PRISM Mid-Day Moves: U.S. Stocks Rebound as Tariff Relief, Economic Data Boost Sentiment; Oil Drops Further

U.S. equities traded higher Wednesday afternoon, near session highs, after Tuesday’s sharp selloff, which erased the S&P 500’s post-election gains. Autos, materials, builders, transports, and pharma outperformed, while apparel retail, regional banks, and energy lagged. Treasuries weakened, with European bond yield spikes in focus. The dollar fell 1.2%, gold rose 0.1%, Bitcoin futures gained 3.1%, and WTI crude slid 2.9% to its lowest level since December 2021.

Market optimism stemmed from tariff relief for Canada and Mexico, as the White House temporarily exempted autos from new tariffs. Economic data was mixed—ISM Services beat expectations with strong new orders and employment, while ADP payrolls came in weaker. Overseas, Germany’s commitment to infrastructure and defense spending added to positive sentiment, despite contributing to rising global bond yields.

The Fed’s Beige Book signaled slight economic growth, though consumer spending showed weakness and tariff concerns remained widespread. Despite the bounce, broader uncertainties around Trump 2.0 policies, stagflation risks, and CTA supply persisted.

In corporate news, Alphabet ( $GOOGL) reportedly urged the DOJ to drop its breakup push on national security grounds, while Tesla ( $TSLA) saw a steep decline in German registrations. Crowdstrike ( $CRWD) dropped on weak revenue guidance, and Novo Nordisk ( $NVO) cut Wegovy prices. Ross Stores ( $ROST) beat on Q4 comps but issued a cautious outlook, while Campbell’s Co ( $CPB) lowered guidance due to snack category softness. AeroEnvironment (AVAV) tumbled after missing expectations, citing weather disruptions in California. Meanwhile, Chimerix ( 4CMRX) surged on news of a $935M acquisition by Jazz Pharmaceuticals ( $JAZZ).

PRISM Market Moves

Tonix Pharmaceuticals (TNXP) leads the PRISM Pharmaceuticals Index as shares are trading up over 45% after presenting data and analyses of TNX-102 SL treatment effects on fibromyalgia at the 7th International Congress on Controversies in Fibromyalgia

Indie Semiconductor (INDI) leads the PRISM EV Index after announcing its strategic collaboration with GlobalFoundries. Shares are up over 20%

Xylo Technologies (XYLO) leads the PRISM MedDevices Index and has seen shares steadily rise throughout the day over 22%

Other notable mid-day movers include KNDI, NUMIF, and NOVA

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