The New York stock market closed higher on Wednesday.
Investors were encouraged by the uncertainty surrounding the tariffs being alleviated, as U.S. President Donald Trump was set to announce reciprocal tariffs after the market closed.
Tesla experienced a significant rally despite weak first-quarter delivery results. The surge was fueled by speculation that CEO Elon Musk would step down from his role at the Department of Government Efficiency (DOGE) and return to manage Tesla.
The Dow Jones Industrial Average, which had closed slightly lower the previous day, joined the upward trend.
The Dow finished at 42,225.32, gaining 235.36 points (0.56%).
The S&P 500 index rose by 37.90 points (0.67%) to close at 5,670.97, while the Nasdaq climbed 151.15 points (0.87%) to end at 17,601.05.
Tesla shares jumped 5.3% amid expectations of Musk’s renewed focus on the company.
Despite initially plunging over 6% due to a 13% drop year-over-year in first-quarter deliveries, Tesla’s stock rebounded following reports that Trump had informed associates of Musk’s departure from DOGE within weeks.
Despite the White House’s denial, Tesla’s stock price surged $14.30 (5.33%) to close at $282.76.
Nvidia fluctuated before closing up $0.27 (0.25%) at $110.42.
Apple shares gained $0.70 (0.31%) to finish at $223.89.
In contrast, Microsoft (MS) dipped slightly by $0.05 (0.01%) to $382.14, while Alphabet edged down $0.02 (0.01%) to $158.86.
Trump Media & Technology Group (TMTG), the parent company of Truth Social in which Trump holds a majority stake, saw its shares tumble 7.4%.
The sharp decline followed TMTG’s disclosure that major shareholders, including Trump, Attorney General Pam Bondi, and Chairman Devin Nunes, planned to sell a total of 134 million shares.
TMTG’s stock price plummeted $1.50 (7.40%) to $18.76.
Expectations that advertising would increase significantly if Trump became president, driving the stock price higher, are now fading.
TMTG has seen a staggering 45% decline year-to-date.
AI cloud company CoreWeave continued its impressive run after Nvidia invested $250 million in the firm.
CoreWeave, which had a disappointing start despite attracting attention as this year’s biggest IPO, surged 17% on this day, adding to the 42% surge the previous day.
CoreWeave’s stock price skyrocketed $8.79 (16.72%) to $61.36.
