The S&P 500 and Nasdaq closed at record highs on Wednesday, boosted by gains in technology stocks and a trade agreement between the U.S. and Vietnam that eased concerns over prolonged trade tensions.

The Dow Jones Industrial Average closed slightly lower but remained within 1.18% of its December 4 record close.

Market Snapshot

The S&P 500 gained 29.41 points, or 0.47%, to 6,227.42 and the Nasdaq Composite gained 190.24 points, or 0.94%, to 20,393.13. The Dow fell 10.52 points, or 0.02%, to 44,484.42.

Market Movers

Tesla - Tesla stock was up 5% even after the electric-vehicle company delivered 384,122 cars in the second quarter, down 13.5% from 444,000 in the second quarter of 2024 but very close to the Wall Street consensus estimate of about 386,000 vehicles. It was the worst quarterly decline in the company's history.

Apple - Apple rose 2.2% to $212.44 after analysts at Jefferies upgraded the iPhone maker to Hold from Underperform and boosted their price target to $188.32 from $170.62. The firm believes good fiscal third-quarter earnings "could keep the stock stable" in the near term. Apple shares have declined 17% this year.

Rivian - Rivian was down 4.5%. The EV start-up reported second-quarter sales of 10,661 vehicles, down 23% from a year earlier, and reiterated its full-year guidance for sales of between 40,000 to 46,000 vehicles.

Nike, On Holding, Lululemon - Apparel retailers that manufacture their goods in Vietnam saw gains after the trade deal announcement. Nike rose 4.1% while On Holding, the Swiss sneaker maker, gained 2.9%. Shares of Lululemon Athletica rose 0.5%.

Rigetti Computing, D-Wave Quantum, IonQ - Shares of Rigetti Computing, D-Wave Quantum, and IonQ climbed 15.5%, 7.8%, and 11.6%, respectively, after Cantor Fitzgerald analyst Troy Jensen initiated coverage on all three companies with an Overweight rating. Jensen also initiated coverage on Quantum Computing with a Hold rating and $15 price target. The stock was up 11% at $20.65.

Centene, Molina Healthcare - Centene sank 40.4% after the health insurer withdrew its fiscal-year earnings guidance. Centene said preliminary data for 22 of its 29 marketplace states signaled that fewer customers than expected were enrolling in its plans, and those that have signed up were more likely to have health problems than previously forecast. Shares of Molina Healthcare declined 22% on the news.

Goldman Sachs, JPMorgan Chase, Wells Fargo - Shares of the biggest U.S. banks, including Goldman Sachs, JPMorgan Chase, and Wells Fargo, were rising after the companies announced fresh plans for stock buybacks and dividends following the Federal Reserve's disclosure of positive annual stress tests.

Verint - Verint Systems jumped 15.3% after Bloomberg reported that private-equity firm Thoma Bravo was negotiating the terms of a potential acquisition of the maker of call center software. Verint is working with an adviser, people familiar with the matter told Bloomberg.

Constellation Brands - Constellation Brands reported fiscal first-quarter earnings and sales that missed analysts' estimates and said its beer business experienced a net sales decrease of 2% that was "driven by a 3.3% decline in shipment volumes reflecting socioeconomic headwinds affecting consumer demand." The company earlier this year said Hispanic beer consumers had cut down on dining out and socializing due to worries about the economy and the administration's immigration crackdown. Constellation Brands maintained its fiscal-year outlook across all business segments. Shares rose 4.5%.

Adobe - Adobe slipped 3.5% to $378.47. Rothschild & Co Redburn downgraded shares of the software company to Sell from Neutral and trimmed their price target to $280 from $420. The stock was also facing pressure from rival Figma's filing of paperwork for a proposed initial public offering.

Greenbrier - Greenbrier surged 21.1% after the railroad-equipment company reported fiscal third-quarter earnings and revenue that rose from a year earlier and raised its fiscal-year aggregate gross margin and operating margin guidance.

Market News

US Reaches Vietnam Trade Deal With 20% Import Tariff, Trump Says

US President Donald Trump said he had reached a trade deal with Vietnam following weeks of intense diplomacy between the nations and ahead of a deadline next week that would have seen higher tariffs imposed on the country’s imports.

A 20% tariff will be placed on Vietnamese exports to the US, with a 40% levy on any goods deemed to be transshipped through the country, Trump said in a social-media post on Wednesday. Trump said that Vietnam had agreed to drop all levies on US imports.

“In other words, they will “OPEN THEIR MARKET TO THE UNITED STATES,” meaning that, we will be able to sell our product into Vietnam at ZERO Tariff,” Trump wrote. The president said he had secured the deal after discussions with Communist Party chief To Lam.

Datadog to Join S&P 500, Juniper to Exit After Takeover by HPE

Software company Datadog Inc. will be added to the S&P 500 index next week, replacing Juniper Networks Inc. after its recent acquisition by Hewlett Packard Enterprise Co.

Datadog will be included in the index prior to the start of trading on July 9, according to a press release from S&P Dow Jones Indices. Shares of Datadog were up 10% in after-hours trading Wednesday.

The hope of AppLovin and Robinhood being selected has once again been dashed.