Top Stock Movers Now: Tesla, Boeing, Enphase, and More

U.S. stock indexes rallied at midday Wednesday as President Donald Trump said he has “no intention” of firing Federal Reserve Chair Jerome Powell and made further comments suggesting a de-escalation of the trade war with China.

The tech-heavy Nasdaq and the S&P 500 were up 2.8% and 1.9%, respectively, while the blue-chip Dow Jones Industrial Average was 1.5% higher. 

The Magnificent Seven cohort of stocks surged, with Tesla (TSLA) shares soaring as CEO Elon Musk’s pledge to spend more time at the EV maker offset worse-than-expected quarterly results.

Boeing (BA) shares jumped after the plane maker’s first-quarter adjusted loss came in much smaller than anticipated.

AT&T (T) shares rose after the telecommunications giant reported first-quarter revenue and net phone subscriber additions above analysts’ estimates.

GE Vernova (GEV) shares surged after the firm’s first-quarter results topped analysts’ estimates.

Enphase Energy (ENPH) fell sharply, leading S&P 500 laggards, a day after the solar and battery systems provider’s first-quarter results fell short of analysts’ estimates and it warned of an expected hit to gross margins because of tariffs on China.

Baker Hughes (BKR) shares fell after the oilfield services provider reported weaker-than-expected revenue and CEO Lorenzo Simonelli said its outlook was “tempered by broader macro and trade policy uncertainty.”

Bristol Myers Squibb (BMY) shares dropped after the pharmaceutical company said its schizophrenia drug Cobenfy failed as add-on treatment for schizophrenia in a late-stage trial.

Gold and oil futures sank. The yield on the 10-year Treasury note edged lower. The U.S. dollar gained ground against the euro, yen, and pound. Most major cryptocurrencies rose, with bitcoin trading above $93,000.