Why New Fortress Energy, Rocket Companies, and Avidity Biosciences are surging despite economic warnings

April 2, 2025, turned out to be an unexpectedly strong trading session for several US-listed stocks, as a diverse mix of biotechnology, energy, mortgage, and tech companies posted robust gains. While broader market indices fluctuated amid economic concerns, multiple equities rallied on either sector-specific catalysts or bargain-hunting by investors navigating rising volatility. Among the most notable performers were New Fortress Energy Inc., Avidity Biosciences Inc., SpringWorks Therapeutics Inc., and Rocket Companies Inc., all of which posted double-digit percentage gains.

New Fortress Energy Inc. (NFE) led the top gainers list with a sharp 13.06% rise, closing at $8.57 on unusually high trading volumes. The rally came as investors repositioned themselves amid heightened geopolitical uncertainty and interest in LNG infrastructure. Avidity Biosciences Inc. (RNA) jumped 11.33% to $29.77, likely on expectations of clinical progress or investor rotation into high-growth biotech names after prior sell-offs. SpringWorks Therapeutics Inc. (SWTX) rose 11.08% to $46.52, while Arcellx Inc. (ACLX) advanced 10.76% to $67.23.

In the financial and tech sectors, Rocket Companies Inc. (RKT) surged 10% to $13.86, likely fueled by optimism over easing mortgage rate pressures. Rigetti Computing Inc. (RGTI), a quantum computing firm, continued its recovery trajectory with an 8.71% jump to $8.49, benefiting from renewed institutional interest in advanced computing platforms. Notably, IonQ Inc. (IONQ), another quantum computing firm, climbed 8.02% to $25.05, supported by continued optimism in AI-adjacent technologies.

Why are some biotech and quantum computing stocks outperforming?

The strong performance of biotech stocks like Avidity Biosciences, Arcellx, and SpringWorks reflects investor optimism in clinical-stage innovation amid broader market jitters. With the Nasdaq Biotechnology Index (NBI) showing signs of recovery from a multi-month correction, some traders appear to be rotating capital back into growth names, especially those that are either undervalued or recently presented positive trial data.

SpringWorks, for example, operates in precision oncology and has multiple therapies in advanced stages of development. Avidity’s pipeline, focused on RNA-based muscle disorder treatments, offers exposure to next-gen therapeutics, an area that has seen a revival in investor appetite since early 2025.

Quantum computing companies such as Rigetti and IonQ have also regained attention following major advancements in AI processing and governmental backing of tech innovation. In particular, the integration of quantum architecture into commercial AI workflows has sparked new bullish sentiment, positioning companies like Rigetti as high-risk, high-reward plays.

What macroeconomic and policy factors are impacting the market?

The rally in select equities occurred against a volatile economic and political backdrop. Earlier this week, US President Donald Trump announced sweeping import tariffs that immediately introduced uncertainty into global markets. The new tariff structure imposes a blanket 10% tax on all imports, with higher rates on goods from China (34%), Japan (24%), and the European Union (20%). This policy, framed as a move to protect US manufacturing, has triggered fears of retaliatory measures and added complexity to multinational supply chains.

While some domestic-focused companies might benefit from reduced foreign competition, economists have warned that such aggressive trade policies could ultimately lead to inflationary pressures and slower GDP growth. Analysts from several financial institutions suggested that the policy could raise the average US tariff rate to levels unseen since the pre-WTO era, potentially denting consumer spending and increasing costs for businesses reliant on imported materials.

Despite these concerns, the S&P 500 managed to close up 0.7%, the Dow Jones Industrial Average gained 0.6%, and the Nasdaq Composite rose 0.9%, reflecting investor resilience or recalibrated expectations around how the tariffs will be implemented.

How are interest rates and inflation influencing investor behavior?

Lingering uncertainty around the Federal Reserve’s interest rate strategy remains a dominant factor in market sentiment. Although inflation has cooled from its 2023 peaks, persistent wage pressure and geopolitical shocks—like new tariffs—have complicated the Fed’s path to rate normalization. The current environment, with the federal funds rate holding at a restrictive level, continues to weigh on capital-intensive industries and speculative growth stocks.

Still, investor interest in discounted equities has supported buying activity on days when macroeconomic news isn’t uniformly negative. This environment is particularly favorable for companies in the biotech and tech sectors with strong cash positions and long-term growth prospects, as they tend to rebound sharply following oversold conditions.

Which other stocks posted strong gains and why?

Other notable gainers included Amentum Holdings Inc., which climbed 10.30% to $19.71, continuing a rebound despite the defense and engineering services firm seeing a nearly 40% year-to-date decline. Marex Group plc advanced 8.86% to $38.84, perhaps boosted by increasing demand for diversified financial services in volatile commodity markets.

Summit Therapeutics Inc. rose 8.83% to $20.46, continuing its multi-quarter upward trend, while Merus N.V. gained 8.61% to reach $43.01. Both companies operate in immunotherapy and oncology, two biotech subsectors that have drawn renewed investor focus amid a wave of consolidation and new FDA guidelines favoring expedited trial pathways.

Mr. Cooper Group Inc., a mortgage originator and servicer, climbed 6.78% to $133.56. The gain came as some traders speculated that stabilizing mortgage rates and lower home inventory could drive refinancing activity. Cleveland-Cliffs Inc. rose 7.78% to $8.73, signaling a potential rotation into cyclical industrials that could benefit from Trump’s domestic infrastructure and manufacturing focus, even as the steel sector faces cost inflation from higher raw material prices.

KBR Inc., a defense and aerospace contractor, gained 7.71% to $53.78, continuing its rally as government contracts and geopolitical tensions drive demand for military and space services. Loar Holdings Inc. posted a similar 7.74% jump, hinting at continued investor interest in defense-adjacent manufacturing.

Akero Therapeutics Inc., Scholar Rock Holding Corporation, and Cytokinetics Incorporated also reported 7–8% gains, reaffirming the strength of small- and mid-cap biotech names in the day’s rally.

What does this reveal about market sentiment going forward?

The mixed performance across sectors suggests that investor sentiment remains highly selective and catalyst-driven. While broader economic concerns tied to tariffs, interest rates, and inflation remain unresolved, the sharp movement in top gainers points to a willingness among traders to re-enter risk assets with high upside potential.

The rally in biotech, in particular, may be reflective of a long-anticipated inflection point where pipeline updates, favorable policy changes, and M&A speculation are drawing capital back into the sector. Likewise, gains in quantum computing firms underscore that investors remain bullish on thematic technologies aligned with AI, cloud computing, and national security.

Even as protectionist policies dominate political discourse, the equity market continues to exhibit pockets of strength, driven by innovation, shifting investor strategies, and underlying confidence in long-term US economic resilience.

Whether this marks the start of a broader rebound or a temporary bounce amid policy turbulence will depend on upcoming inflation readings, earnings reports, and global responses to the US tariff regime.