Tesla, Nvidia Lead Magnificent 7 Stocks Higher as Tech Drives Broad Relief Rally

Shares of Tesla (TSLA) soared more than 20% in Wednesday afternoon trading, leading other Magnificent Seven members higher amid a broad relief rally as President Trump announced a 90-day pause on most of the tariffs his administration announced last week. 

The tech sector led the surge, as Tesla’s climb made it one of the top-performing stocks on the S&P 500 and Nasdaq, along with AI chipmaker Nvidia (NVDA), which topped the Dow Jones Industrial Average gainers with its shares up over 18%.

Overall, the S&P 500 gained 9.5% at Wednesday’s close, the Dow advanced 8%, and the tech-heavy Nasdaq rose by 12%.

Broadcom (AVGO), Advanced Micro Devices (AMD), Micron Technology (MU), Applied Materials (AMAT), and other semiconductor stocks were also higher, propelling the PHLX Semiconductor Index (SOX) up nearly 18% intraday. 

Meta Platforms (META) jumped close to 15%, while Amazon (AMZN) surged 12%, Microsoft (MSFT) rose about 10%, and Google parent Alphabet (GOOGL) about 10%.

Apple (AAPL) shares were over 15% higher after its worst four-day stretch since 2000. (Read Investopedia’s live coverage of Wednesday’s market action here.)