Live Nasdaq Composite: Market Optimism Returns Amid EU Tariff Delay
Key Points
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The markets are showing signs of optimism to start this holiday-shortened week amid a delay on EU import tariffs.
Live Updates
Goldman Bullish on Nuclear Stocks
Goldman Sachs is bullish on two nuclear stocks – Cameco (NYSE: CCJ | CCJ Price Prediction) and NuScale Power (NYSE: SMR) – saying they are poised to benefit from the Trump administration’s friendly regulation. Both stocks have rallied by double-digit percentages in recent days. President Trump is determined to bolster domestic uranium production, send advanced reactors to military and energy sites, and tighten the window for new reactor license approvals to 18 months, a process that traditionally is infamous for being extremely lengthy.
The markets are holding their gains, including a 2.1% advance in the Nasdaq Composite.
Consumer Confidence Soars
Consumer Confidence surged in May, hitting 98 – a significant 12.3-point jump from April. This robust reading defied economists’ predictions of 86, despite ongoing tariff concerns. The markets are widening their lead, including a nearly 2% jump in the Nasdaq Composite.
Durable Goods Orders Reverse
Durable goods orders fell 6.3% last month, a narrower decline than economists had anticipated but on the heels of four straight monthly increases. The latest data is a gauge on business spending in light of the tariffs. Boeing (NYSE: BA) orders were a drag, falling 51% last month.
This article will be updated throughout the day, so check back often for more daily updates.
Optimism has seeped back into the markets, with all three of the major stock market averages coming out of the gate higher. President Trump announced a pause on proposed EU tariffs until July 9, fueling a 300-point gain in the Dow Jones Industrial Average.
Technology stocks are leading the Nasdaq Composite and S&P 500 each higher by over 1%. The proposed EU import tariff continues to hover at 50%, and July isn’t too far away, but for now, the markets are seeing the glass as half full. The Trump administration’s deal with the EU suggests further trade partner progress could be revealed sooner than later.
Wall Street firm Piper Sandler has reiterated its “overweight” rating on Nvidia (Nasdaq: NVDA) stock ahead of the AI darling’s highly anticipated quarterly results due out tomorrow, advising investors to stay long on the stock and weather the uncertainty because the worst is behind them. Other Mag 7 stocks are higher today as well, including Meta Platforms (Nasdaq: META) and Amazon (Nasdaq: AMZN), each with a 1% jump. Tesla (Nasdaq: TSLA) is rallying 3.5% after Wedbush analysts labeled the EV maker an AI “pure play” and lifted the price target to $500 per share.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 378.17 (+0.89%)
Nasdaq Composite: Up 275.40 (+1.5%)
S&P 500: Up 65.67 (+1.1%)
Market Movers
UBS has upgraded shares of LifeStance Health (Nasdaq: LFST) to a “buy” rating from “neutral” on a bullish long-term outlook, sending the stock up 4%.
Data analytics software stock Palantir Technologies (Nasdaq: PLTR) is gaining 2% on the day in the tariff-fueled rally.
Southwest Airlines (NYSE: LUV) will begin charging customers $35 for the first checked bag and $45 for the second later this week, a reversal of a longstanding “bags fly free” policy for the airline. The markets are rewarding LUV stock for the added revenue with a 3% advance.
Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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