Wall Street Live: Dow Jones, S&P 500, Nasdaq gain on tariff exemption hopes
Wall Street stock indices opened higher on Thursday on hopes that major technology companies could avoid US President Donald Trump’s tariffs on chip imports.
As of 9:30 AM ET, the S&P 500 added 0.6%, the Dow Jones Industrial Average was up 0.4%, and the Nasdaq Composite was 1.1% higher.
At the open, the Dow Jones Industrial Average rose 237.0 points, or 0.54%, to 44430.09. The S&P 500 rose 29.3 points, or 0.46%, to 6374.32, while the Nasdaq Composite rose 155.6 points, or 0.73%, to 21325.01.
US President Donald Trump has announced a 100% tariff on imported computer chips, but he added “if you’re building in the United States of America, there’s no charge.”
In the bond market, the yield on the 10-year Treasury was flat at 4.22%.
Gainers and Losers
Apple stock rose 3.1% after its CEO Tim Cook joined Trump at the White House on Wednesday to say it’s increasing its investment in US manufacturing by an additional $100 billion over the next four years.
DoorDash shares climbed 3% after the food delivery app posted better than expected quarterly profit.
Eli Lilly shares tumbled over 10% after disappointing data on its new weight-loss pill overshadowed strong growth from the company’s current obesity medicine.
Intel stock slumped 3% after US President Donald Trump said in a social media post that the chipmaker’s CEO needs to resign.
“The CEO of Intel is highly CONFLICTED and must resign, immediately,” Trump posted on Truth Social. “There is no other solution to this problem. Thank you for your attention to this problem!”
Bullion
Gold prices rose on Thursday, buoyed by safe haven demand.
As of 0956 AM ET (13:56 GMT), spot gold gained 0.6% to $3,388.09 per ounce. US gold futures added nearly 0.7% to $3,455.60.
Spot silver rose 1.5% to $38.40 per ounce. Platinum was up 0.2% at $1,335.60 and palladium gained 2.5% to $1,159.93.
Oil prices dipped on Thursday after the Kremlin said Russian President Vladimir Putin would meet US President Donald Trump in the coming days, raising expectations for a diplomatic end to the war in Ukraine.
Brent crude futures were down 23 cents at $66.66 a barrel at 11:02 am EDT. US West Texas Intermediate crude fell 23 cents to $64.12.