow, Magnificent Seven stock Tesla soared but remained below its 50-day and 200-day moving averages. Analysts at Benchmark noted that "the recent stock pullback and sales declines, while significant, are overblown considering the near-term issues impacting the company and the scope of opportunities around the corner."
1:53 p.m. ET
Other Winners: UnitedHealth, Amazon
Also on the Dow, UnitedHealth surged after clearing a buy point of 553.91. Magnificent Seven leader Amazon leapt as well.
Late Tuesday, Cal-Maine reported third-quarter sales of $1.4 billion and earnings of $10.38 per share. Shares fell to their 200-day moving average in heavy volume in the early going but reversed higher in afternoon trades.
Elsewhere, Big Pharma caught more jitters as the Trump administration warned that more tariffs will land on pharmaceuticals "shortly." Pfizer and Dow Jones components Johnson & Johnson and Merck fell. The drug stocks extended recent losses on Wednesday morning but reversed higher in the afternoon.
12:35 p.m. ET
Stock Market Today: Gold Stocks Rally
Gold stocks soared. Among the winners were AngloGold Ashanti, Alamos Gold and Gold Fields, all of which moved back above their 21-day moving averages.
AngloGold jumped sharply, as did Alamos Gold and Gold Fields. Harmony Gold Mining also soared with a double-digit gain.
10:59 a.m. ET
Tariffs Hit, China Fights Back
New tariffs went into effect midnight Wednesday. Trump announced levies of 34% on China but added another 50% after the nation announced retaliatory tariffs of 34%. China hiked its duties on U.S. goods to 84% — which are scheduled to start on Thursday — and added more U.S. firms to its unreliable list. China, however, also opened the door to "equal-footed" negotiations.
The European Union voted to approve its first retaliatory tariff, which is set to go into effect next week.
How Invested In The Stock Market Should You Be Right Now?
On Thursday, the U.S. Labor Department's inflation report for March is expected to show a 0.1% increase from February and 2.6% annually. Core inflation also is seen ticking 0.3% higher month on month and climbing 3% on an annual basis.
Stock Market Today: Delta Gets Off The Ground
Delta Air Lines reported March-quarter sales of $14 billion and earnings per share of 46 cents. Analysts polled by FactSet had earnings estimates of 38 cents a share on $13 billion in sales.
The airline company's outlook for the current quarter indicates flat growth in sales. Delta did not provide a full-year forecast, citing "current uncertainty."
Earnings season picks up this week with banks reporting on Friday. JPMorgan Chase, Wells Fargo and Morgan Stanley are due to report that day along with BlackRock. Shares of all four finance giants sit far below their 50-day moving averages.
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