The Dow Jones Industrial Average was down, while the S&P 500 Index and the Nasdaq Composite were up slightly in late-morning trading Friday after President Donald Trump said on Truth Social that an 80% tariff on China "seems right."
In company news, Nvidia-backed (NVDA) CoreWeave (CRWV) is in talks to raise $1.5 billion in debt after its initial public offering raised less than what was targeted, Bloomberg reported Friday, citing a person familiar with the matter. Separately, Nvidia plans to release a reduced-performance version of its H20 AI chip to China by July following US export restrictions on the original model, Reuters reported Friday, citing three sources familiar with the matter. Shares of Nvidia were down 0.7% near noon, while CoreWeave shares were down 6.8%.
Lyft (LYFT) reported Q1 earnings late Thursday of $0.01 per diluted share, swinging from a loss of $0.08 a year earlier. Analysts surveyed by FactSet expected a loss of $0.01. First-quarter revenue was $1.45 billion, up from $1.28 billion a year ago but below the FactSet consensus estimate of $1.47 billion. The company said it expects Q2 gross bookings of $4.41 billion to $4.57 billion. Analysts expect $4.48 billion. The ride-share company also said its board approved increasing its share buyback program to $750 million. Lyft shares were up 22.0%.
Coinbase Global (COIN) reported Q1 adjusted earnings late Thursday of $1.94 per diluted share, down from $2.53 a year earlier and below the FactSet consensus estimate of $2.30. First-quarter revenue was $2.03 billion, up from $1.64 billion a year earlier but below the FactSet consensus of $2.10 billion. Coinbase shares were down 1.7%.
Expedia Group (EXPE) reported Q1 adjusted earnings late Thursday of $0.40 per diluted share, up from $0.21 a year earlier and above the FactSet consensus of $0.35. First-quarter revenue was $2.99 billion, up from $2.89 billion a year earlier but below the FactSet consensus estimate of $3.01 billion. Expedia shares were down 7.3%.
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