Several major stocks plummeted in midday trading on Wednesday due to uncertainty surrounding President Donald Trump’s tariff policies, along with disappointing earnings reports. Boeing shares surged 3.1% after being chosen for a contract to create the next-generation fighter jet, while Lockheed Martin shares fell 5.8% after losing the contract to Boeing.
Nike and Lennar also saw significant declines, falling 5.5% and 4% respectively, despite exceeding expectations in their fiscal third-quarter reports. Micron Technology dropped 8% despite beating earnings expectations. FedEx shares tumbled more than 6% after cutting its full-year profit and revenue forecasts due to weakness in the U.S. industrial economy.
However, some stocks saw gains, including Super Micro Computer, which rose 7.8% after being upgraded by JPMorgan. Alnylam Pharmaceuticals also jumped about 11.8% after receiving FDA approval for its injectable drug to treat a rare heart disease. The market’s performance was largely driven by uncertainty surrounding the impact of President Trump’s tariff policies on industries such as defense and logistics.
Source: https://www.cnbc.com/2025/03/21/stocks-making-the-biggest-moves-midday-ba-nke-lmt-fdx-mu-and-more.html