Dow jumps 600 points on hopes for trade fight de-escalation: Live updates

Investors should be cautious about taking advantage of the recent rise in the market, according to Ritholtz Wealth Management CEO Josh Brown.

“Sentiment is extremely washed out, and it’s so washed out that these 800-point intraday Dow rallies are exactly what you should expect in that environment,” he said on CNBC’s “Halftime Report” on Tuesday. “The problem is the presence of washed-out sentiment alone doesn’t really give you a longer-term respite from the things that everyone is worried about.”

“This is not an environment where you want to go chasing bear market rallies,” the CEO also said.

Brown added that there is often not a “sustainable” bottom when washed-out sentiment is still a topic of conversation, asserting that it has to get to the point where it “just becomes a given that everybody is bearish.”

“I would love to tell you that I think we’re there, but I just don’t,” he continued.

— Sean Conlon

Although tariff-induced uncertainties have weighed markets down in recent weeks, Alpine Macro believes that investors can afford to be optimistic going forward.

“The tariff standoff is peaking, with the worst policies likely to be abandoned to avoid further economic and financial fallout,” the investment research firm wrote. “At a minimum, investors should avoid growing more bearish on risk assets, which likely already reflect the worst-case outcomes.”

— Lisa Kailai Han

Stocks have melted down in recent weeks on the back of heightened, tariff-induced uncertainty.

But there’s some good news ahead, Piper Sandler wrote in a Tuesday note — the U.S. equity market has become too big to fail.

“The size of U.S. equities is double the size of U.S. GDP and 60% percent of US households own stocks. The average stock market decline in a recession is 30%; a loss of that magnitude would equate to more than 60% of U.S. GDP!” the firm said. “While markets certainly will continue to rise and fall, the pain threshold where policymakers step in to support collapsing markets is probably lower than it used to be.”

— Lisa Kailai Han

DHR 5D chart

In its last quarter, the company earned an adjusted $1.88 per share on revenue of $5.74 billion. Analysts polled by FactSet had expected earnings of $1.63 per share and revenue of $5.57 billion.

Jed Ellerbroek, portfolio manager at Argent Capital Management, said that Danaher’s earnings beat bodes well for the overall bioprocessing sector. Ellerbroek currently has an overweight rating on the name and believes shares could rise to $260, implying a potential upside of nearly 41% for the stock.

“Bioprocessing has done really poorly for the last two years, but it seems like we finally pulled out of that industry’s recession — and it’s a great time for that, because the rest of the world is probably going into a recession,” he told CNBC. “I think Danaher is a really good company. They reported a good first quarter. Their guidance looks conservative to me for the rest of the year, and I think that the company has good things ahead for it.”

— Lisa Kailai Han

These are some of the stocks making the biggest moves midday:

• 3M — The manufacturing conglomerate jumped 8% on a first-quarter earnings beat. 3M earned an adjusted $1.88 per share on $5.78 billion of revenue, beating the LSEG consensus forecasts of $1.77 per share and $5.76 billion in revenue.
• GE Aerospace — Shares gained 5% after GE Aerospace’s first-quarter earnings per share topped forecasts. Adjusted earnings came in at $1.49 per share, ahead of the $1.27 per share figure anticipated by analysts polled by LSEG.
• CoreWeave – Shares of the artificial intelligence cloud company jumped more than 7% aftermultiple analysts initiated coverage of the stock with a buy or overweight equivalent rating.

Click here for the full list.

— Alex Harring

Bank of America slashed its price target on Tesla Tuesday ahead of the EV company’s highly scrutinized quarterly earnings after the bell.

The Wall Street firm cut its forecast to $305 from $380, with the new target still 34% higher than Monday’s close of $227.5. The bank said it will look for commentary on tariffs.

“Tesla manufactures all of their vehicles for North America in the US, which significantly reduces tariff risk,” Bank of America said. “However, we note that there is still risk related to parts (~30% parts are non-US), which could be substantial especially for those input materials that could be connected to China, such as rare earths and raw material for batteries.”

— Yun Li

Romain Costaseca | Afp | Getty Images

Bitcoin reclaimed the $90,000 level for the first time since March as investors jumped into the crypto for a second day amid continued stock market turbulence and a falling dollar.

The price of bitcoin was last higher by more than 3% at $90,282.00, according to Coin Metrics, bringing its 2-day gain to more than 7%. Earlier, it rose as high as $91,555.18, its highest level since March 6. Bitcoin is off its April low now by about 22%.

The cryptocurrency was highly vulnerable to stocks’ tariff-fueled volatility earlier this month but has been decoupling from risk assets in the past week or so. As of Tuesday, it’s up more than 9% in April, surpassing gold’s 8% gain in the same period. The S&P 500 and U.S. dollar index have each lost 5% month to date.

— Tanaya Macheel

Treasury Secretary Scott Bessent arrives for a meeting on the House side of the U.S. Capitol on Tuesday, April 8, 2025. 

Tom Williams | Cq-roll Call, Inc. | Getty Images

Treasury Secretary Scott Bessent said at a JPMorgan Chase event that the tariff situation with China is unsustainable and that he expects a de-escalation, according to a Bloomberg News report.

The event where Bessent spoke was not open to the public or media. The Treasury Department did not immediately respond to Bloomberg’s request for comment.

Bessent also said that negotiations with China haven’t started yet but a deal is possible, according to the report.

The U.S. stock market added to its gains for the day around the time the report was published.

— Jesse Pound

Lower earnings revisions are likely to continue this reporting season, challenging the equity market, according to JPMorgan.

“Weekly earnings revisions have turned negative again in both the US and in Europe, and are decelerating sharply,” Mislav Matejka wrote Monday. “We think this is likely to continue for the time being. Typically, reducing earnings projections are consistent with compressing P/E multiples.”

“Both of these are likely to pressure the equity performance over the next months, and arrest the recent equity recovery, which was aided in part by the oversold technical positioning,” Matejka added.

— Sarah Min

During Tuesday’s trading session, three stocks in the S&P 500 hit new all-time highs.

Names that achieved this milestone included:

• Coca-Cola trading at all-time high levels back to its IPO in 1919
• Kroger trading at all-time highs back to its IPO in January 1977
• Atmos Energy trading at all-time high levels back to the Energas spin-off from Pioneer Corp in 1983

— Christopher Hayes, Lisa Kailai Han

Cheng Xin | Getty Images News | Getty Images

RTX shares plunged more than 8% after the defense contractor and commercial aerospace supplier said it expected a hit from President Donald Trump’s tariff policy.

CFO Neil Mitchill told analysts on Tuesday that the levies could add up to $850 million this year. This estimate does not include corporate mitigation steps the firm can take to lessen costs, Mitchill said.

RTX shares, 1-day

Those comments overshadowed an otherwise better-than-expected earnings report for RTX’s first quarter.

Other defense stocks also dropped in the session. Northrop Grumman tumbled more than 11% after revenue missed analyst expectations in the first quarter, while Lockheed Martin slipped more than 2% despite first-quarter earnings surpassing the Street’s consensus forecasts.

— Alex Harring, Leslie Josephs

Nas 100/DJIA 5D chart

Goldman Sachs CEO David Solomon said on “Squawk Box” that the U.S. economy has slowed in the fact of tariffs but is not necessarily in a recession.

“I don’t know whether at the moment we’re growing 1%, .5, zero, but growth has slowed,” Solomon said.

Similar, the bank executive said that capital markets demand among Goldman Sachs clients is lower but still ongoing.

“There’s no question that capital markets activity is slower, but it’s not zero,” Solomon said.

— Jesse Pound

One kilogram gold bars at the ABC Refinery smelter, operated by Pallion, in Sydney, Australia, on Thursday, April 17, 2025.

Brendon Thorne | Bloomberg | Getty Images

On Tuesday morning, Gold’s June-dated futures hit a fresh intraday all-time high of 3,509.9.

This came close to eclipsing the intraday inflation-adjusted all-time high of 3,588.49 and traded above the inflation-adjusted record settle of 3,428.18, both from Jan. 21, 1980.

@GC.1 1Y chart

Traders work on the floor of the New York Stock Exchange during morning trading on April 22, 2025 in New York City.

Michael M. Santiago |Getty Images

U.S. ETFs that track the price of spot bitcoin logged $381.4 million in inflows on Monday. That was their biggest daily inflow since Jan. 30, when they posted $588.2 million.

That was their fourth day of inflows in the past five trading sessions. In that period, bitcoin, which was more vulnerable to the earlier stock market sell-offs in the month, began decoupling from equities and is now catching up to gold’s performance on a month-to-date basis.

The cryptocurrency is now up 7% in April, compared to gold’s more than 10% gain in that time, while the S&P 500 has lost 8%.

— Tanaya Macheel

Rising trade tensions between the U.S. and China could lead to a pullback in shares of semiconductor name Texas Instruments, according to Barclays.

Shares fell more than 1% in premarket trading Tuesday after analyst Tom O’Malley downgraded the stock to underweight from equal weight and cut its price target to $125 from $180, implying more than 14% downside potential, as of Monday’s close.

“Tariffs could push local Chinese customers to move to domestic analog producers over U.S. suppliers who will offer higher prices,” the analyst wrote. “China had already initiated a concerted effort to domestically produce both power and analog semiconductors via its China for China strategy implementation and we think they would see more success.”

The downgrade comes as President Donald Trump has imposed tariffs of up to 245% on select Chinese imports. Meanwhile, China has since retaliated with 125% duties on U.S. goods, up from the 84% tariffs announced earlier this month.

TXN, 3-month

Over the past month, Texas Instruments shares have fallen more than 18%, lagging the broader market. The stock has also plummeted more than 26% in the past three months.

— Sean Conlon

People walk around the Macys Flagship store in New York City on January 14, 2025. 

Eduardo Munoz Alvarez | Corbis News | Getty Images

Goldman Sachs is stepping to the sidelines on Macy’s amid macro uncertainty, downgrading the department store to neutral from buy.

“Historical data suggests department store sales consistently underperform during economic downturns, and we believe the current environment, characterized by slowing GDP growth and inflationary stickiness, warrants caution,” analyst Brooke Roach said in a note Monday.

Macy’s may not see a direct impact from tariffs, but has margin risk from vendor costs, she added.

Roach also lowered her price target to $12 from $17, suggesting 11.5% upside from Monday’s close. Shares are down 36% year to date.

— Michelle Fox

FILE PHOTO: The engine and tail section of a Lockheed Martin F-35 Lightning II fighter jet is seen in its hanger at Patuxent River Naval Air Station in Maryland October 28, 2015. 

Gary Cameron | Reuters

Check out the companies making headlines before the bell.

• GE Aerospace — The stock moved more than 4% higher after GE Aerospace reported adjusted earnings of $1.49 per share, topping the $1.27 per share anticipated by analysts polled by LSEG. Revenue, however, came in just shy of expectations.
• Lockheed Martin — Shares of the defense contractor jumped more than 3% after Lockheed posted a strong first-quarter profit and reaffirmed its forecasts for the year, driven by resilient demand for its missile systems and fighter jets. Lockheed reported total revenue of $17.96 billion in the first quarter, up 4.5% from a year earlier.
• Verizon — Shares wireless network operator declined more than 4% after Verizon said it lost more postpaid net phone subscribers during the last quarter than were expected.

For more, read here.

— Pia Singh

Nvidia CEO Jensen Huang delivers the keynote address at the GTC AI Conference in San Jose, California, on March 18, 2025. 

Josh Edelson | AFP | Getty Images

Deutsche Bank trimmed its price target on Nvidia, citing the new restrictions on chip shipments to China that led to a $5.5 billion charge for the company.

Analyst Ross Seymore lowered his price target to $125 per share from $135, saying in a note to clients that the restrictions could have meaningful impact on earnings.

Shares of Nvidia have already fallen more than 13% since announcing that charge on April 15.

“While ests being de-risked for China and the resulting valuation being at a meaningful discount vs historical averages … is incrementally appealing, uncertainties surrounding the sustainability of AI-related capex appear to be rising given the current trade war,” Seymore’s note said.

Shares of Nvidia have struggled in April.

The new Deutsche Bank target is still about 29% above where the stock closed Monday. The firm has a hold rating on Nvidia.

— Jesse Pound

Redburn Atlantic is growing less bullish on a Detroit automaker in the wake of President Donald Trump’s 25% tariffs on imported vehicles.

Shares of Stellantis fell more than 1% in the premarket on Tuesday after analyst Adrian Yanoshik downgraded the stock to neutral from buy, saying he’s doing so “until conditions improve for greater U.S. sales stability.”

“Production cuts and falling sales rates will likely follow U.S. auto tariffs,” the analyst wrote in a Tuesday note. “Cost inflation ratchets up our near-term caution across the sector.”

Yanoshik estimates that the net tariff costs to the “Detroit Three” of Stellantis, Ford and General Motors could reach $12 billion. That comes as analysts have projected that Trump’s auto tariffs will lead to more than $100 billion in increased costs for the industry.

— Sean Conlon

Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell on April 10, 2025, in New York City. 

Charly Triballeau | Afp | Getty Images

Adam Crisafulli of Vital Knowledge highlighted three reasons why the market may be bouncing Tuesday:

“1) technical support after the SPX held the ~5100 level on Mon; 2) some optimistic rhetoric about the potential for a US-India trade deal (Vance is in India now on a multi-day visit); and 3) some voices of support for Powell and Fed independence from Republicans in Congress.”

— Fred Imbert

UBS says it is not the time yet to give up on tech stocks.

“Tech stocks has come under renewed pressure as U.S. expands its chip export curbs while tariff uncertainty remains elevated,” wrote strategist Sundeep Gantori. “But while volatility is likely to remain in the near term, we think solid fundamentals of the AI growth story will drive the sector’s long-term outperformance.”

The strategist added that he expects global tech earnings to grow by the low teens in 2025, while the artificial intelligence adoption rate could cross 10% by year-end.

— Lisa Kailai Han

These are some of the stocks making notable moves after hours on Monday:

• BOK Financial — The Oklahoma bank’s shares slid 3% after earnings per share for the first quarter missed Wall Street expectations. BOK earned $1.86 per share, while the consensus estimate of analysts polled by FactSet came in at $1.99 per share.
• Calix — The technology services stock jumped 14% on better-than-anticipated earnings for the first quarter and upbeat current-quarter guidance. 
• MongoDB — Shares retreated 2% after the developer data platform said Srdjan Tanjga was resigning as interim chief financial officer, effective May 8.

See the full list here.

— Alex Harring

Futures tied to the Dow, S&P 500 and Nasdaq 100 all traded near flat shortly after 6 p.m. ET Monday night.

— Alex Harring