Markets Surge as Trump Calms Fed Fears; Tesla, Boeing, Supermicro Lead Stock Gains
U.S. equities rallied sharply midday Wednesday following market-soothing remarks from former President Donald Trump, who stated he has "no intention" of removing Federal Reserve Chair Jerome Powell. His comments also hinted at a potential softening in the ongoing trade tensions with China, fueling investor optimism.The Nasdaq Composite surged 2.8%, the S&P 500 gained 1.9%, and the Dow Jones Industrial Average climbed 1.5%, as heavyweight tech and industrial names led the charge.
Among the biggest gainers, Tesla (TSLA) soared after CEO Elon Musk assured investors of a renewed personal focus on the EV maker, helping to offset disappointment over weaker-than-expected quarterly results.
Boeing (BA) also rallied, with shares jumping as the aerospace giant posted a narrower-than-expected adjusted loss in the first quarter.
Super Micro Computer (SMCI) saw strong momentum, continuing its rise amid elevated demand for server infrastructure and AI-related hardware.
GE Vernova (GEV) climbed after reporting quarterly earnings that topped analysts’ expectations, adding to broader gains across the industrial sector.
Meanwhile, AT&T (T) advanced after the telecom firm delivered stronger-than-forecast subscriber growth and revenue in Q1.
However, it wasn’t all upside. Enphase Energy (ENPH) plunged, becoming the session’s worst performer on the S&P 500, after missing quarterly revenue targets and cautioning that tariffs on Chinese imports could compress its margins.
Baker Hughes (BKR) retreated following underwhelming revenue results and a cautious tone from CEO Lorenzo Simonelli, who flagged ongoing macroeconomic and trade policy uncertainties.
Bristol Myers Squibb (BMY) shares also dropped after its schizophrenia treatment Cobenfy failed to meet efficacy benchmarks in a late-stage trial.
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