Gold miners, biotech, and EV firms lead top US stock gainers as inflation cools and investors shift towards defensive bets

Investor sentiment on April 10, 2025, was shaped by a confluence of geopolitical friction, moderating inflation, and heightened risk aversion amid ongoing uncertainty around U.S. trade policy. While major indices fluctuated in response to U.S. President Donald Trump’s evolving tariff regime and mixed earnings signals, individual stocks in gold mining, healthcare innovation, and electric vehicles stood out for their resilient gains.

As investors sought inflation hedges and portfolio protection against policy shocks, gold-linked stocks surged sharply. This rotation into precious metals was amplified by a retreat in U.S. Treasury yields and a pause in the U.S. dollar’s recent strength. Meanwhile, strategic investor moves in the biotech space and earnings optimism in the EV sector contributed to strong rallies in Summit Therapeutics and BYD, respectively.

Why did gold stocks outperform so strongly?

The resurgence of gold stocks was the defining theme on April 10. As macroeconomic anxiety mounted, gold producers, streamers, and royalty firms climbed on safe-haven demand. Harmony Gold Mining Company Limited led the gains with a 10.55% increase to $16.24, as investors responded to the firm’s strong interim results, which included a 33% rise in net profit and a record dividend of 227 South African cents. The South African miner’s focus on cost control and efficiency improvements at its operations in Papua New Guinea and South Africa played a significant role in lifting investor sentiment.

Gold Fields Limited followed closely with an 8.58% gain to $23.40. Its diversified mining footprint across Africa, Australia, and Latin America has helped mitigate jurisdictional risk and contributed to stable production outputs, reinforcing its appeal during commodity rallies. Agnico Eagle Mines Limited also gained 5.43% to close at $111.55, reflecting a broader institutional preference for large-cap gold names with strong reserve profiles and disciplined capital allocation strategies.

Royalties and streaming firms saw similar tailwinds. Osisko Gold Royalties Ltd climbed 6.86% to $21.81, while Franco-Nevada Corporation and Royal Gold, Inc. gained 4.83% and 3.91%, respectively. These companies benefit from rising gold prices without incurring direct mining risks, making them particularly attractive in times of economic strain. Similarly, Wheaton Precious Metals Corp advanced 4.40% to $77.90, underscoring investor appetite for low-risk exposure to the precious metals rally.

Junior and mid-tier miners also participated in the gold rush. IAMGOLD Corporation added 5.68% to $6.88 as investors speculated on its upcoming production ramp-up at the Côté Gold project. Alamos Gold Inc. rose 5.39% to $27.97 on strong balance sheet fundamentals and improving cash flows from North American operations. Kinross Gold Corporation gained 5.15% to $13.69, benefiting from rising margins and increased production guidance for 2025.

What drove healthcare and biotech stocks higher?

Outside of gold, healthcare and biotech stocks saw renewed momentum. Summit Therapeutics Inc. soared 10.53% to $20.15 following an insider-led warrant exercise. Co-CEOs Bob Duggan and Maky Zanganeh acquired nearly four million shares at $1.58, a move widely interpreted as a vote of confidence in the company’s long-term growth. Summit’s novel antibiotics, particularly its ivonescimab program for bacterial infections, have generated investor enthusiasm in a market increasingly aware of antimicrobial resistance.

Alignment Healthcare, Inc. added 6.69% to close at $19.78. The company’s value-based care model, particularly in the Medicare Advantage space, has gained traction among analysts forecasting a structural shift toward preventive, digital-first care delivery. agilon health, inc. followed with a 6.18% rise to $5.50. The firm’s partnership-based network with physicians and capitated payment structure for managing senior care costs has helped it position itself as a scalable alternative in a crowded payor-provider market.

Enact Holdings, Inc., primarily a mortgage insurance firm, also joined the gainers list with a 4.41% increase to $34.84. Though not traditionally seen as a healthcare play, Enact benefited from stabilization in U.S. housing data and improved refinance activity that brightened its risk outlook.

How did China-linked tech and EV stocks rebound?

Chinese electric vehicle and technology-linked firms rebounded sharply, defying recent volatility tied to regulatory pressures and tariff threats. BYD Company Limited gained 6.29% to $46.65 after issuing a bullish Q1 earnings preview. The automaker projected net income between $1.2 billion and $1.4 billion, outpacing Wall Street expectations and putting it nearly on par with Tesla for the quarter. The announcement signaled resilience in the face of subsidy rollbacks and intense domestic competition, reinforcing BYD’s standing as a top-tier EV player globally.

Li Auto Inc. also saw a 5.25% gain to $22.25. Despite ongoing margin compression and a stock price still down 24% year-to-date, investors viewed Li’s recent delivery strength and expansion plans favorably, particularly as the company continues to differentiate with extended-range hybrid models. GDS Holdings Limited, a Chinese data center operator, rose 4.94% to $20.39, driven by renewed investor optimism toward digital infrastructure and signs of recovery in China’s cloud and AI demand.

Were there any surprises among consumer and retail stocks?

PriceSmart, Inc., a Central American and Caribbean-focused warehouse retailer, rallied 6.96% to $91.76. The company has steadily expanded its footprint in Latin America while maintaining consistent revenue growth and membership retention. Investors appeared encouraged by PriceSmart’s defensible business model and its ability to weather macroeconomic volatility through bulk retailing and stable demand for consumer staples.

Orla Mining Ltd and Equinox Gold Corp, smaller players in the mining space, gained 6.47% and 3.84%, respectively. Orla’s development progress at the Camino Rojo project in Mexico and Equinox’s steady operational execution in Latin America both contributed to their gains.

What are the broader macroeconomic and policy takeaways?

April 10’s rally in select stocks came on the back of a cooler-than-expected March inflation report, which showed annual consumer prices rising just 2.4%, down from February’s 2.8%. While this was welcomed by the market, many analysts remained cautious. The Biden administration’s 125% tariff announcement on Chinese imports, layered on top of President Trump’s broader trade protectionism, has created a volatile backdrop for corporate supply chains and margin forecasts.

As a result, investors rotated away from high-beta technology and cyclical industrials into more defensive sectors—particularly gold, healthcare, and EV companies with strong near-term earnings visibility. The bifurcation between winners and losers in the market has intensified, and April 10’s gainers represent firms seen as either beneficiaries of inflation resilience, geopolitical hedging, or sector-specific momentum.