U.S. equities traded higher midday Friday as a flurry of corporate news and fresh trade policy announcements from Washington drove outsized stock moves.
Industrials and transport
Paccar jumped 5% after President Donald Trump announced a 25% tariff on imported heavy trucks starting Oct. 1.
Boeing rallied more than 4% as Turkish Airlines ordered 75 Boeing 787s and finalized negotiations for 150 737 MAX aircraft. The news came alongside Turkish President Tayyip Erdogan’s meeting with Trump. Separately, the FAA said it would allow limited delegation to Boeing for issuing airworthiness certificates on 737 MAX and 787 jets beginning Monday.
Technology and semiconductors
Intel gained 4% after the Wall Street Journal reported the chipmaker had approached Apple, Taiwan Semiconductor and others about investing.
Other semiconductor names moved on tariff headlines. Trump is weighing requirements for chipmakers to maintain a 1:1 ratio of U.S.-manufactured to imported semiconductors. STMicroelectronics, Marvell Technology and TSMC slipped around 2%. GlobalFoundries rose 5% and Teradyne edged up 1%.
Consumer and retail
Furniture names fell after Trump unveiled a 30% tariff on upholstered furniture. RH dropped 4%, while Williams-Sonoma eased 1%.
Costco lost 2% despite beating fiscal Q4 estimates with EPS of $5.87 on $86.16 billion in revenue, topping analyst forecasts. Membership and e-commerce growth remained strong, but shares have lagged the broader market this year, up less than 3%.
Healthcare and pharma
Trump also confirmed a 100% tariff on imported branded drugs, exempting firms building U.S. plants. Eli Lilly and Merck added about 1%, while U.S.-listed shares of Denmark’s Novo Nordisk fell 2%.
Alkermes rose 5% after an upgrade to outperform at RBC Capital, which raised its price target to $44 from $42.
Travel and leisure
InterContinental Hotels Group rose more than 4% after JPMorgan double-upgraded the stock to overweight from underweight and lifted its price target by 22%.
Six Flags gained 4% after activist Land & Buildings urged monetization of its real estate, including a potential REIT spinoff.
Materials and energy
Perpetua Resources surged 14% after saying it is ready to enter long-term off-take deals for antimony, noting its Stibnite Gold Project holds the U.S.’s only domestic reserve.
Mirion Technologies climbed 12% after JPMorgan initiated coverage at overweight with a $28 target, and Politico reported the DOE is preparing $900 million in funding for domestic uranium enrichment.
Digital assets
CleanSpark dropped 7% after JPMorgan downgraded to neutral, saying the miner has fully priced in its expansion to 50 EH/s.
Riot Platforms rose 2% after Citigroup upgraded the stock to buy/high risk.
Other movers
Concentrix sank 10% after reporting Q3 adjusted EPS of $2.78, below the $2.87 consensus.
MasterBrand and American Woodmark each rose more than 5% on hopes they will benefit from Trump’s proposed 50% tariff on cabinet imports.
