^{_{Welcome to the TraderTV Live Morning Research Note. Here's what's making major moves in the market today.}}

0900 - Fed’s Goolsbee speaks
0930 - Fed’s Musalem speaks
0935 - Fed’s Waller speaks
0945 - S&P services PMI for April: Expected 52.8; Prior 54.4
0945 - S&P manufacturing PMI for April: Expected 49; Prior 50.2
1000 - US Treasury Secretary Bessent speaks
1000 - New home sales for March: Expected 685k; Prior 676k

Big Tech and Semiconductors

+4.62%

The group is leading the market to the upside after President Donald Trump said he has “no intention” of firing Fed Chair Jerome Powell, marking a sharp reversal from his recent harsh criticism and calls for Powell’s removal. Trump also signaled a softer stance on China trade, suggesting the current 145% tariff would be reduced “substantially,” though not eliminated entirely. Separately, Bloomberg reported that Intel is preparing to announce significant workforce reductions sometime this week.

MSFT, GOOGL, INTC, AVGO, NVDA, PLTR, SMCI, MRVL, AMD

Tesla Inc (TSLA)

+7.37%

Gapping up after its earnings report. The company reported adjusted earnings of $0.27 per share and sales of $19.34 billion, significantly missing estimates of $0.41 and $21.35 billion, respectively. Tesla said that it will “revisit” guidance for FY25 during its Q2 earnings call and reiterated plans to start production on its new vehicles and more affordable models during H1 2025. CEO Elon Musk also announced that he intends to decrease the time he spends working with the Department of Government Efficiency (DOGE) “significantly” in May.

Apple and Meta Platforms

+3.31%

The European Union fined Apple €500 million and Meta €200 million for violating the Digital Markets Act, marking a major enforcement of its new digital competition rules. Apple was specifically penalized for restricting app developers from informing users about alternative offers outside its App Store, violating the DMA's anti-steering provisions. Reports of potential DMA fines initially surfaced on Tuesday. Additionally, an advertising watchdog ruled that Apple misled consumers by promoting Apple Intelligence features in a TV ad before those features were actually available.

AAPL, META

The Boeing Company (BA)

+3.82%

Trading higher premarket after its Q1 2025 earnings report. Core losses per share were reported at $0.49, narrower than the expected loss of $1.27 per share, while sales of $19.5 billion beat estimates of $19.43 billion and rose by 18% year-over-year. Commercial airplane revenue came in slightly below expectations but grew by 75% on a year-over-year basis. The company noted that it is gradually increasing production targets for its 737 aircraft.

Crypto Stocks

+2.95%

Trading higher as a group in tandem with continued strength in Bitcoin, which is rallying in sympathy with the rest of the market after President Trump said he has no intention of firing Fed Chair Powell. The cryptocurrency broke out on Tuesday with strong volume, opening around $87,500 and ending the session just below $94,000. As of Wednesday morning around 7:30 AM ET, Bitcoin is trading near the $93,600 level.

COIN, MSTR, MARA, RIOT, IBIT, ETHE, HUT, CLSK, IREN, CAN, HIVE, HOOD

Vertiv Holdings Co (VRT)

+15.15%

Gapping up after its Q1 2025 earnings report, with adjusted earnings of $0.64 per share and sales of $2.04 billion exceeding estimates of $0.62 and $1.94 billion, respectively. The company guided Q2 sales above expectations but guided lower-than-expected EPS for the quarter. Vertiv also raised its FY25 sales guidance and widened its EPS guidance.

Chinese ADRs

+3.61%

Trading higher as a group, mirroring a 2.37% gain in the tech-heavy Hang Seng Index during the overnight session. The rally came after President Trump signaled that upcoming tariffs on Chinese exports would be significantly lower than the previously suggested 145%, though not eliminated entirely. On Tuesday afternoon, Bloomberg reported that Treasury Secretary Scott Bessent said during a closed-door investor meeting that he expects there to be de-escalation between the US and China; Reuters reported that he also said the future negotiations will likely be a “slog”.

BABA, BIDU, BILI, PDD, JD, LI, NIO, XPEV, KWEB, FXI

Amazon.com Inc (AMZN)

+4.83%

On watch after Telsey Advisory Group cut its price target for the stock from $275 to $235 while maintaining its Outperform rating. The price target cut was attributed to tariff-related concerns. Despite near-term risks tied to China exposure, Telsey expects Amazon to benefit from expanding high-margin segments like AWS, advertising, and media, alongside continued online spending and operational efficiencies.

Enphase Energy Inc (ENPH)

-11.49%

Gapping down after its Q1 2025 earnings report, with sales of $356.10 million and earnings of $0.68 per share missing estimates of $361.43 million and $0.70, respectively. A 13% sequential decline in US revenue contributed to a year-over-year decrease in total revenue, though European revenue grew by 7% sequentially. The company guided Q2 revenue between $340 million and $380 million.

Gold Stocks

-1.52%

Trading lower as a group as gold continues to pull back from recent highs. Gold breached the $3,400 level on Monday amid a market-wide selloff, but pushed lower on Tuesday as equities rebounded. Monday’s gold strength was attributed in part to uncertainty after President Trump and his team appeared to suggest the potential termination of Fed Chair Powell; on Tuesday evening, Trump clarified that he is not looking to fire Powell.

GLD, GDX, HMY, GOLD

AT&T Corp (T)

+3.89%

Trading higher premarket following its Q1 2025 earnings report. Adjusted earnings of $0.51 per share beat estimates of $0.49, and sales of $30.63 billion exceeded the expected $30.35 billion. The company guided earnings between $1.97 and $2.07 per share for fiscal 2025, compared to estimates of $2.04.

Oklo Inc (OKLO)

+0.09%

Oklo announced that Open AI CEO Sam Altman is stepping down as chairman to allow the company more flexibility in pursuing partnerships with OpenAI and other hyperscalers. Altman, who had chaired Oklo since 2015 and sees nuclear energy as key to powering AI's growth, said now is the right time to step aside as the company explores strategic clean energy deployments. The stock sold off after the announcement but bid back up with the rest of the market during the after-hours session.