U.S. stocks closed solidly in positive territory on Tuesday, after seesawing between modest gains and losses in choppy trading as investors assessed the latest round of corporate earnings, economic data and changes on the trade policy front.

Market Snapshot

The Dow Jones Industrial Average rose 300.03 points, or 0.75%, to 40,527.62, the S&P 500 rose 32.08 points, or 0.58%, to 5,560.83 and the Nasdaq Composite rose 95.18 points, or 0.55%, to 17,461.32.

Market Movers

Hims & Hers stock rose 23%. Novo Nordisk said on Tuesday it was partnering with telehealth firms Hims & Hers, Ro and LifeMD to sell branded versions of Wegovy, ahead of potential restrictions on selling compounded versions of the obesity drug.

Super Micro Computer Inc. tumbled over 15% in late trading after giving preliminary results that fell well short of analysts’ estimates, a sign its comeback plan has been slow to gain traction.

General Motors stock fell 0.6%. While first-quarter earnings topped expectations, Chief Financial Officer Paul Jacobson said investors could no longer rely on the company's prior forecasts for 2025, citing uncertainty about the economy.

Ford Motor and Tesla rose 1.3% and 2.2%, respectively, after Commerce Secretary Howard Lutnick said President Donald Trump would sign an executive order giving U.S. auto makers partial relief from the 25% tax on auto imports.

Lutnick said auto makers would receive reimbursement for up to 15% of the levies paid on imported parts for vehicles assembled in the U.S., while cars that have 85% of their parts made in the U.S. wouldn't be subject to tariffs.

SoFi Technologies gained 0.5%. The fintech posted better-than-expected earnings, and raised its full-year guidance. SoFi saw strength across all its business segments, notably financial services, which grew 101% to $303 million in the quarter. "We have a massive opportunity in front of us, and we're putting our foot on the gas to ship new products and iterate on our current offerings," CEO Anthony Noto told Barron's.

PayPal Holdings was up 2.1%. First-quarter adjusted earnings of $1.33 a share topped the $1.16 a share that analysts were expecting, according to FactSet, while net revenue of $7.8 billion was in line with the consensus estimate.

Coca-Cola rose 0.8%. The company posted adjusted earnings per share of 73 cents in the first quarter, narrowly beating the 72 cents Wall Street was anticipating. While the company is "subject to global trade dynamics which may impact certain components of the company's cost structure," management said it expects the effects to be manageable.

JetBlue Airways rose 2.7% after falling earlier in the session. The carrier withdrew full-year guidance, and said it anticipated softened demand for off-peak travel to continue into the second quarter, "where the booking curve is more exposed to macro uncertainty and deteriorating consumer confidence."

Pfizer was up 3.2%. The pharmaceutical company posted higher earnings than Wall Street expected, but said it was unable to predict the effects of tariffs. Management reaffirmed its outlook for 2025, telling investors to expect revenue of $61 billion to $64 billion, and adjusted earnings per share of $2.80 to $3.

Wolfspeed tumbled 16%. Shares of the chip maker ended the session up 26% on Monday. The sharp gains may be the result of a so-called short squeeze. Short sellers are investors who bet a stock will fall by borrowing that stock, and then selling it, with an eye to buying back the shares on the open market at a lower price, and returning the shares to the lender. If the stock price, however, rises to a certain point, terms of borrowing the shares may force the short sellers to buy the stock at the higher prices, and return the shares to the lenders. That buying in turn drives the stock price even higher, resulting in "squeezing" short sellers at all price points.

Nvidia was up 0.3%, regaining some ground after the chip maker fell 2.1% on Monday. Shares dropped on a report that Huawei was planning to test its Ascend 910D artificial-intelligence chip, styled as an answer to Nvidia's H100, with domestic Chinese customers. Big tech earnings, expected this week, are seen as the next catalyst for Nvidia stock, as investors look for indications of a pullback in data-center spending.

Meta Platforms rose 0.9%. The Instagram and Facebook owner is set to report earnings on Wednesday, along with Microsoft, shares of which were up 0.7%. Apple and Amazon.com were up 0.5% and down 0.2%, respectively; both companies are slated to report earnings on Thursday.

Market News

Trump Bashes Powell, Touts Tariffs at 100 Day Rally in Michigan

President Donald Trump renewed criticism of Federal Reserve Chairman Jerome Powell as he championed his economic policies and tariff regime during an event on Tuesday to mark his 100th day in office.

“Inflation is basically down and interest rates came down despite the fact that I have a Fed person who’s not really doing a good job,” Trump said at a rally just outside of Detroit, Michigan.

The president leveled the criticism even though earlier this month he said he did not plan to fire the central bank chief after days of complaints about the Fed’s pace of interest rate cuts. Uncertainty around Powell’s fate jolted markets, compounding investor fears about Trump’s tariff plans.

Trump Officials Eye Changes to Biden's AI Chip Export Rule, Sources Say

The Trump administration is working on changes to a Biden-era rule that would limit global access to AI chips, including possibly doing away with its splitting the world into tiers that help determine how many advanced semiconductors a country can obtain, three sources familiar with the matter said.

The sources said the plans were still under discussion and warned they could change. But if enacted, removing the tiers could open the door to using U.S. chips as an even more powerful negotiating tool in trade talks.

The regulation, which was issued in January, is aimed at dividing up access to the most advanced AI chips and controlling certain model weights in order to keep the most sophisticated computing power in the United States and among its allies, and away from China and other countries of concern.

Trump Signs Order to Prevent His Auto Tariffs From Stacking on Top of Each Other

President Donald Trump signed a pair of directives easing the impact of his tariffs on the automotive industry, yielding to weeks of intense lobbying from automakers, parts suppliers and dealers who warned excessive levies could push up car prices, triggering plant shutdowns and job losses.

Under the first executive order, signed aboard Air Force One, imported automobiles were given a reprieve from separate tariffs on aluminum and steel, an effort to prevent multiple levies from piling on top of each other.

Trump’s tariffs that threatened the auto industry “should not all have a cumulative effect” he said in the order, “because the rate of duty resulting from such stacking exceeds what is necessary to achieve the intended policy goal.”