Court blocks Trump tariffs, Musk steps away from DOGE: Morning Buzz
The major averages were broadly higher in the early going on the back of Nvidia' s post-earnings rally and after a federal court blocked several of President Donald Trump's import tariffs, ruling that he does not have the authority to impose such sweeping levies. Meanwhile, Tesla shares were on the rise after CEO Elon Musk said he would step down from his government role at the Department of Government Efficiency to refocus on his companies.
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Looking to commodities, gold prices have surged in early trading, rebounding from prior losses to exceed $3,300. Meanwhile, oil prices are down sharply even amid expectations of increased demand and reduced trade barriers.
Near noon, the major averages have pulled back and turned mixed, with the Nasdaq continuing to be carried by Nvidia and the Dow down by about 0.5%.
Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
2. WALL STREET CALLS:
Nvidia (NVDA) upgraded at Summit Insights after Q1 results and guidance
Starbucks (SBUX) downgraded at TD Cowen, here's why
Southwest (LUV) upgraded to Buy at Deutsche Bank
Wells upgraded Tenet Healthcare (THC) after House passage of budget reconciliation legislation
SentinelOne (S) downgraded at Wells Fargo, JPMorgan and BofA after third annual recurring revenue miss in five quarters
3. AROUND THE WEB:
Paramount (PARA) offered $15M to settle President Donald Trump's lawsuit alleging CBS News deceitfully edited a Kamala Harris interview, WSJ reports
Getty Images (GETY) CEO Craig Peters told CNBC that the company is spending 'millions and millions' on its Stability AI lawsuit in the U.K. and the U.S., accusing it of copying 12M images
In 2023, Novo Nordisk (NVO) was the most valuable company in Europe due to the soaring demand for Ozempic and Wegovy, but, since then, the company has lost its grip on the anti-obesity market, WSJ reports
HP (HPE) is preparing to raise its prices on certain products and accelerate efforts to move more production out of China as the company faces tariff pressure, WSJ reports
General Motors (GM) CEO Mary Barra voiced support for President Trump's tariffs, arguing U.S. automakers face unfair disadvantages in the global marketplace, WSJ says
Oric Pharmaceuticals (ORIC) gains after announcing preliminary efficacy and safety data from the ongoing Phase 1b trial of ORIC-944
C3 AI (AI) and Veeva (VEEV) increases after reporting quarterly results
Plug Power (PLUG) higher after announcing its hydrogen plant in Georgia set a U.S. production record
Intellia (NTLA) falls after disclosing a grade 4 liver transaminase elevation in its MAGNITUDE trial
Eos Energy (EOSE) lower after announcing a $175M senior notes offering
5. EARNINGS/GUIDANCE:
HP Inc. (HPQ) reported Q2 results and cut its guidance for FY25
Kohl's (KSS) reported Q1 results and reaffirmed its guidance for FY25
Hormel Foods (HRL) reported Q2 results, with CEO Jim Snee commenting, 'We achieved solid organic top-line growth and delivered second quarter results in line with our expectations'
SentinelOne (S) reported Q1 results and cut its revenue view for FY26
Best Buy (BBY) reported Q1 results and cut its guidance for FY26
INDEXES:
Near midday, the Dow was down 0.45%, or 191.21, to 41,907.49, the Nasdaq was up 0.15%, or 28.26, to 19,129.19, and the S&P 500 was down 0.06%, or 3.21, to 5,885.34.
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