Why Wolfspeed Stock Is Soaring Today
Shares of (NYSE: WOLF) are spiking on Wednesday. The chipmaker's stock was up 17.2% as of 2:21 p.m. ET, as the S 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) were up 0.2% and 0.4%, respectively.
Wolfspeed's stock is recovering somewhat today after losing nearly 60% this month. The stock may be getting a boost from President Trump as he continues to pressure the Federal Reserve to lower interest rates.
The payroll processing firm ADP reported its private-sector job creation numbers on Wednesday. The 37,000 jobs added in May were the lowest figure reported since March 2023 and significantly lower than the Dow Jones forecast of 110,000. While the ADP report is important, the nonfarm payrolls count from the Bureau of Labor Statistics, released in two days, is the more closely watched metric.
Source Fool.com
