The U.S. benchmark equity indexes witnessed a notable upward trend, poised to close higher on Wednesday following President Donald Trump's decision to exempt automakers from tariffs on Mexico and Canada for a month. This strategic move has positively influenced investor sentiment, fostering a robust rally across major indices. The Dow Jones Industrial Average recorded an impressive rise of 1.2%, landing at 43,028.6, while the Nasdaq Composite surged by 1.5%, reaching 18,554.7.
Additionally, the S&P 500 index also climbed 1.2%, closing at 5,845.7. Among these indices, the materials sector displayed the strongest gains, driving the markets forward, though sectors such as energy and utilities experienced a decline. In particular, Moderna emerged as one of the top performers in the S&P 500 following a statement from President Stephen Hoge during an investor conference.
Hoge expressed optimism regarding the potential approval of the company's investigational individualized neoantigen therapy, projected for 2027. As a result, shares of Moderna surged nearly 15%, solidifying its position among investors. Conversely, Celanese also reported a remarkable uptick, with shares increasing over 11%.
This surge followed the announcement by its unit, Celanese US Holdings, regarding a tender offer to repurchase up to 500 million euros (equivalent to $535.2 million) of its 4.777% senior notes set to mature in 2026, along with $250 million of its 6.415% senior notes maturing in 2027. On the other hand, CrowdStrike faced challenges, becoming the worst performer on the S&P 500 with shares declining over 6%.
The company issued its fiscal Q1 and full-year earnings outlooks, which fell below market estimates, prompting investor concerns. In the bond market, the 10-year U.S. Treasury yield experienced a rise of 6.5 basis points, settling at 4.3%. The two-year rate also increased by 4.1 basis points, approaching approximately 4%. Moreover, April West Texas Intermediate crude oil prices dipped 2.8%, now priced at $66.36 per barrel.
The market dynamics reflect a complex interplay of economic signals, investor confidence, and sector-specific movements that continue to shape the landscape..