Why Wolfspeed Stock Is Skyrocketing Today
Shares of Wolfspeed (NYSE: WOLF) are jumping on Wednesday, up 23.6% as of 3:02 p.m. ET. The rise comes as the S 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 0.6% and 0.5%, respectively.
The embattled chipmaker's stock was flying higher today in part by a U.S. trade deal reached with Japan, a country with which Wolfspeed has significant ties.
President Trump announced yesterday that his administration had reached a "massive" trade deal with Japan that will see tariffs on Japanese goods in the U.S. reduced to 15%. Critically, auto tariffs were reduced from 25% to 15%. Japan will also invest $550 billion in the U.S. and will open its markets to U.S. goods, including cars, trucks, and agricultural products.
Source Fool.com
