Market Monitor April 24 ( Tesla, Boeing, Intel UP, Enphase Energy DOWN)

U.S. Markets Rally on Softer Trump Tone and Strong Corporate Earnings

U.S. stock markets closed significantly higher Wednesday, buoyed by a softer tone from President Donald Trump regarding trade tariffs and Federal Reserve policy, as well as a flurry of better-than-expected corporate earnings.

The Nasdaq surged 2.5%, the S&P 500 gained 1.7%, and the Dow Jones climbed 1.1%.

Markets initially spiked even higher, with the Nasdaq up nearly 6% intraday, following media reports that the U.S. might consider easing tariffs on Chinese goods. However, gains moderated after Treasury Secretary Scott Bessent denied any unilateral tariff cuts were on the table.

Investors found reassurance in Trump’s comments indicating he would not remove Fed Chair Jerome Powell, despite having sharply criticized him days earlier.

Trump also signaled a willingness to take a less confrontational approach in trade talks with China, suggesting that current 145% import tariffs could be reduced—though not eliminated. China responded cautiously, showing openness to talks but warning against ongoing threats from the U.S.

Tech Leads the Way

Big tech led the charge, with Tesla (TSLA | +5.37%) despite disappointing earnings. CEO Elon Musk’s announcement that he would focus more on Tesla and less on political distractions was well received.

Alphabet (GOOG | +2.48%) rose ahead of its earnings release, and Nvidia (NVDA | +3.86%) advanced 3.9%, closing above the $100 mark again.

Boeing (BA | +6.06%) stood out with a 6% rally after posting better-than-expected results. The aerospace giant reported a $1 billion beat on free cash flow and plans to increase monthly production of the 737 Max. Analysts welcomed the surprising strength in its defense segment and the $10.6 billion sale of its software division.

Semiconductor Strength

In the chip sector, Texas Instruments (TXN | +3.67%) gained 5% in after-hours trading after topping both earnings and revenue estimates and issuing strong guidance for the current quarter.

Intel (INTC | +5.54%) also surged 5.5% following reports it plans significant job cuts to restructure.

IBM (IBM |+1.9%), meanwhile, beat estimates on both revenue and earnings but fell 4.8% in after-hours trading due to investor concerns about slowing profit growth.

Mixed Results Elsewhere

Elsewhere, Enphase Energy (ENPH | -15.65%) plunged over 15% after a disappointing quarter, while Philip Morris (PM | +2.44%), Capital One (COF | +3.68%), and Intuitive Surgical (ISRG | +1.92%) all reported strong results and moved higher.

Economic Data Offers Mixed Signals

On the economic front, the U.S. services sector cooled more than expected, dragging down the composite PMI to a 16-month low. However, new home sales rose sharply in March, and the Beige Book revealed that economic activity remained flat in most regions, with increasing uncertainty around trade policy.

Commodities and Currency

Oil prices fell over 2% amid speculation that OPEC+ may boost production next month. Gold prices retreated on easing geopolitical tensions, while cryptocurrencies saw renewed buying. Treasury yields stayed relatively flat and the euro slipped to $1.1325 against the dollar.

Conclusion

Despite a volatile session influenced heavily by mixed signals from Washington, investor sentiment ultimately leaned positive on the back of strong earnings and hopes for trade progress.

Daily Market Analysis – April 23, 2025 (After Market Close)

Short Term Trend

SPY (S&P 500 ETF)

• Short-Term Trend: Down (no change)
• Support at $500
• Resistance at $550
• Volume: Slightly above average (50)
• Pattern: Gap Up - close above the SMA(20)

QQQ (Nasdaq-100 ETF)

• Short-Term Trend: Down (no change)
• Support at $415
• Resistance at $466
• Volume: Slightly at average (50)
• Pattern: Gap Up

IWM (Russell 2000 ETF)

• Short-Term Trend: Down (no change)
• Support at $170
• Resistance at $197
• Volume: Slightly above average (50)
• Pattern: Gap Up - close above the SMA(20)

Long Term Trend

SPY (S&P 500 ETF)

• Long-Term Trend: Down (no change)

QQQ (Nasdaq-100 ETF)

• Long-Term Trend: Down (no change)

IWM (Russell 2000 ETF)

• Long-Term Trend: Down (no change)

Market Breadth Analysis for April 23, 2025 (After Market Close)

The market has shown mixed breadth over the past week, with a notable shift toward bullish momentum in the last two trading sessions.

1. Latest Data – April 23, 2025

• Advancing Issues Dominate: 75.4% of stocks advanced, while only 22.9% declined, marking the second consecutive strong up day.

• Strong Upside Moves: 7.8% of stocks rose more than 4%, a sign of robust buying interest. Only 1.4% saw declines of 4% or more.

• Short-Term Strength: 52.4% of stocks are now trading above their 20-day moving average (SMA20), a solid increase from 35.2% just a day earlier.

However, participation above longer-term moving averages remains weak:

• SMA50+: 23.9%

• SMA100+: 21.1%

• SMA200+: 22.3%

• New Highs vs. Lows: Marginal improvement with 0.8% new highs and 0.2% new lows.

2. Trend Over Past Week

• April 22 also saw extremely bullish breadth with 86.8% advancing stocks and only 11.6% declining.

• Prior to that, breadth was mixed and leaned bearish, especially on April 21, where 79.8% of stocks declined.

• April 16 and 17 showed conflicting signals: April 17 had 71.3% advancing stocks, while April 16 was weak with only 32.3% advancing.

3. Breadth Across Timeframes

• Weekly: The percentage of advancing stocks increased to 67.9%, improving from a weak 49.4% just two days ago.

• Monthly: Still shows heavy bearish pressure – 81.2% of stocks are down over the past month.

• Three-Month Trend: Advancers: 22.9% vs Decliners: 76.3%

• Only 3.5% of stocks have gained more than 25%, while 21% have dropped more than 25%.

4. Conclusion

The market breadth has seen a short-term bullish surge over the past two sessions, reflected in both advancing stocks and the improvement in short-term moving average participation (SMA20). However, participation above medium and long-term moving averages remains notably weak, indicating that the rally may still be in its early stages or lack broader confirmation.

Longer-term breadth data (monthly and quarterly) remains heavily bearish, suggesting caution for swing or position traders looking for sustained strength. This divergence points to a potential short-term bounce rather than a confirmed trend reversal — at least until improvement is seen in the 50/100/200-day breadth metrics.