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Key Takeaways
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U.S. equities were higher at midday on optimism the Trump administration may strike trade deals that will lower tariffs.
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ServiceNow said that even with uncertain economic conditions, demand for its software is strong.
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IBM's CEO warned those uncertain economic conditions could cause its clients to spend less.
U.S. equities gained at midday as the market watched for further signs the White House may ease tariffs. The Nasdaq was nearly 2% higher, the S&P 500 was up 1.3%, and the Dow Jones Industrial Average rose 0.6%.
ServiceNow (NOW) shares took off when the enterprise software maker exceeded earnings and revenue forecasts and said demand is strong despite uncertain economic conditions.
Hasbro (HAS) also posted better-than-expected results and signed a new toy deal with Walt Disney (DIS), and shares jumped.
Texas Instruments (TXN) shares advanced when the analog chipmaker gave a strong outlook for current-quarter revenue.
IBM (IBM) was the worst-performing stock in the Dow after the CEO of the software and consulting giant warned that economic uncertainty could lead its clients to pause spending.
Shares of Procter & Gamble (PG) sank when the consumer products maker slashed its forecast on concerns about demand and the impact of tariffs.
Union Pacific (UNP) shares declined when the freight railroad operator's profit and sales fell short of estimates on a slide in energy and automotive shipments and lower fuel surcharges.
Gold futures rose. Oil futures ticked higher. The yield on the 10-year Treasury note fell. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies were lower.
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