By Joe Woelfel

Stock futures were mostly higher Wednesday but Treasurys were selling off after President Donald Trump's reciprocal tariffs went into effect, including a 104% tariff on Chinese imports.

These stocks were poised to make moves Wednesday:

Apple rose 2.1% in premarket trading. The stock closed down 5% on Tuesday and has dropped 23% over the past four trading sessions after President Donald Trump announced higher-than-expected tariffs. On Tuesday, White House Press Secretary Karoline Leavitt told reporters that Trump wants iPhones to be manufactured in the U.S., but analysts believe domestic iPhone manufacturing isn't tenable on a financial basis.

The rest of the Magnificent Seven also finished Tuesday's session with losses. Microsoft, Nvidia, Amazon.com, Alphabet, Meta Platforms, and Tesla fell as the tech-heavy Nasdaq Composite slumped 2.2%. Microsoft declined 0.9% on Tuesday but moved ahead of Apple as the most valuable public company. Microsoft closed with a market capitalization of $2.636 trillion, according to Dow Jones Market Data, versus Apple's $2.59 trillion. Microsoft rose 0.5% in premarket trading.

Tesla rose 3.5% in premarket trading after falling 4.9% on Tuesday. CEO Elon Musk, not a fan of tariffs, ripped into Peter Navarro, the architect of Trump's trade policy. Musk on Tuesday called Navarro a "moron" after Navarro said Musk was a "car assembler," and said the CEO was "protecting his own interests." Coming into Wednesday, shares of the electric-vehicle company have fallen 45% this year.

Trump has big plans for the U.S. coal industry, giving a boost to coal producers, which rose sharply Tuesday and extended gains in premarket trading. Peabody Energy finished Tuesday with a gain of 9.2% and was jumping 16% in the premarket session, while Core Natural Resources rose 6.6% on Tuesday. The president signed an executive order on Tuesday to designate coal as a "critical mineral" for national security, similar to minerals like uranium.

Nvidia was up 3.6% in premarket trading. The maker of artificial-intelligence chips dropped 1.4% on Tuesday to close at $96.30. Coming into Wednesday, Nvidia shares have fallen 28% this year. The declines have attracted some to purchase the stock, including Cathie Wood's flagship ARK Innovation exchange-traded fund, which bought a total of 343,657 shares of Nvidia on Monday and Tuesday.

Cal-Maine Foods reported a huge jump in fiscal third-quarter earnings as sales more than doubled following a spike in egg prices but the results missed analysts' estimates. The company also said it was cooperating with a Justice Department investigation into the causes of the rise in U.S. egg prices. The stock was down 4.8% in premarket trading.

Earnings reports are expected Wednesday from Delta Air Lines, Constellation Brands, Simply Good Foods, PriceSmart, and Neogen.

Delta fell 1.4% in premarket trading. Wall Street expects the carrier to report first-quarter earnings of 38 cents a share on revenue of $13 billion. Delta has guided for earnings of between 30 and 50 cents a share, down from a previous range of 70 cents to $1. Delta said last month that macroeconomic uncertainty was putting a dent in corporate and consumer confidence.

Write to Joe Woelfel at joseph.woelfel@barrons.com

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April 09, 2025 05:21 ET (09:21 GMT)

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