Happy Wednesday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• 🟩 | US stocks rose today but fell from their intraday highs after President Trump struck a more dovish tone on Fed Chair Powell and China tariffs.

• 📈 | One Notable Gainer: Duolingo $DUOL ( ▲ 10.04% ) flew higher after another analyst turned bullish on the owl. (We previously covered Citizens’ upgrade in late March.)

• 📉 | One Notable Decliner: Shares of Enphase $ENPH ( ▼ 15.53% ) plummeted to a five-year low after the energy company slashed its guidance on tariff fears.

MARKET MOVERS

Tesla, Baker Hughes, Boeing

$TSLA ( ▲ 6.04% ) Deutsche Bank lays out 4 reasons why Tesla is rallying despite those terrible results (CNBC)

$BKR ( ▼ 6.13% ) Baker Hughes expects drop in producer spending as tariffs hit demand (SeekingAlpha)

$BA ( ▲ 6.33% ) Boeing Stock Surges On Q1 Results, Plus $10.6 Billion Deal (IBD)

$BMY ( ▼ 3.19% ) Bristol Myers' Cobenfy fails in key study as add-on treatment for schizophrenia (Reuters)

$COF ( ▲ 4.0% ) Capital One Profit Climbs 10% as Credit-Card Spending Increases (Bloomberg)

OVERHEARD ON THE STREET

WSJ: President Trump said he won't fire Fed Chair Jerome Powell, but urged him to cut interest rates, and added that US tariffs on China will decrease.

CNBC: Boeing’s $BA ( ▲ 6.33% ) CEO said China has halted deliveries of its aircraft due to the US-China trade war.

Reuters: US business activity fell to a 16-month low in April as tariffs drove up prices for goods and services and hindered exports.

AP: After a sharp drop in Tesla’s profits, CEO Elon Musk said he would spend less time on government work and more running the company.

Bloomberg: New single-family home sales rose 7.4% in March, driven by growth in the South and surpassing all forecasts.

TOMORROW’S TRADE IDEA, TODAY

Solid to the Core

A Bumpy Road Thus Far

CoreWeave $CRWV ( ▲ 6.08% ) , a cloud computing company backed by NVIDIA $NVDA ( ▲ 3.67% ) , had a volatile entry to the public markets. It shot up 42% on the first trading day in April following its flat debut in March, before crashing back down to earth shortly thereafter.

But its rollercoaster ride hasn’t dissuaded analysts from hopping on board. Many remain bullish, citing its strong AI positioning and NVIDIA partnership as tailwinds.

Positive, But Reserved

Several analysts, such as those at Barclays $BCS ( ▲ 2.63% ) and JPMorgan $JPM ( ▲ 2.27% ) , have assigned the stock an Overweight rating. The firms like CoreWeave’s strong revenue growth potential and large total addressable market in AI training and inference.

However, they also acknowledged the risks associated with the company, including high capex and potential for volatility. Goldman Sachs $GS ( ▲ 1.8% ) and Citi $C ( ▲ 2.96% ) echoed this caution, giving the stock a Neutral rating due to broader macroeconomic uncertainty.

Unequivocal Bulls

Jefferies and Bank of America $BAC ( ▲ 1.24% ) , on the other hand, are all in on CoreWeave as a Buy.

The firms pointed to the company’s ability to scale GPU compute reliably, as well as its strategic role in the AI infrastructure space, as keys to potential future success. 

Jefferies added that strong demand for AI compute should help to hedge any downside risks, while BofA said that its purpose-built platform and potential for market share gain should put it on investors’ radar.

CoreWeave’s public life has been as eventful as it’s been brief. But analysts believe investors have plenty of reasons to hang in for the long term.

ON OUR RADAR

AP: Treasury Secretary Bessent criticized the IMF and World Bank while highlighting a potential major trade deal with China.

Forbes: Cantor Fitzgerald, Tether $USDT.X ( ▼ 0.03% ) , and SoftBank $SFTBY ( ▲ 0.29% ) are launching a $3.6B bitcoin venture to rival Strategy $MSTR ( ▲ 0.39% ) .

NYT: A jury rejected Sarah Palin’s libel claim against The New York Times $NYT ( ▲ 0.28% ) , concluding that a 2017 editorial did not defame her.

The Verge: Musk, long known for touting fully autonomous Teslas, is now conceding that his robotaxi vision will come with “parameters”.

CNN: The EU fined Apple $AAPL ( ▲ 2.36% ) and Meta $META ( ▲ 4.1% ) $797M for violating digital competition laws, which the latter called a “multibillion-dollar tariff”.

TUESDAY’S POLL RESULTS

Are you bullish or bearish on Apple (AAPL) over the next 12 months?

🟩🟩🟩🟩🟩🟩 🐂 Bullish

🟨🟨🟨🟨🟨⬜ 🐻 Bearish

• 🐂 Bullish — “After the recent pullback, I expect there will be some positive structural changes in-house.”

• 🐻 Bearish — “It’s not on my purchase agenda.”