US stock market today: Nasdaq soars 1.9%, S&P 500 gains 1.4% as big tech rallies; Dow lags on IBM drop – Texas Instruments, ServiceNow lead earnings winners, P&G, Chipotle slide

US stock market today: Wall Street found its groove again on Thursday, with the S&P 500 surging 1.4% as tech giants roared back to life. The Nasdaq Composite climbed 1.9%, driven by strong gains in megacap names like Nvidia, Amazon, Tesla, Meta, and Microsoft, all of which rose around 2% during the session. However, the Dow Jones Industrial Average lagged, up only 0.7%, weighed down by a 6% plunge in IBM stock despite the company posting an earnings beat.

Major Indices Performance (April 24, 2025)

• S&P 500: +1.4%
  
  
• Nasdaq Composite: +1.9%
  
  
• Dow Jones Industrial Average: +0.7% (weighed down by IBM's 6% drop)
  
  

Top Performing Tech Stocks

• Nvidia: +2%
  
  
• Meta: +2%
  
  
• Amazon: +2%
  
  
• Tesla: +2%
  
  
• Microsoft: +2%
  
  

Underperformers & 52-Week Lows

• IBM: -6% (despite earnings beat; CEO warns of uncertainty)
  
  
• Comcast: new 52-week low (lowest since Nov 2022)
  
  
• Tractor Supply: new 52-week low (lowest since Feb 2024)
  
  

Stocks Rallying on Earnings Beats

• Texas Instruments: +6.27%
  
  
  • Q1 EPS: $1.28 vs est. $1.07
    
    
  • Revenue: $4.07B vs est. $3.91B
    
    
• ServiceNow: +15.01%
  
  
  • Q1 EPS: $4.04 vs est. $3.83
    
    
  • Revenue: $3.09B vs est. $3.08B
    
    

Earnings Misses & Guidance Pullbacks

• Procter & Gamble: -4.95%
  
  
  • Revenue: $19.78B vs est. $20.11B
    
    
  • Lowered full-year forecast
    
    
• Chipotle: -3.5%
  
  
  • Q1 miss + first same-store sales drop since 2020
    
    
• Southwest Airlines: -3.3%
  
  
  • Cut 2025 flights, pulled 2025–2026 guidance
    
    
• American Airlines: +1.23%
  
  
  • Pulled 2025 guidance despite earnings beat
    
    

Global Trade & Economic News

• China: Confirms no trade talks ongoing with U.S.; calls for end to “unilateral” tariffs
  
  
• Trump administration: Signals openness to trade deal
  
  
• Tariff update: Chinese imports currently face 145% U.S. tariff
  
  
• IMF: Cuts Asia 2025 growth forecast from 4.6% → 3.9%
  
  
• Kristalina Georgieva (IMF): Pushes back on U.S. claims of “mission creep”
  
  
• U.S. housing: March existing home sales down 5.9% MoM, lowest since 2009
  
  

Market Sentiment & Outlook

• S&P 500: Down 4% since April 2 (Trump’s tariff announcement)
  
  
• Dow: Down 5.7% in same period
  
  
• Nasdaq: Down 3.6% in same period
  
  
• Wolfe Research: Warns today’s move may be “bear market rally”
  
  
• Deutsche Bank: Market hasn’t fully priced in a recession risk yet

Why did tech stocks rebound today despite trade tensions with China?

The rally came despite conflicting trade signals between Washington and Beijing. Investors latched onto comments from President Donald Trump and Treasury Secretary Scott Bessent, both of whom hinted at a potential thaw in U.S.-China relations. Trump said he’s willing to ease up on his confrontational approach, while Bessent called the current environment a chance for a “big deal.”

But across the Pacific, China was far less optimistic. The Ministry of Commerce made it clear that there are “no ongoing trade talks” with the U.S., calling on Washington to scrap what it calls “unilateral” tariffs—currently at a staggering 145% on some Chinese imports.

Analysts remain cautious: Is this a real recovery or a bear market rally?

Even as stocks bounced, some experts urged caution. Ross Mayfield of Baird told CNBC, “I don’t trust the move,” warning that the market might just be reacting to hopeful rhetoric rather than real progress.

Wolfe Research echoed that sentiment, calling this one of those “violent bear market rallies” that make investors believe the worst is over—even when it's not. “We still see downside unless a clear technical breakout occurs,” their note said.

Since Trump announced the new round of tariffs on April 2, the S&P 500 is still down 4%, the Dow has slipped 5.7%, and the Nasdaq is off 3.6%.

IMF cuts Asia’s 2025 growth forecast, citing trade woes

Adding to global concerns, the International Monetary Fund slashed its Asia economic growth forecast to 3.9% for 2025, down from 4.6%. Krishna Srinivasan, head of the IMF’s Asia and Pacific Department, pointed to trade uncertainty as the key headwind. He did note, however, that central banks across Asia still have room to ease policy and mitigate the impact.

Housing market stumbles as March existing home sales hit 2009 lows

The housing sector wasn’t spared either. Existing home sales dropped 5.9% in March, the worst for the month since the aftermath of the 2008 financial crisis. That’s a 2.4% year-over-year drop, even as home prices hit a record $403,700. Analysts had expected a smaller dip, but tight supply and high mortgage rates continue to pressure buyers.

What stocks hit 52-week lows and highs today?

Not everything was in rally mode. Comcast and Tractor Supply hit new 52-week lows, while Netflix soared to its all-time high, retracing back to its post-IPO trajectory.

Earnings movers: ServiceNow, Texas Instruments shine; IBM, Chipotle slump

• Texas Instruments jumped over 8% after reporting strong Q1 earnings and upbeat guidance.
  
  
• ServiceNow ripped 15% higher after a massive earnings beat.
  
  
• On the downside, IBM fell over 6% despite beating earnings as its CEO warned of client uncertainty.
  
  
• Chipotle lost 3.5% after same-store sales fell for the first time since 2020.
  
  
• Procter & Gamble shed nearly 5% after revenue missed expectations, despite a slight earnings beat.
  
  

Airline stocks under pressure as carriers pull financial guidance

The airline sector is wobbling amid growing macroeconomic uncertainty. Southwest Airlines and American Airlines both withdrew their 2025 financial guidance, citing economic pressures and reduced demand. American shares held up slightly, while Southwest dropped more than 3%.

FAQs:

Q1: What happened in the US stock market today?
The Nasdaq and S&P 500 jumped as tech stocks surged, but the Dow lagged due to IBM’s drop.

Q2: Which stocks led the market rally today?
Texas Instruments and ServiceNow led gains, while P&G and Chipotle slipped.