Midday Fly By: Alibaba reports, Nvidia CEO joins Trump in China

The major averages were mixed near noon as markets attempt to stabilize after Tuesday’s inflation-driven pullback, though they face an added headwind after April producer price inflation came in hotter than expected.

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Investors are also closely watching developments between President Trump and Chinese President Xi Jinping, with trade, AI and rare-earth supply negotiations in focus. Any signs of easing trade tensions could help improve sentiment, particularly for industrials and semiconductors, while renewed tariff escalation would likely add to inflation concerns.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Alibaba (BABA) reported a sharp year-over-year decline in Q4 earnings per share
• President Trump added Nvidia (NVDA) CEO Jensen Huang to the CEO delegation traveling with him to meet Xi Jinping in China, Reuters reports
• Amazon (AMZN) introduced its “Alexa for Shopping” personalized AI assistant
• Tower Semiconductor (TSEM) reported upbeat Q1 results and signed silicon photonics contracts for $1.3B
• Equinox Gold (EQX) and Orla Mining (ORLA) agreed to an at-the-market combination

2. WALL STREET CALLS:

• Leerink (JNJ) to Outperform on new drug momentum
• Akamai (AKAM) upgraded to Buy at BofA
• Wendy’s (WEN) upgraded to Buy at Argus on take-private reports
• Under Armour (UAA) cut to Hold at Stifel on persistent challenges to sales growth
• ZoomInfo (GTM) downgraded to Underperform at Mizuho

3. AROUND THE WEB:

• BYD (BYDDF) is negotiating with Stellantis (STLA) and other European car makers to take over underused factories in the region, Bloomberg reports
• JPMorgan (JPM) is set to reshuffle senior roles in its investment bank as part of a wider reorganization, FT reports
• Walmart (WMT) is cutting or relocating about 1,000 corporate roles, WSJ says
• Nike’s (NKE) struggling China business has become a cautionary tale, WSJ reports
• Anthropic is in talks to raise between $30B and $50B in a funding round that would value it at up to $950B, NY Times says

4. MOVERS:

• Energy Vault (NRGV) rises announcing a strategic development agreement with Eskom
• Velo3D (VELO) higher after reporting quarterly results
• Nextpower (NXT) gains after reporting upbeat Q4 results and agreeing to acquire Zigor’s power conversion business
• Karman (KRMN) falls after reporting mixed Q1 results
• Resideo (REZI) lower after reporting quarterly results and reaffirming its guidance for Q2 and FY26

5. EARNINGS/GUIDANCE:

• Oklo (OKLO) reported downbeat Q1 earnings
• Eos Energy (EOSE) reported better-than-expected Q1 results and provided FY26 revenue guidance
• Wix.com (WIX) reported lower-than-expected Q1 earnings and revenue
• Kornit Digital (KRNT) reported upbeat Q1 results
• Global-e Online (GLBE) provided a “beat and raise” report for Q1

INDEXES:

Near midday, the Dow was down 0.48%, or 239.51, to 49,521.05, the Nasdaq was up 0.85%, or 221.76, to 26,309.96, and the S&P 500 was up 0.27%, or 19.97, to 7,420.93.