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KEY TAKEAWAYS
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The Dow and S&P 500 wavered between gains and losses at midday Wednesday amid heightened volatility after the U.S. imposed wide-ranging tariffs overnight and China responded with higher tariffs on U.S. goods.
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Delta Air Lines shares soared after the carrier's fiscal first-quarter results came in better than analysts had expected.
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Shares of several major pharmaceutical companies slumped as Trump threatened tariffs on the industry.
The Dow and S&P 500 wavered between gains and losses at midday Wednesday amid heightened volatility after the U.S. imposed wide-ranging tariffs overnight and China responded with higher tariffs on U.S. goods. The tech-heavy Nasdaq rose as tech stocks gained.
Delta Air Lines (DAL) shares soared, leading gains on the S&P 500 after the carrier's fiscal first-quarter results came in better than analysts expected.
Apple (AAPL) shares also rose, helping the iPhone maker reclaim its title as the world's most valuable company by market capitalization from Microsoft (MSFT).
Simply Good Foods (SMPL) shares jumped after the snack foods firm’s quarterly results topped estimates and it affirmed its full-year outlook despite tariffs uncertainty.
Oil and related energy stocks fell, as crude prices fell to levels last seen in 2021. Shares of energy giants Chevron (CVX) Exxon Mobil (XOM), and BP (BP) all dropped.
Shares of Bank of America (BAC), Wells Fargo (WFC), and other big banks lost ground as JPMorgan Chase (JPM) CEO Jamie Dimon said a U.S. recession would be a "likely outcome" as the Trump administration’s tariffs rattle markets.
Shares of several major pharmaceutical companies slumped as Trump threatened tariffs on the industry. Shares of AstraZeneca (AZN), Pfizer (PFE), Eli Lilly (LLY), Novo Nordisk (NVO), Johnson & Johnson (JNJ), GSK (GSK), and Sanofi (SNY) all declined.
Gold futures climbed and the yield on the 10-year Treasury note rose. The U.S. dollar lost ground against the euro and yen but rose against the pound. Prices for major cryptocurrencies were mixed.
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