Dow and Nasdaq Rise as Apple Soars; Chip Giant Plummets on Earnings

Major Stock Indices Rise Amid Earnings Reports and Federal Reserve Speculation

On Wednesday, major U.S. stock indices saw gains as companies released their earnings reports, with the Dow Jones Industrial Average closing higher. The S&P 500 and Nasdaq Composite also posted positive results, showing continued momentum in the market. Investors were closely watching statements from Federal Reserve officials, who suggested that an interest-rate cut might be appropriate in September.

Apple (AAPL) was a standout performer, rising over 5% after reporting strong earnings. Its performance helped lift the broader market, including the S&P 500 and Nasdaq. The Nasdaq Composite recorded a 1.2% increase, marking its second-highest close on record. The S&P 500 gained 0.7%, while the Dow Jones added 0.2%.

Volume on the New York Stock Exchange was lower compared to Tuesday, but the Nasdaq saw increased trading activity. On both exchanges, the number of advancing and declining stocks was nearly equal.

The small-cap Russell 2000 index slipped by 0.2% after two days of gains. In the bond market, the yield on the 10-year Treasury note rose to 4.23%. Crude oil prices fell more than 1%, trading at around $64 per barrel.

Key Earnings Stories and Market Movements

Six Flags Entertainment (FUN) experienced a sharp decline after reporting a loss of 99 cents per share for the quarter. Despite a 63% increase in sales to $930.4 million, shares dropped over 20% following the report. The company also announced that CEO Richard Zimmerman will step down at the end of the year.

Korea Electric Power (KEP) broke out of a flat base, reaching a buy point of 14.79. Shares have cleared an early-stage base, with its relative strength line hitting a new high.

Upstart (UPST) fell to its 50-day moving average despite a third-quarter sales outlook that exceeded expectations. The company expects sales of $280 million, slightly above Wall Street’s forecast. However, the stock faced pressure due to weak performance.

Cirrus Logic (CRUS) triggered a sell signal after falling below its 50-day and 200-day moving averages. The chipmaker reported first-quarter earnings of $1.51 per share, up 35%, but sales growth slowed to 9%.

Among S&P 500 sectors, consumer staples and consumer discretionary led the gains, while health, utilities, and materials were among the biggest decliners.

Federal Reserve Outlook and Tariff Updates

Bloomberg reported that President Donald Trump's advisers are pushing for a temporary replacement for a vacant Federal Reserve seat. Minneapolis Fed President Neel Kashkari suggested that rate cuts may be necessary soon, citing signs of economic slowdown. San Francisco Fed President Mary Daly also indicated that a rate cut could be near.

Meanwhile, the White House announced a 25% tariff hike on imports from India due to its purchase of Russian oil.

Apple (AAPL) surged nearly 6% amid reports that the tech giant plans to announce a $100 billion investment in the U.S. This follows a previous $500 billion commitment over four years. Apple’s relative strength line is trending upward, though its Relative Strength Rating remains at 26.

EV Stocks and Energy Sector Performance

Lucid (LCID) and Rivian (RIVN) both fell after reporting earnings. Lucid lost 24 cents per share, while Rivian saw its shares fall further below its 50-day moving average. NRG Energy (NRG) triggered a sell signal after its earnings report, with sales growth slowing significantly.

Amgen (AMGN) was the largest loser on the Dow, dropping over 5% after reporting sales declines for key products. Volume was lower on the NYSE and higher on the Nasdaq, with advancers leading on the NYSE and decliners controlling the Nasdaq.

In the bond market, the 10-year Treasury yield climbed to 4.22% after four days of declines.

Weight Loss Leader and Other Market Moves

Novo Nordisk (NVO) fell after issuing a cautious outlook for 2025. The weight loss drug leader faces competition from compounded versions of Wegovy. Sales of Wegovy beat estimates, but the stock still declined.

MarketAxess (MKTX) plunged after reporting better-than-expected earnings but slightly lower sales. Global Payments (GPN) saw a rebound after beating earnings estimates. Emerson Electric (EMR) extended its losses after missing expectations, triggering a round-trip sell signal.

Oil prices rose to around $66.30 per barrel, with West Texas Intermediate futures climbing. Exchange-traded funds like the Invesco QQQ Trust (QQQ) and SPDR S&P 500 ETF (SPY) saw modest gains.

Dow Jones Movers and Tech Stocks

Apple (AAPL), Cisco Systems (CSCO), Nvidia, and Visa (V) were among the top performers in the Dow Jones Industrial Average. Apple’s shares rallied 1.4% premarket, aiming to retake its 50-day moving average. Cisco approached a key buy point, while Visa showed signs of recovery.

Nvidia (NVDA) declined 0.8% after a 1% drop on Tuesday. AMD (AMD) fell over 5% after meeting earnings expectations, impacted by export restrictions that limited sales to China.

McDonald’s (MCD) rose nearly 4% after beating estimates, with global same-store sales increasing 3.8%. Astera Labs (ASTRA) surged 20%, while Super Micro Computer (SMCI) fell 17%. Disney (DIS) slipped 2%, and Hinge Health (HNGE) jumped over 12%.

Shopify (SHOP) gained over 16%, while Toast (TOST) declined 1.5%. Uber Technologies (UBER) rose nearly 2% in premarket trading.