The bulls aren’t dead yet.
Markets roared to life Wednesday as investors latched onto a rare combination of political calm, economic resilience, and strategic buying from major players. The Dow Jones Industrial Average surged 419 points (+1.1%), and while early morning gains cooled slightly by the bell, the message was clear: the market isn’t done fighting.
The S&P 500 climbed 1.7%, and the tech-heavy Nasdaq blasted 2.5% higher—at one point flirting with a 4% gain—as optimism returned in force.
Trump’s Trade Shift: Markets Cheer, Skeptics Sneer
In an unexpected pivot, former President Donald Trump toned down his usual tough-on-China rhetoric, signaling that tariffs “will come down substantially”—a stunning reversal that sent stocks into liftoff early in the day. The move also included a reaffirmation of support for Fed Chair Jerome Powell, silencing (for now) the whispers of a potential ouster.
Treasury Secretary Scott Bessent added fuel to the rally, stating at a global finance event that “‘America First’ does not mean America alone.” Wall Street heard what it wanted: the trade war detour might finally be nearing an off-ramp.
Still, some analysts raised eyebrows. “Markets are taking this at face value,” said one skeptical strategist. “But with Trump, the script can flip on a tweet.”
Cathie Wood Doubles Down on Nvidia—Again
Investor icon Cathie Wood threw more gas on the tech fire, loading up on Nvidia (NVDA) to the tune of $1.1 million via her ARKQ ETF. Nvidia rallied on the news, adding to the AI-driven momentum it’s ridden all year.
Is Wood early—or just always right in the long term? Debate rages on, but one thing’s clear: she’s not shy about doubling down when conviction strikes.
Economic Data: Quietly Strong
In the background, the economy keeps showing signs it’s not nearly as fragile as some headlines suggest. S&P Global’s PMI for manufacturing rose to 50.7, topping forecasts and marking a return to growth. Services slipped slightly, but the composite index remained comfortably in expansion mode.
Meanwhile, the Federal Reserve’s Beige Book admitted some international trade uncertainty, but overall business activity is holding steady. Translation: the Fed is still in wait-and-see mode for its May 7 meeting—likely keeping rates unchanged, which the market is more than happy to hear.
Breakouts and Bold Moves
Several stocks surged through key resistance levels in what some traders saw as a sign that institutional capital is getting bolder.
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StoneX (SNEX) broke out of a double-bottom base.
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NatWest Group (NWG) cleared its 12.65 buy point.
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Duolingo (DUOL) and Root (ROOT) both popped with impressive volume.
Even Tesla (TSLA)—which missed earnings estimates—managed to climb after Elon Musk hyped up his coming robotaxi and a more affordable EV model. The electric car revolution isn’t slowing down, even if the numbers sometimes do.
GE Vernova (GEV) shocked Wall Street with $8B in revenue and earnings that doubled expectations. And Boeing (BA), the long-beleaguered aerospace titan, pulled off the unexpected—posting a smaller-than-expected loss and a sales jump that sent shares into breakout territory.
Dow Dominance Returns
Big names like Amazon, Goldman Sachs, and American Express joined Boeing in lifting the Dow, proving once again that the blue-chip index still has gas in the tank when the macro backdrop softens.
The Bottom Line: Bear Market Narrative Under Pressure
The doomers may need a new script. Wednesday’s action was more than a dead-cat bounce—it was a reminder that this market, even under pressure, still has the muscle to move when the right catalysts align.
Is the worst behind us? Too soon to say. But for now, the bulls have reclaimed the mic—and they’re not whispering.
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