S&P 500 extends winning streak to six on tariff relief and solid earnings
The S&P 500 gained for its sixth consecutive day, the longest such streak since September, as investors cheered a slate of mostly positive corporate earnings (even as companies were skittish to provide details on their outlooks) and welcomed fresh tariff relief on autos. The Nasdaq 100 even briefly erased all of its losses since the April 2 close, just before reciprocal tariffs were announced in the Rose Garden.
The S&P 500, Nasdaq 100, and Russell 2000 all gained 0.6%.
Energy was the lone S&P 500 sector ETF to finish in the red, while financials led the way higher.
The White House said that vehicles made with at least 85% domestic and USMCA-compliant content would be exempt from tariffs for the next year (a big boon for Tesla, in particular).
Hims & Hers shares soared after the telehealth company announced a partnership with Ozempic maker Novo Nordisk, boosting optimism around the company’s weight-loss push.
Meanwhile, a busy stretch of earnings continued to steer stock action on the day.
Coca-Cola shares ticked higher after the beverage and snacks giant topped earnings expectations by a penny and moved more volumes than analysts anticipated.
UPS reversed early gains after its Q2 revenue guidance missed estimates by about $100 million, with tariffs expected to squeeze margins by more than analysts had feared.
Royal Caribbean jumped as much as 5% after strong Q1 results and a surprisingly upbeat profit outlook, but the stock gave back most of those gains by the close as enthusiasm waned.
CoreWeave surged as much as 10% on a flurry of options demand for the recently IPO’d cloud computing company. The number of call options traded on the day was the highest in the company’s short history as a publicly traded firm.
SoFi snapped its losing streak, moving slightly higher after posting a Q1 beat and raise. The fintech stock had lagged before the report, after posting a blockbuster 2024.
JetBlue shares popped despite the airline pulling its full-year forecast and posting another Q1 loss — its sixth straight — though the $0.59 per-share loss still came in better than expected.
Brinker shares sank nearly 14%, even after the Chili’s and Maggiano’s Little Italy parent topped Q3 estimates and raised guidance, as enthusiasm waned on Wall Street.
