Mackenzie Tatananni and Connor Smith

Stocks closed higher on Tuesday after wavering earlier in the session. The latest gains brought winning streaks for the Dow Jones Industrial Average and S&P 500 to six days.

These stocks made moves:

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.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

April 29, 2025 16:19 ET (20:19 GMT)

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