Wall Street Rebounds, Led by AMD’s 9% Rally
In this context, the Dow Jones Industrial Average rose 0.76% to 49,174.81 points, the S&P 500 gained 0.78% to 6,891.04.
Quick overview
- Wall Street rebounded from a sharp selloff, closing higher with a notable rise in tech stocks.
- AMD led the rally with an 8.7% increase, driven by investor interest in trade tensions and artificial intelligence advancements.
- The Dow Jones, S&P 500, and Nasdaq all posted gains, recovering from the previous day's decline.
- FedEx filed a lawsuit seeking refunds for emergency tariffs, marking the first formal challenge following a Supreme Court ruling.
Wall Street shook off the previous session’s sharp selloff and closed higher, driven by a rebound in tech stocks.
AMD led the rally with a nearly 9% jump, as investors remained focused on trade tensions and the pace of artificial intelligence.
U.S. markets recovered on Tuesday after Monday’s steep decline, powered by a rebound in technology shares led by Advanced Micro Devices (AMD). Growing uncertainty over global trade and fears of potential disruption from rapid advances in artificial intelligence had weighed heavily on sentiment the day before, pushing all three major benchmark indexes sharply lower.
In this context, the Dow Jones Industrial Average rose 0.76% to 49,174.81 points, the S&P 500 gained 0.78% to 6,891.04, and the Nasdaq Composite advanced 1.05% to 22,863.68.
FedEx leads tariff refund claims
Markets remain focused on the outlook for global trade following the implementation of new U.S. tariffs promoted by President Donald Trump, which set a 10% rate as of midnight Tuesday, after a U.S. Supreme Court ruling struck down the so-called “reciprocal” tariffs.
The 10% tariff was communicated via a notice from U.S. Customs and Border Protection, and is lower than the 15% rate Trump announced over the weekend. However, the White House is reportedly preparing a formal executive order to raise the tariff to 15%, according to Bloomberg News.
Amid uncertainty over Trump’s trade agenda, doubts have also emerged about the future of bilateral agreements previously negotiated with key partners. Reports that some countries may reassess those deals following the court ruling prompted Trump to warn on social media against taking advantage of the situation.
Adding pressure, FedEx (+0.6%) filed a lawsuit against the U.S. government on Monday seeking a “full refund” of emergency tariffs paid over the past year.
FedEx is the first company to formally demand refunds following the Supreme Court decision, joining a broader wave of legal challenges to U.S. tariff policy. The ruling did not clarify the fate of revenues collected from the tariffs deemed illegal, which are estimated to exceed $160 billion.
Tech rebound and standout movers
Calm returned to the technology sector after Monday’s panic, which had been triggered by a report from Citrini Research, as several major companies move forward with new AI-related partnerships.
Shares of AMD surged 8.7% after the company announced an expansion of its agreement with Meta Platforms (+0.3%), the parent company of Facebook, to supply chips for artificial intelligence infrastructure.
Meanwhile, several software stocks advanced following a wave of deals linked to AI tools from Anthropic. In particular, Thomson Reuters posted a gain of nearly 12%.
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