U.S. stocks fluttered to a mixed close on Wednesday amid fresh tariff threats while a draft U.S.-Ukraine deal on critical minerals and robust corporate earnings helped European shares close at a record high.

Market Snapshot

The Dow Jones Industrial Average fell 187.48 points, or 0.43%, to 43,433.68, the S&P 500 rose 0.90 points, or 0.02%, to 5,956.15 and the Nasdaq Composite rose 48.88 points, or 0.26%, to 19,075.26.

Market Movers

SUPER MICRO COMPUTER INC jumped 12% after the artificial-intelligence server maker filed its delayed 10-Klate Tuesday. The company’s newly filed operating statement for fiscal 2024 underwent some changes from its preliminary report issued in August. Revenue for the fiscal year ended June 30 was 0.3% higher than Super Micro’s preliminary reporting, while net income was revised down by 4.6%. “The company is now current with its (Securities and Exchange Commission) financial reporting obligations,” Super Micro said in a statement. “The company has received correspondence from the Nasdaq staff that the company has regained compliance with the filing requirements, and the matter is now closed.”

China ADRs and ETF rocketed. XPeng Inc. up 15%; NIO Inc. up 11%; Li Auto rose 10%; JD.com rose 6%; Alibaba up 4%.

Tesla Motors fell 4% to $290.80. Shares of the electric-vehicle giant tumbled 8.4% on Tuesday, its fourth straight down day, after new vehicle registrations in the European Union and the U.K. declined sharply in January. The auto maker’s market value fell below $1 trillion. Coming into Wednesday, the stock has fallen nearly 40% from its record closing high of just under $480 a share on Dec. 17.

Lucid Group Inc fell 14%. The EV maker’s fourth-quarter loss of 22 cents a share was narrower than expectations and the company said it expects to manufacture 20,000 vehicles in 2025 versus 9,029 vehicles in 2024. Sales of $234.5 million beat forecasts of $214 million. But pressuring the stock wasLucid’s appointment of Chief Operating Officer Marc Winterhoff as interim chief executive, replacing founder and CEO Peter Rawlinson, who will serve as a technical advisor to the company’s chairman. Rawlinson has led Lucid since 2019. Analysts at BofA Securities downgraded Lucid to Underperform following Rawlinson’s departure.

General Motors was up 3.8% after the automaker raised its quarterly dividend to 15 cents a share from 12 cents and said its board approved a new $6 billion stock repurchase plan.

AppLovin Corporation fell 12% after two short-sellers published negative reports alleging fraud at the advertising technology company. The stock, including the declines Wednesday, has risen 1.3% in 2025 and 466% over the past 12 months. AppLovin declined to provide Barron’s with a comment, but Chief Executive Adam Foroughi published a blog post in response to the short reports Wednesday afternoon.

“It’s disappointing that a few nefarious short-sellers are making false and misleading claims aimed at undermining our success, and driving down our stock price for their own financial gain, rather than acknowledging the sophisticated AI models our team has built to enhance advertising for our partners,” Foroughi said.

Intuit, the maker of tax-preparation software maker, reported fiscal second-quarter revenue that beat Wall Street expectations and forecast fiscal third-quarter revenue of $7.55 billion to $7.6 billion, higher than expectations of $7.52 billion. Intuit sees adjusted earnings in the period of $10.89 to $10.95 a share, below estimates of $11.51 a share. Shares of Intuit, which owns TurboTax and Credit Karma, were up 13%.

Workday rose 6.2% after the human resources software company reported better-than-expected fourth-quarter earnings and revenue. For fiscal 2026, Workday said it anticipates subscription revenue rising 14% to $8.8 billion and operating margins of 28%.

Lowe's reported fourth-quarter adjusted earnings of $1.93 a share, better than estimates of $1.84. The home-improvement retailer said total sales in the quarter were $18.6 billion, and comparable-store sales gained 0.2%. Lowe’s said it expects current fiscal-year earnings of $12.15 to $12.40 a share, higher than the consensus of $11.92. The stock was up 1.9%.

ZoomInfo Technologies Inc. gained 23% after the business-intelligence provider posted fourth-quarter earnings and revenue that beat analysts’ estimates and announced a buyback program of up to $500 million.

Market News

Nvidia Gives Upbeat View of New Chip Rollout After Mixed Report

NVIDIA Corp., the chipmaker at the center of an AI spending boom, gave an upbeat view of its highly anticipated Blackwell lineup, helping reassure investors after delivering good-but-not-great quarterly numbers.

The company got $11 billion of revenue from Blackwell in the fourth quarter, something Nvidia described as the “fastest product ramp” in its history. “Demand for Blackwell is amazing,” Chief Executive Officer Jensen Huang said in a statement.

Sales will be about $43 billion in the fiscal first quarter, which runs through April, Nvidia said in the statement. Analysts had estimated $42.3 billion on average, with some projections ranging as high as $48 billion. Gross profit margins will be a bit short of projections.

Trump Holds First Cabinet Meeting with Musk in Attendance

• President Donald Trump held the first Cabinet meeting of his second term, which was attended by Elon Musk, who heads the administration's Department of Government Efficiency and isn't a Cabinet member.

• At the meeting, Trump backed Musk's message that all federal employees send an email about their accomplishments last week or be fired. Separately, his administration told federal agencies today to come up with plans in the next few weeks for additional layoffs and reorganization.

• Trump and Ukrainian President Volodymyr Zelenskyy are close to a final agreement on Ukraine's provision of rare earth minerals to the U.S. in return for security guarantees.

• The Supreme Court heard arguments today in a case brought by a straight woman from Ohio who filed a reverse discrimination claim, which the justices appear likely to allow her to pursue.