In This Article:
The major averages were mixed near noon following several days of gains as investors process the latest batch of earnings reports, including a notable one from a big tech bellwether. Optimism over easing U.S.-China trade tensions, particularly with China reportedly considering tariff exemptions for certain American products, is also being weighed, though President Trump said he would consider it a “total victory” if the U.S. has high tariffs of 20%-50% on foreign nations a year from now, according to Time.
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Looking to commodities, gold prices are sharply lower, trading back under $3,300. Oil prices are also dropping amid continued volatility in energy.
Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
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The Chinese government is weighing whether to exclude some products from is retaliatory 125% tariffs on U.S. goods, NY Times reports
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Alphabet (GOOGL) reported better-than-expected Q1 earnings and revenue, increased its dividend 5%, and authorized the repurchase of up to an additional $70B in shares
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Intel (INTC) reported upbeat Q1 results and said it will streamline its organization, including layoffs
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T-Mobile (TMUS) provided a “beat and raise” report for Q1
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AbbVie (ABBV) also provided a “beat and raise” report for Q1
2. WALL STREET CALLS:
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Hasbro (HAS) upgraded to Buy at Citi as “by far, the biggest positive surprise of the post-Liberation Day environment”
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Align Technology (ALGN) downgraded to Hold at HSBC
3. AROUND THE WEB:
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Tencent Music (TME) is in advanced talks to purchase Ximalaya in a $2.4B deal that would accelerate its push to become China’s Spotify (SPOT), Bloomberg says
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MSG Networks (SPHR) is close to a deal with lender JPMorgan (JPM) that would allow the regional sports channel to avoid bankruptcy and potentially pave the way for a merger with the YES Network, NY Post says
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Adidas (ADDYY) is being used by a former employee who claims to have been fired after complaining about racist and sexist comments made by senior directors, FT reports
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Apple (AAPL) is aiming to import most iPhones it sells in the U.S. from India by the end of next year, accelerating its shift away from manufacturing in China, Bloomberg reports
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Paramount (PARA) is in talks with the FCC over the initial steps the company would need to secure the agency’s approval of its merger with Skydance Media, WSJ says