Nasdaq 100: Tesla, Nvidia, and Marvell Power Tech-Led Stock Market Rally Today

Wall Street Climbs as EU Tariff Threat Recedes; Tech and Tesla Surge

Stocks are trading sharply higher Tuesday afternoon as President Trump rolls back his threat of 50% tariffs on the European Union, opting instead for negotiations through July 9.

The S&P 500 is up 1.89%, while the Nasdaq rises 2.35% and the Dow adds 1.55%. The shift in trade rhetoric is easing investor concerns that flared last week and helping reverse Friday’s broad selloff. U.S. markets also catch up to Monday’s muted overseas gains, having reopened from the Memorial Day holiday.

Consumer Confidence Surprises—Is the U.S. Shopper Still Strong?

Fresh data from the Conference Board shows consumer confidence jumping to 98 in May, well above the expected 87. The upbeat reading hints at resilience in household spending, a key driver of U.S. growth. Traders now look ahead to this week’s PCE inflation data—set for release Friday—as well as Wednesday’s FOMC meeting minutes for clues on how rate-setters are interpreting recent tariff threats and spending trends.

Tesla, Marvell, and ARM Lead Nasdaq Rebound—Will It Hold?

Tech stocks are powering the advance, with all 11 S&P sectors in the green. The technology sector is up over 2.4%, boosted by strong gains in semiconductors and AI-exposed names.

Marvell Technology is surging 7.8% and ARM Holdings adds nearly 6.9%. Tesla gains almost 6% after outperforming in recent sessions, while Shopify, Microchip, and AMD rise between 4% and 5%. Traders are also positioning ahead of Nvidia’s earnings tomorrow, with the AI leader up nearly 3% intraday.

Consumer Discretionary, Tech, and Financials Take the Lead

Sector strength is broad but led by consumer discretionary, up nearly 2.9%, thanks in part to a rebound in Tesla and Ross Stores. Financials are up 1.5% as falling long-term Treasury yields ease concerns over tighter lending conditions. All sectors are trading higher, though defensive areas like utilities and consumer staples are lagging with sub-1% gains.

PDD Tanks on Earnings Miss—Is the E-commerce Boom Slipping?

Not all earnings news is fueling the rally. PDD Holdings is down more than 15% after reporting a 47% drop in Q1 profit and missing revenue expectations. The sharp decline pressures sentiment in Chinese tech and online retail names. Traders are now eyeing Nvidia’s report after Wednesday’s close as the next major tech earnings catalyst.

What’s Next for Traders Watching Inflation and Fed Signals?

Attention now turns to key economic data and central bank commentary. The Fed’s meeting minutes on Wednesday and Friday’s PCE inflation release will shape rate expectations into June.

Minneapolis Fed President Neel Kashkari says rates should hold steady until tariff effects on inflation become clearer.

With the S&P 500 roughly 4% off February highs, traders are watching to see if easing trade risks and firming consumer data can sustain this bounce.

More Information in our Economic Calendar.