The Nasdaq Composite climbed more than 12% for its second best day ever as markets clawed back after a rocky few trading sessions spurred by President Donald Trump’s wide sweeping tariffs.
The tech-heavy index posted its best session since January 2001, when it rallied more than 14%.
Stocks skyrocketed across the board Wednesday after Trump announced a 90-day pause on tariffs for some countries. It followed multiple days of selling after the president’s aggressive tariff plans rattled global markets. Trump, however, said he would raise tariffs on China to 125%.
Apple soared more than 15% for its best day since January 1998. The iPhone maker is coming off its worst four-day trading stretch since 2000, which resulted in Microsoft unseating it as the most valuable company and a $774 billion drop in market value. Apple recovered its status Wednesday. The stock is down nearly 21% year to date.
Tesla and Nvidia popped more than 18% and 22%, respectively, while Meta Platforms jumped nearly 15%. Amazon rallied 12%, while Microsoft and and Alphabet rose about 10% each. Tesla posted its biggest one-day gain since May 2013 and its second-best day ever.
Semiconductor stocks that have struggled on fears that tariffs could stifle demand for many consumer products and slow the economy also jumped. While the sector has been excluded from the recent tariffs, levies could come in the future.
The VanEck Semiconductor ETF tracking the sector soared more than 17% for its best day ever. Advanced Micro Devices rocketed about 24%, while Intel jumped about 19%. On Semiconductor, Broadcom and Apple suppliers Qorvo and Skyworks Solutions were up more than 18% each.
