Michael Nagle / Bloomberg via Getty Images
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The S&P 500 advanced 1.7% on Wednesday, April 23, as comments from the White House pointed to stability at the Fed and the possibility of easing trade tensions.
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Antenna and high-speed cable manufacturer Amphenol reported strong quarterly results, and its shares pushed higher.
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Enphase Energy shares dropped after the solar technology firm missed quarterly estimates and indicated that tariffs could weigh on its upcoming performance.
Major U.S. equities indexes pushed higher after President Trump indicated that he does not intend to fire Jerome Powell from his role as Federal Reserve chair. White House officials also indicated that the U.S. could adopt a more measured approach to tariffs on imports from China, suggesting a potential easing of trade tensions between the world’s two largest economies.
The S&P 500 added 1.7% in the midweek trading session, while the Dow closed 1.1% higher. The tech-heavy Nasdaq soared 2.5%.
Amphenol (APH), a manufacturer of antennas and high-speed electronic cables, topped revenue and adjusted earnings per share (EPS) estimates in its first-quarter earnings report. The company also provided an upbeat forecast for the current quarter, noting opportunities across end markets and highlighting how innovation and strategic acquisitions have helped expand its product offering. Amphenol shares surged 8.2% to secure the top performance in the S&P 500 on Wednesday.
The technology sector outperformed on Wednesday, bolstered by increased optimism for improvements in the U.S.-China trade relationship. Super Micro Computer (SMCI) announced an expansion of its collaboration with Japanese tech firm Fujitsu, which will deploy a new Supermicro server as part of its large language model (LLM) project. Supermicro shares jumped 7.6%.
Meanwhile, Palantir Technologies (PLTR) shares gained 7.3%. The data analytics software firm said it will partner with defense contractor Northrop Grumman (NOC) to develop combat vehicles that leverage artificial intelligence (AI) technology. Northrop Grumman shares edged 1.9% higher on Wednesday, marking a minor recovery from the heavy decline posted in the prior session following a lackluster earnings report.
Shares of solar technology firm Enphase Energy (ENPH) plunged 15.7%, losing the most of any S&P 500 stock. The company posted lower-than-expected sales and profits for the first quarter, and Enphase’s CEO noted that tariffs could weigh on future results. In particular, the company sources battery cell packs from China and anticipates that levies on these imports will pressure its gross margins in upcoming quarters.
