U.S. Stock Market: Major Indices Open with Volatility, Quantum Computing Stocks Soar

U.S. stocks opened with small contractions for the three major stock indexes, with the Dow Jones down by 0.3%, the S&P 500 down by 0.4%, and the Nasdaq down by 0.5%.

Nvidia turned positive after the open, now up over 1%, after being down by more than 1% at one point; storage-related stocks' gains expanded, with Micron Technology up by 3.3%, Seagate Technology up by 5%, SanDisk up by 2.2%, and Western Digital up by 2.6%.

Quantum computing stocks soared, with Quantum Computing up about 9%, Rigetti Computing up about 13%, and D-Wave Quantum up about 13%. Traditional tech giant IBM rose by 3.6%, marking its largest single-day gain in nearly two months. This comes after reports that the U.S. government allocated funds and acquired equity stakes in quantum computing companies.

Applied Digital Corp. gained about 8%, as the company announced a long-term data center rental agreement with a global hyperscale cloud service provider.

NIO Inc. was up about 5%, with the company's Q1 revenue increasing by 112% year-over-year, vehicle deliveries surging by 98%, and the gross margin on vehicles reaching a four-year high.

Intuit has plummeted by 19%, marking the largest percentage drop since March 2003, after the company announced a global workforce reduction of 17% (approximately 3000 employees) and the closure of regional offices.

NetEase fell about 6%, following the release of its Q1 earnings report which showed overall revenue and net profit underperforming Wall Street expectations.

Walmart's stock price fell by about 6%, recording the largest drop since February 2025, after its Q1 report showed that management provided extremely cautious guidance for the future macro consumer prospects.