White House would consider cutting China tariffs as partof talks, source says 2. Bessent says China tariffs are not sustainable as USsignals willingness to de-escalate 3. Americans sour on Trump's handling of the economy,Reuters/Ipsos poll finds 4.
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.
Electronic manufacturing services company Plexus (NASDAQ:PLXS) met Wall Street’s revenue expectations in Q1 CY2025, with sales up 1.4% year on year to $980.2 million. The company expects next quarter’s revenue to be around $1.02 billion, close to analysts’ estimates. Its non-GAAP profit of $1.66 per share was 7.8% above analysts’ consensus estimates.
Investors continued to buy risk assets on Wednesday, including growth stocks, tech stocks, and cryptocurrencies, following a sharp move higher on Tuesday. Bitcoin (CRYPTO: BTC) is up 2.9% since the stock market closed yesterday, Ethereum (CRYPTO: ETH) is up 5.1%, and Dogecoin (CRYPTO: DOGE) is up 6.2%. It's the trade war that has caused concern that the U.S. will go into a recession, and that has caused a decline in Bitcoin and the market overall.
Auto parts and accessories retailer O’Reilly Automotive (NASDAQ:ORLY) fell short of the market’s revenue expectations in Q1 CY2025 as sales rose 4% year on year to $4.14 billion. The company’s full-year revenue guidance of $17.55 billion at the midpoint came in 0.6% below analysts’ estimates. Its GAAP profit of $9.35 per share was 5.6% below analysts’ consensus estimates.
RFID manufacturer Impinj (NASDAQ:PI) beat Wall Street’s revenue expectations in Q1 CY2025, but sales fell by 3.3% year on year to $74.28 million. The company expects next quarter’s revenue to be around $93.5 million, close to analysts’ estimates. Its non-GAAP profit of $0.21 per share was significantly above analysts’ consensus estimates.
Semiconductor equipment maker Lam Research (NASDAQ:LRCX) reported revenue ahead of Wall Street’s expectations in Q1 CY2025, with sales up 24.4% year on year to $4.72 billion. On top of that, next quarter’s revenue guidance ($5 billion at the midpoint) was surprisingly good and 9.7% above what analysts were expecting. Its non-GAAP profit of $1.04 per share was 4.1% above analysts’ consensus estimates.
Tech investors looking to reduce their risk in an unpredictable trade environment could turn to software names like Adobe and Microsoft over tech firms that depend more on hardware sales, Morningstar analysts wrote.
Many of America’s wealthiest business leaders have lost millions — if not billions — of dollars in net worth since the start of the year, as President Donald Trump’s policies hit markets. But some might have lost even more if they hadn’t offloaded millions of dollars’ worth of stock prior to Trump’s tariff announcement in early April.
Wednesday's crypto rally stalled as Bessent reiterated the difficulties in making a deal with China.
