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&P 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.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool