In premarket trading, Wolfspeed’s stock fell 5% after a downgrade by Mizuho, citing a projected drop in silicon carbide pricing and lower EV production expectations. Nvidia’s shares rose over 1% following CEO Jensen Huang’s comments on strong demand for its next-gen AI graphics processor, Blackwell. Hims & Hers Health declined 9% after the FDA resolved a shortage of GLP-1 treatments, impacting its weight-loss drug offerings. EVgo’s stock surged 9% after being upgraded by JPMorgan, while Levi Strauss shares dropped 12% on trimmed revenue guidance and potential sale of Dockers. Constellation Brands saw a slight increase in stock price on better-than-expected earnings, while Stellantis fell 3% after a Barclays downgrade due to inventory issues and market share erosion.
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Five takeaways on Trump’s opening trade salvo
Donald Trump did not impose new trade tariffs on the first day of his second term, but outlined an "America First Trade Policy" focusing on remedying unfair trade practices and identifying currency manipulators. The president pledged tariffs in the near future, prioritized actions on Canada and Mexico, and signaled a systematic overhaul of trade relations with China. Trump also weaponized tariffs to achieve policy goals beyond reducing trade deficits and considered implementing a "global supplemental...
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