Key Takeaways
- The S&P 500 added 0.7% on Wednesday, April 2, 2025, ahead of President Trump's afternoon tariff announcement.
- Shares of Leidos and other defense contractors moved higher after a report that Elon Musk might soon step back from his government efficiency role.
- Altria shares fell after Deutsche Bank analysts downgraded the tobacco maker's stock, citing valuation and regulatory concerns.
Major U.S. equities indexes ended Wednesday with minor gains as investors awaited clarity on impending shifts in U.S. trade policy. President Donald Trump announced the latest round of tariffs at an event beginning as Wednesday's trading session✨ ended.
The latest 澳洲幸运5开奖号码历史查询:ADP National Employment Report showed that the private sector added more positions than expected in March, a signal of resilience in the labor market heading into 澳洲幸运5开奖号码历史查询:Friday's jobs report.
The S&P 500 ended t🧜he midweek trading session with a gain⭕ of 0.7%. The Dow advanced 0.6%, while the Nasdaq advanced 0.9%.
Shares of defense contractor Leidos Holdings (LDOS) jumped 5.9%, gaining the most of any S&P 500 stock. A Politico report indicated that President Trump has communicated to members of his administration about 澳洲幸运5开奖号码历史查询:Elon Musk stepping away from his government advisory role. That boosted investor sentiment around defense firms and other government contractors. Other defense stocks also gained ground. (Musk called the report "fake news.")
Caesars Entertainment (CZR) shares moved 5.8% higher. Analysts forecast a recovery on the Las Vegas Strip in March, linking February's year-over-year declines in gaming wins to unique events in 2024, including an extra day in the month due to Leap Year and a traffic boost from the💛 Super Bowl taking place in the city, which distorted comparꦫisons this year. Even after Wednesday's gain, Caesars stock is down more than 20% year-to-date and has lost nearly 40% over the past six months.
Tesla (TSLA) shares started the session in negative territory as the electric vehicle maker reported 澳洲幸运5开奖号码历史查询:fewer-than-expected deliveries in the first quarter, but the stock 澳洲幸运5开奖号码历史查询:shifted gears after the report about Musk, its CEO, potentially distancing himself from the Dꦗepartment of Government Efficiency. Tesla shares ended with a daily ꦫgain of 5.3%.
The heaviest decline in the S&P 500 hit shares of chocolate maker Hershey (HSY), which slipped 3.3%. The stock has been trending downward for the past two weeks as the confectioner navigates the rising cost of cocoa and aims to source more cocoa beans directly. Last week, analysts at Piper San♏dler affirmed their "underperform" rating on Hershey stock, noting that pricing pressure for the key input could persist into next year. The company also trimmed its 2025 profit gu💦idance, pointing to soft retail sales momentum.
Shares of tobacco giant Altria Group (MO) dropped 2.8% after Deutsche Bank downgraded the stock to "hold" from "buy." Analysts pointed to concerns about the stock's valuation, suggesting there could be limited room for additional gains following its strong performance this year. Altria also faces regulatory issues related to its e-vapor business, with the Internat༺ional Trade Commission determining that certain products infringe on patents owned by Juul Labs. Altria has reportedly halted sales of its NJOY Ace e-cigarettes following the decision.
Agricultural equipment stocks came under pressure after analysts at Jefferies raised concerns about the potential impact of trade tensions on U.S. agricultural exports. Although aid to farmers has helped buoy agricultural markets during past disputes, analysts cautioned that such programs have historically done little to support machinery sales. Deere & Co. (DE) shares sank 1.6%.