President Trump is reportedly considering a 20% tariff on most U.S. imports
Stocks are modestly higher Tuesday afternoon, as Wall Street shakes off a sluggish open amid a new wave of economic data. February job openings fell to 7.57 million -- slightly below expectations -- and the ISM manufacturing index dipped to 49 in March, signaling contraction. Investors are eyeing President Donald Trump’s tariff plan, which takes effect tomorrow. Plus, The Washington Post reported the Trump administration is now considering a sweeping 20% tariff on most U.S. imports.
Continue reading for more on today's market, including:
- 2 IPOs that should be on your radar.
- Why Jefferies is bearish on these airline stocks.
- Plus, judge rejects JNJ's settlement offer; PRGS' post-earnings pop; and what's hurting this biopharma stock.
Johnson & Johnson (NYSE:JNJ) stock is seeing unusual options activity today, with 22,000 calls and 23,000 puts exchanged -- double times the average intraday volume. New positions are being opened at the leading weekly 4/4 155-strike put. This comes after a judge rejected the healthcare company’s $10 billion settlement offer over talc-related cancer claims. JNJ was last seen lower 4.6% at $158.20, gapping below its 40-day moving average for the first time since January, though it still holds a 9.1% year-to-date gain.
Progress Software Corp (NASDAQ:PRGS) stock is one of the IXIC's best performers today, last seen up 9.8% at $56.55, after the company announced better-than-expected fiscal first-quarter results. Progress shared profits of $1.31 per share, beating estimates by 27 cents, while revenue of $238 million also topped forecasts. Still, PRGS is down 13.1% so far in 2025.
Axsome Therapeutics Inc (NASDAQ:AXSM) is one of the worst performers on the IXIC today, last seen down 5.3% at $110.51. Today's drop comes after its PARADIGM Phase 3 trial of solriamfetol in major depressive disorder failed to meet its primary goal. AXSM still sports a 43.3% year-over-year lead, with its 80-day moving average stepping up to potentially contain its three-day slide.
