Stocks Surge to Wrap Up a Wild Week; S&P 500 Posts Biggest Weekly Gain Since October 2023

These Were the Big S&P 500 Movers on Friday

April 11, 2025 06:52 PM EDT

Advancers

Shares of power management chipmaker Monolithic Power Systems (MPWR) added 10% on Friday, posting the highest increase of any S&P 500 stock. Before its bounce at the end of the volatile week, Monolithic stock had surged 23% Wednesday after President Trump announced a widespread 90-day tariff suspension, but given back a big portion of those gains on Thursday.
The price of gold surged to a record high as the uncertainties surrounding global trade helped lift demand for the precious metal, which is often considered a “safe haven” investment. Shares of Newmont (NEM), the world’s largest gold producer, jumped 7.9%.
Goldman Sachs analysts upgraded shares of military shipbuilder Huntington Ingalls (HII) to “buy” from “sell” and lifted their price target. The double upgrade for the stock came in the wake of an executive order signed by President Trump that could that could boost investments in domestic shipyards, with analysts suggesting that upcoming defense budgets could prioritize the construction of U.S.-made Navy vessels. Huntington Ingalls shares steamed 7.4% higher on Friday.

Decliners

Texas Instruments (TXN), which manufactures chips in the U.S., posted the S&P 500’s weakest daily performance as shares sank 5.7%. The downturn came after China said chips made by U.S. firms with outsourced manufacturing operations would not be subject to tariffs on U.S. goods. Shares of AI chip leader Nvidia (NVDA), which outsources manufacturing to TSMC (TSM) in Taiwan, gained 3.1% Friday, and TSMC added about 4%.
Shares of Aptiv (APTV), which provides hardware and software solutions for the automotive industry, fell 3%. RBC Capital cut its price target on Aptiv stock, citing uncertainty around the tariff impacts for automakers. Although Aptiv could benefit in its upcoming earnings report from pre-buying ahead of tariff implementation, analysts believe carmakers and suppliers could scale back or rescind guidance as they adjust to longer-term impacts.
Old Dominion Freight Line (ODFL) shares lost 2.9% after Jefferies lowered its price target on the transport company’s stock. Analysts pointed to macroeconomic concerns weighing on the industrial outlook and said they expect Old Dominion’s less-than-truckload (LTL) freight volumes to remain below seasonal levels for the next few months.

-Michael Bromberg

Apple Surges Amid Optimism About Possible Tariff Exemption

April 11, 2025 06:40 PM EDT

Apple (AAPL) shares surged Friday amid growing optimism the iPhone maker could win an exemption from the Trump administration’s tariffs. 

Mizuho analyst Jordan Klein reportedly told clients in a client note Friday that “90% of investors seem to believe Apple will get a tariff exemption,” pointing to the exemption Apple received in 2018 during President Trump’s first term.1

CFRA Research analyst Angelo Zino said he now puts the odds of an Apple-specific exemption at 50%, up from 20%.

Apple shares jumped 4% to close at $198.15, posting gains for a week that included steep losses in three sessions and the stock’s best day since 1998.

Still, it has yet to fully recover from the hit taken since President Trump’s tariff announcement on April 2, on worries about escalating trade tensions with China, where Apple manufactures an estimated 90% of its products. 

-Kara Greenberg

Major Indexes Snap Two-Week Losing Streaks

April 11, 2025 05:52 PM EDT

Stocks endured a bumpy ride this week but managed to post solid gains for the week and snap two-week losing streaks.

The Dow Jones Industrial Average rose 5% this week, while the S&P 500 tacked on 5.7% and the Nasdaq Composite added 7.3%. It was just the second time in the past eight weeks that the S&P 500 and Nasdaq have posted weekly gains.

The major indexes are still below where they closed on April 2, just before President Trump announced wide-ranging so-called “reciprocal” tariffs that sparked fears of a recession and sent markets reeling. Trump announced a pause on many of those tariffs this week, which spurred stocks to one of their best days ever on Wednesday.

So far in 2025, the Dow is down 5.5%, while the S&P 500 has given up 8.8% and the Nasdaq is off 13.4%.

Amex Gets Upgrade, Seen as Resilient in a Recession

April 11, 2025 04:41 PM EDT

Analysts from Bank of America on Friday upgraded American Express (AXP) stock to a “buy” rating, saying the credit card provider should be resilient through a potential downturn or recession.

They upgraded the stock, but cut their price target to $274 from $325 to reflect lowered revenue and earnings forecasts as they expect consumer spending to slow.

Bank of America is now one of six “buy” ratings among the 13 analysts tracked by Visible Alpha, along with five “hold” and two “sell” ratings, while its price target is now below the $308.67 consensus. The stock gained 1.7% on Friday to close at just above $251.

“The macro environment is uncertain and GDP growth is likely slowing,” the analysts wrote. “This is a headwind for revenue growth. But we think Amex’s high-quality customer base should drive more durable earnings while keeping credit losses in-check.”

American Express shares have lost about 15% since the start of the year, which the analysts said “offers long-term oriented investors an opportunity to buy a high-quality company at a reasonable valuation.”

The analysts noted that in prior downturns like the COVID pandemic and the first Trump administration’s trade war, American Express stock “outperformed not only other card issuers but also the S&P 500.”

The card issuer is set to report first-quarter earnings on Thursday, and Bank of America analysts said the company’s outlook for the rest of 2025 will likely be more important than whether its first-quarter results beat or miss estimates. American Express reported results in line with estimates last quarter as executives said spending was strong through the holiday season.

-Aaron McDade

United Airlines Levels to Watch Amid Turbulent Swings

April 11, 2025 03:02 PM EDT

United Airlines (UAL) rose Friday after several days of turbulent price swings as investors asses what impact economic uncertainty will have on the airline’s outlook.

United’s stock, which soared 26% during Wednesday’s tariff-pause relief rally before paring a little more than half of those gains yesterday, may see further near-term volatility as market watchers brace for the company’s earnings due after next Tuesday’s closing bell.

Investors will likely focus on the airline’s commentary regarding its full-year outlook and watch to see if it follows Delta (DAL), which reported better-than-expected earnings this week, in reducing capacity to manage softer demand.

United shares have lost about a third of their value since the start of the year amid concerns that a tariff-induced economic slowdown could stall leisure and business travel demand.

United shares have trended lower within a descending broadening formation since mid-February. More recently, the price ran into selling pressure near the pattern’s upper trendline and 200-day moving average during Wednesday’s rally that saw the stock register its highest daily volume since October last year.

Meanwhile, the relative strength index (RSI) has recovered above oversold levels but remains below the indicator’s neutral 50 reading.

Investors should monitor major support levels on United’s chart around $56 and $48, while also watching crucial resistance levels near $81 and $91.

United shares were up more than 2% at around $64 in mid-afternoon trading Friday.

Read the full technical analysis piece here.

-Timothy Smith

Treasurys Haven’t Had a Week Like This Since 2008

April 11, 2025 01:56 PM EDT

Treasury yields soared on Friday, extending a weeklong run-up that has defied expectations and threatened the Treasury market’s status as a safe haven in times of stock market turmoil.

The yield on the 10-year Treasury, which influences interest rates on all kinds of consumer loans, rose as high as 4.59% on Friday before retreating slightly. The yield recently stood at 4.47%, up from around 4.44% at yesterday’s close.

Treasury yields soared this week even as tariffs went into effect on Wednesday, battering the stock market and raising fears of an economic slowdown. The 10-year yield has skyrocketed more than 50 basis points—or half a percentage point—in the last five days, its largest weekly increase since 2008. 

The bond sell-off—bond yields and prices are inversely related, meaning yields rise when prices fall—has defied standard market logic. Bond prices usually increase when stocks fall as investors pivot to the relative safety of U.S. Treasurys. Bond prices also tend to increase as the risk of recession grows more acute; investors, expecting the Federal Reserve to cut interest rates in response to a slowdown, purchase Treasurys to lock in today’s comparatively high rates. 

Experts have pointed to a few possible culprits for the bond market’s recent volatility. Some point to the potential for Trump’s tariffs to nudge inflation higher, which could force the Fed to keep interest rates elevated. 

Others have speculated that Trump’s antagonistic trade and foreign policy has reduced global demand for Treasurys, the world’s most widely held sovereign debt. China is one of the largest holders of U.S. debt, and some experts warn it could wreak havoc on the Treasury market by dumping bonds. 

-Colin Laidley

Bank CEOs Weigh in On Impact of Tariffs

April 11, 2025 01:03 PM EDT

Executives from across the banking industry spoke on Friday about the uncertainty surrounding the Trump administration’s tariffs, the stock market, and the possibility of a recession.

JPMorgan Chase (JPM) CEO Jamie Dimon said he expects more companies to suspend their full-year guidance amid the uncertainty, something Delta Air Lines (DAL) and CarMax (KMX) did this week.

“You’re going to hear 1,000 companies report, and they’re going to tell you what their guidance is. My guess [is] a lot will remove it,” Dimon said. “They’re going to tell you what they think it might do to their customers, their base, their earnings, their costs, their tariffs. It’s different for every company, but I assume you see that.”

BlackRock (BLK) CEO Larry Fink said in Friday’s earnings call that last week’s tariff announcement “went beyond anything I could have imagined in my 49 years in finance,” according to a transcript from AlphaSense.

Fink also said that despite uncertainty around tariffs dominating the headlines, other “macro forces” like artificial intelligence, rising demand for energy and infrastructure, and the potential for de-regulation under the Trump administration are “just as strong today” as they were earlier this year.

“We support the administration’s willingness to look at barriers to fair trade for the United States, though there are certainly risks associated with such significant actions,” Wells Fargo (WFC) CEO Charlie Scharf said in Friday’s earnings release. Scharf added that the bank expects “continued volatility and uncertainty and are prepared for a slower economic environment in 2025, but the actual outcome will be dependent on the results and timing of the policy changes.”

Bank of New York Mellon (BK) CEO Robin Vince noted that the firm is “prepared for a wide range of macroeconomic and market scenarios as the outlook for the operating environment is becoming more uncertain.”

-Aaron McDade

Watch These Microchip Technology Stock Price Levels

April 11, 2025 11:53 AM EDT

Microchip Technology (MCHP) shares lost ground again Friday after plunging Thursday during a broad sell-off for semiconductor stocks.

Chip stocks such as Microchip, which makes silicon used in everything from consumer electronics to automotive systems, have remained particularly volatile against a backdrop of tariff uncertainty that has weighed heavily on consumer and business confidence, both key customers that drive chipmakers’ earnings.

Coming into Friday’s session, Microchip shares had lost around a third of their value since the start of the year, compared to the Nasdaq Composite’s 15% drop over the same period. The stock was down 5% at around $37 in late-morning trading Friday.

Selling in Microchip shares has accelerated after the 50-week moving average (MA) crossed below the 200-week MA in early March to form a death cross, a chart pattern that signals lower prices.

More recently, the stock’s volatility has increased significantly since last week’s tariff-induced 25% sell-off, with sizeable swings in both directions. Importantly, this week’s price gyrations have occurred on the highest trading volume since February 2017 as investors take bets on the chipmaker’s next move.

Meanwhile, the relative strength index confirms bearish price momentum, though the indicator remains in oversold territory, potentially attracting short covering and buy-a-bounce investors.

Investors should watch important support levels on Microchip’s chart around $34 and $30, while also monitoring key resistance levels near $50 and $56.

Read the full technical analysis piece here.

-Timothy Smith

BlackRock CEO Sees ‘Uncertainty and Anxiety’ from Clients

April 11, 2025 10:54 AM EDT

BlackRock (BLK) reported better-than-expected first-quarter adjusted profit as the investment giant reported another assets under management (AUM) record.

The company reported adjusted earnings per share (EPS) of $11.30, well above the $10.13 analysts had expected, while revenue fell just short of Visible Alpha estimates at $5.28 billion.

At the end of the first quarter, BlackRock had a record $11.58 trillion in AUM, up 11% year-over-year.

“Uncertainty and anxiety about the future of markets and the economy are dominating client conversations,” BlackRock CEO Larry Fink said. “We’ve seen periods like this before when there were large, structural shifts in policy and markets—like the financial crisis, COVID, and surging inflation in 2022. We always stayed connected with clients, and some of BlackRock’s biggest leaps in growth followed.”

Fink said Monday that the Trump administration’s tariffs could stoke inflation, adding that most CEOs he has spoken with believe the U.S. is “probably in a recession right now.”

BlackRock shares were up about 1% in recent trading. They entered the day down 16% since the start of the year.

-Aaron McDade

JPMorgan CEO Dimon Warns of ‘Considerable Turbulence’

April 11, 2025 09:54 AM EDT

JPMorgan Chase (JPM) on Friday reported better-than-expected fiscal first-quarter results as big banks kicked off the new earnings season.

The banking giant reported earnings per share (EPS) of $5.07 on revenue of $45.31 billion, each up from $4.44 and $41.93 billion, respectively, a year ago. Analysts had expected $4.64 and $43.55 billion, according to estimates compiled by Visible Alpha.

Shares of JPMorgan were up more than 3% in recent trading. They entered the day down roughly 5% year-to-date but up about 16% in the last 12 months.

“The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and ‘trade wars,’ ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility,” JPMorgan CEO Jamie Dimon said. “As always, we hope for the best but prepare the Firm for a wide range of scenarios.”

Dimon wrote in his annual letter to shareholders this week that he expected the Trump administration’s tariffs “will slow down growth.”

Analysts had said leading up to earnings season that that while tariffs may not directly affect the banks themselves, they likely will take a toll on their customers. Wells Fargo (WFC) and Morgan Stanley (MS) also reported Friday, while Bank of America (BAC), Citigroup (C) and others are set to report next week.

-Aaron McDade

Major Stock Index Futures Rise

April 11, 2025 08:55 AM EDT

Futures tied to the Dow Jones Industrial Average were up 0.6%.

S&P 500 futures rose 0.7%.

Nasdaq 100 futures also added 0.7%.