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Shares of Tesla ( TSLA ) soared more than 20% in Wednesday afternoon trading, leading other Magnificent Seven members higher amid a broad relief rally as President Trump announced a 90-day pause on most of the tariffs his administration announced last week.

The tech sector led the surge, as Tesla’s climb made it one of the top-performing stocks on the S&P 500 and Nasdaq , along with AI chipmaker Nvidia ( NVDA ), which topped the Dow Jones Industrial Average gainers with its shares up over 18%.

Overall, the S&P 500 gained 9.5% at Wednesday's close, the Dow advanced 8%, and the tech-heavy Nasdaq rose by 12%.

Broadcom ( AVGO ), Advanced Micro Devices ( AMD ), Micron Technology ( MU ), Applied Materials ( AMAT ), and other semiconductor stocks were also higher, propelling the PHLX Semiconductor Index ( SOX ) up close to 19%.

Meta Platforms ( META ) jumped close to 15%, while Amazon ( AMZN ) surged 12%, Microsoft ( MSFT ) rose about 10%, and Google parent Alphabet ( GOOGL ) about 10%.

Apple ( AAPL ) shares were over 15% higher after its worst four-day stretch since 2000 . (Read Investopedia's live coverage of Wednesday's market action here .)

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