The S&P 500 (^GSPC +0.67%) rose 0.78% to 6,891.04, the Nasdaq Composite (^IXIC +1.06%) gained 1.04% to 22,863.68, and the Dow Jones Industrial Average (^DJI +0.47%) added 0.76% to 49,174.49 as AI jitters eased.
Market movers
Biotech player Iovance Biotherapeutics jumped 32% on positive sarcoma trial data, while Advanced Micro Devices climbed on reports of a new AI chip deal with Meta Platforms. In staples, J.M. Smucker outperformed after a Bank of America upgrade, while General Mills lagged after a downgrade.
What this means for investors
After the market sold off stocks yesterday, thanks to a viral post on AI’s “doomsday potential” and the potential implications of the Supreme Court’s tariff ruling, stocks rebounded broadly today. In less than two months this year, the market has swung from “software stocks might be dying” to “AI stocks spending heavily on capex need to show an ROI in 2026,” creating interesting market rotations.
One such rotation is the ongoing “HALO” trade, where investors buy stocks with “heavy assets, low obsolescence,” which should be less susceptible to AI disruption. Mentioned earlier, J.M. Smucker is a perfect example of this HALO trade. Home to tangible operations that AI can’t immediately overtake, SJM stock has already risen 12% in 2026.
