US stocks surged after President Trump announced a future deal on Greenland and canceled tariffs on European countries, causing the Dow to jump over 550 points. The S&P 500 turned positive for the year with a 1.2% increase. Trump’s post on Truth Social led to further market gains, with a positive outlook on negotiations. The Supreme Court was skeptical of Trump’s bid to fire Lisa Cook as a Federal Reserve governor, potentially impacting market stability. Stocks rallied as Trump called off tariffs related to Greenland, with the Dow rising nearly 600 points and the Nasdaq and S&P 500 also posting strong gains. Trading session. Energy, tech stocks surged as Trump called off tariffs against Europe, citing a ‘framework of a future deal.’ Nvidia, Tesla, Apple, and Alphabet all gained. Dow Jones soared over 700 points, S&P 500 increased by 1.5%, and Nasdaq moved to a session high.
Bitcoin briefly touched $90,000 before falling to $88,000 as Trump offered encouragement on legislation to boost crypto prices. Token rallied 1% after Trump vowed to ensure America remains the crypto capital of the world. Hopes rise for a broader regulatory framework after recent setbacks.
Moderna stock jumped 11% after positive results for cancer vaccine with Merck. Data showed treatment sustained improvements for patients, reducing recurrence or death risk by 49% in melanoma patients compared to Keytruda alone. Moderna’s head of development expressed optimism about mRNA’s potential in cancer care. Shares have surged 20% in five days and 60% this year. Big Tech earnings highlight AI and memory shortages amid Trump tariff threats. SCOTUS skeptical of Trump’s bid to fire Lisa Cook. BlackRock analysis dismisses AI bubble fears, showing real growth in businesses. Defense stocks rise after Trump touts US military power and $839 billion spending bill. The housing sector is struggling as contract signings dropped in December, signaling ongoing challenges. Jamie Dimon declares himself a ‘globalist’ in Davos amid lingering Trump criticisms. Intel’s stock surged 10.5% as Wall Street analysts anticipate strong quarterly earnings. Nvidia CEO emphasizes the need for trillions of dollars in AI infrastructure. Trump calls for a credit card interest rate cap to aid Americans in saving for homes, while stocks climb at the open on optimistic market sentiments. the S&P 500 rebounded after a bruising Tuesday session, stock futures rose as Trump said he wouldn’t use force to acquire Greenland. Kraft Heinz stock dropped as Berkshire Hathaway considers selling 325 million shares. Netflix stock fell after beating earnings and offering to buy Warner Bros. in all cash.
In premarket trading, Kraft Heinz, United, and Ardagh Metal Packaging stocks were in focus. Treasury yields rose as the bond market reacted to the Greenland turmoil, with the 10-year yield at 4.29% and the 30-year yield at 4.92%.
1. The stock market saw a sharp decline today, with the S&P 500 dropping 2% due to concerns over rising inflation and interest rates. Tech stocks took a particularly hard hit, with companies like Apple and Amazon seeing significant losses.
2. The CDC announced that over 50% of adults in the US have received at least one dose of the COVID-19 vaccine. This milestone comes as the country continues to ramp up its vaccination efforts in an attempt to reach herd immunity and bring an end to the pandemic.
3. A new study has found that remote work has led to an increase in productivity for many employees. The study showed that workers were able to focus better and avoid distractions while working from home, leading to higher output and efficiency in their tasks.
Read more at Yahoo Finance: Dow surges 550 points, S&P 500, Nasdaq jump as Trump backs off Greenland tariff threats