US OPEN: Bulls return to Wall Street; US100 gains 3.2% 📈

US markets are opening Wednesday's cash session in very good spirits. Five minutes after Wall Street opened, the Nasdaq is up 3.2%, while the S&P500 is up 2.65%. Markets reacted to President Donald Trump's statement that he has no intention of firing Federal Reserve Chairman Jerome Powell and indicated that he would cut tariffs on China if an agreement could be reached.

Current volatility observed on Wall Street. Source: xStation

US100

The Nasdaq-100 index, represented by the US100 contract, is trading 3.2% higher today compared to yesterday's close. The index continues to maintain a dynamic downtrend as long as the supply side is able to sustainably hold below the 200-day EMA (golden curve) and local highs from April 10.

Source: xStation 5

News

The general recovery on Wall Street is particularly beneficial to Mag7 companies. Tesla (TSLA.US) shares are doing very well, adding almost 7% after Elon Musk announced his resignation from government duties. Other companies are also recording significant increases: Alphabet (GOOGL.US) +2.4%, Nvidia (NVDA.US) +5.4%, Amazon (AMZN.US) +4%, Apple (AAPL.US), +3.3%, Microsoft (MSFT.IS) +2.6%, Meta (META.US) +4.9%.

On the other hand, Apple has been fined €500 million and Meta €200 million as EU antitrust regulators imposed the first sanctions under groundbreaking legislation aimed at curbing Big Tech’s power in Europe.

The semiconductor sector, cryptocurrency-linked stocks and US-listed Chinese companies are all rising after Trump said tariffs on China would be cut if the two countries reached an agreement. The president also said he had no intention of firing Powell.

• Semiconductors: SMCI (SMCI) +7%, Nvidia (NVDA) +5.4%, Dell (DELL) +5.4%
• Apple suppliers: Qualcomm (QCOM) +2.4%, Broadcom (AVGO) +4.9%
• Cryptocurrency-linked stocks: Robinhood (HOOD) +8.4%, Coinbase (COIN) +4.2%, MicroStrategy (MSTR) +3.4%
• China ADRs: Alibaba (BABA) +3%, PDD (PDD) +4%

AT&T (T) is up 2% after adding 324,000 mobile phone customers in the first quarter, beating Wall Street’s estimate of 254,000. Here are the company’s other results:

- Adjusted earnings per share: $0.51 (est. $0.52)

- Revenue: $30.6 billion (est. $30.38 billion)

- Adjusted earnings before interest, taxes, depreciation, and amortization (est. $11.33 billion)

Other news:

• Boston Scientific (BSX.US) is up 8% after the medical device company raised its full-year net sales and adjusted earnings forecasts.
• Bristol-Myers Squibb (BMY.US) is down 3% after the company’s schizophrenia treatment failed.
• Intel Corp. (INTC.US) is up 5% as the company is poised to announce plans this week to lay off more than 20% of its staff.
• Novavax (NVAX.US) is up 12% after the company said its biologics license application for a COVID-19 vaccine remains approved based on discussions with the FDA.