Reports suggesting the U.S. may reduce tariffs on Chinese imports eased trade tensions, leading to gains in major U.S. stock indices. The Nasdaq jumped 4% initially, ending up 2.5% higher, closing at 16,708 points. The Dow Jones rose by 1.1%, closing at 39,606 points, after an early surge of 3% that crossed the 40,000 mark. Meanwhile, the S&P 500 increased by 1.7%, or 88 points.
Tesla (TSLA, Financial) reported a significant 71% year-over-year profit decline, falling short of expectations. Despite this, its stock rose 5.4%, driven by the "Magnificent Seven" rally, as founder Elon Musk announced plans to reduce his involvement in the efficiency sector next month. Amazon (AMZN) and Nvidia (NVDA) saw gains of 4.3% and nearly 4%, respectively.
The European Union imposed fines nearing $800 million on Apple (AAPL) and Meta (META). Apple’s stock rose 2.4%, while Meta's increased by 4%. Intel (INTC) plans a workforce reduction exceeding 20%, resulting in a 5.5% stock rise. Boeing (BA) reported a smaller-than-expected first-quarter loss of $31 million and plans to apply for increased production of the 737 Max by year-end, boosting its stock by 6%.
