Tech earnings and renewed tariff headlines are in focus
Wall Street is mixed this afternoon as investors react to tech earnings and more tariff talk out of Washington. The Dow Jones Industrial Average (DJI) is down over 200 points, the S&P 500 Index (SPX) is in red territory, and the Nasdaq Composite (IXIC) is higher. For the week, however, all three major benchmarks are still headed for wins.
Alphabet (GOOGL) stock is up after a strong quarterly report, but Intel's (INTC) latest updates are curbing optimism. President Trump’s recent interview with Time magazine added some pressure, as he floated the idea of 20% to 50% tariffs on foreign imports a year from now, while denying that bond market volatility influenced his temporary tariff pause.
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Rigetti Computing Inc (NASDAQ:RGTI) stock is seeing unusual options activity today, with more than 70,000 calls and 34,000 puts exchanged -- 3 times the average intraday volume. New positions are opening at the top three most popular contracts, led by the weekly 4/25 10-strike call, which expires after today's close. While a catalyst remains unclear, interest in quantum computing stocks has been rising, fueling speculative activity in the space. RGTI is down 2.6% to trade at $9.07 at last check, but sports a 682.9% year-over-year lead.
Tesla Inc (NASDAQ:TSLA) is one of the best-performing stocks this afternoon, last seen 8.8% higher at $282.33. Shares of the electric vehicle (EV) giant on track for a fourth-straight daily gain, with a recent positive post-earnings reaction and today’s rally helping it chip away at its steep 30.5% year-to-date loss.
Intel Corp (NASDAQ:INTC) is among today's worst stocks, last seen down 7.4% at $19.91. The chipmaker is sliding after issuing disappointing guidance for the current quarter, forecasting revenue of $11.8 billion at the midpoint -- below the $12.82 billion consensus, per LSEG. Intel also expects to break even on earnings and announced plans to reduce both operational and capital expenses. INTC is now trading inches above its year-to-date breakeven mark.