Trump suspends tariffs: Who wins and who loses
What's the story
President Donald Trump has suspended sweeping tariffs for 90 days, a move that has sent global financial markets into a rally.
The S&P 500 saw its biggest single-day surge since 2008 at 9%, while the Dow Jones Industrial Average jumped nearly 3,000 points. The Nasdaq Composite Index soared by an impressive 12%.
However, not all stakeholders have benefited from this tariff suspension.
Market response
Airline and semiconductor stocks soar
Airline stocks saw huge gains, with United Airlines' share price jumping 26%, and Delta Air Lines' stock rising 23%.
Cruise companies also got a boost, with Norwegian Cruise Line Holdings up 19% and Carnival Corporation up 18%.
Expedia Group also gained about 18% on the day.
Semiconductor companies such as Intel and NVIDIA were among the biggest beneficiaries, as their share prices surged around 18%.
Apple shares skyrocketed 15% on Wednesday in its best day in 27 years.
Tesla boost
Tesla's stock rises, Musk's net worth increases
Tesla's stock jumped an impressive 22%, giving the much-needed respite to the company which has been struggling with a falling share price and heavy backlash in recent months.
The surge also proved beneficial for CEO Elon Musk, whose net worth jumped to $326 billion from $290 billion as of the previous market close.
The tariff suspension appears to have worked in favor of both Tesla and its CEO, financially.
Tariff impact
China and Amazon among the losers
China was left out of the tariff suspension and was instead slapped with even higher tariffs.
The new total tariff rate for imports from China now stands at a staggering 125%.
Amazon's stock price did rise around 12% Wednesday, but the hefty tariffs on China could spell trouble for the online retailer owing to its reliance on Chinese products.