By Joe Woelfel
Stocks traded higher Wednesday ahead of an announcement on tariffs in what President Donald Trump has dubbed "Liberation Day." The White House said Trump will unveil the tariffs on U.S. trading partners at 4 p.m. on Wednesday.
These stocks were moving Wednesday.
Tesla rose 3.6%, recouping earlier losses, following a Politico report that said Elon Musk, the electric-vehicle maker's CEO, plans to step away from his government role in the coming weeks. The stock had declined eariler in the session after first-quarter deliveries from Tesla widely missed estimates. The company delivered 336,681 vehicles in the first quarter, down 13% from a year earlier. Wall Street was looking for about 378,000 vehicles.
Rivian Automotive declined 5.2% after the EV maker announced first-quarter deliveries of 8,640 vehicles, down 36% year over year but in line with company and Wall Street estimates.
Shares of Trump Media & Technology Group tumbled 5.8% after the company filed with the Securities and Exchange Commission to allow a trust headed by President Donald Trump to sell around $2.3 billion in stock.
Shares of CoreWeave, the artificial-intelligence cloud company, were up 10%. The stock has been volatile since it began trading Friday, ending flat on the day of its debut, falling 7.3% on Monday, and closing Tuesday with a gain of 42%. CoreWeave has close ties to Nvidia, its main supplier, second-largest customer, and an investor. Some investors see Nvidia as a source of support for the stock.
Nvidia, meanwhile, slipped 0.2%. Shares rose 1.6% on Tuesday to break a five-session losing streak. Nvidia, the leading maker of artificial-intelligence chips, has been declining along with the broader market ahead of Trump's tariffs announcement. It remains unclear whether the president will announce any sector-specific duties -- including on chips.
NCino was tumbling 24% after the cloud-based software company reported fiscal fourth-quarter adjusted earnings of 12 cents a share, below analysts' estimates of 19 cents, and issued profit and revenue guidance for the current fiscal year that also missed expectations.
Newsmax declined 42% on Wednesday. The conservative-leaning media company rose 179% on Tuesday after soaring 735% in the stock's trading debut on Monday.
Charles Schwab rose 0.8% to $78.30 after the wealth management company was upgraded to Buy from Neutral at Citi and the price target was boosted to $102 from $82. Citi said it sees "potential for an improving" net new assets story as Schwab "shifts to offense with the [Ameritrade] integrations over and investment spending to accelerate growth ramps."
BlackBerry was down 8.6%. The Canadian software company reported fourth-quarter adjusted earnings of 3 cents a share, better than analysts' estimates for break-even profit, on revenue of $141.7 million but issued a weaker-than-expected outlook.
GE Vernova rose 3.2% to $325.88 after the energy company was initiated at Positive by analysts at Susquehanna with a price target of $370.
Earnings reports are expected later Wednesday from RH and Penguin Solutions.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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April 02, 2025 12:08 ET (16:08 GMT)
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