Stock movers: Nvidia rebounds; Uber, Palantir, Caterpillar up
Stocks rallied Tuesday after a brutal Monday for tech stocks, easing investors’ concerns.
The S&P 500 is up 1.7%, and the tech-heavy Nasdaq Composite added 1.8% midday. The Dow Jones Industrial Average gained 1.2%, and the Russell 2000 Index rose 1.4%.
Chip stocks are seeing mixed midday performance after Monday’s selloff. Nvidia stock is up 5.4%, and Taiwan Semiconductor (TSM) is up 4.8%. Intel (INTC) added around 2% in the morning but is now down 1%. Advanced Micro Devices (AMD) lost 2% midday.
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S&P 500 big stock movers today
Five S&P 500 stocks making big market moves are:
Kenvue Inc KVUE +14.2%
Uber Technologies Inc (UBER) +9.5%
Royal Caribbean Cruises Ltd (RCL) +8.6%
Molson Coors Beverage Co (TAP.A) +7.2%
Marathon Petroleum Corp (MPC) +6.9%
The worst-performing five S&P 500 stocks with the largest market drop are:
Expeditors International of Washington Inc (EXPD) -4.8%
Warner Bros Discovery Inc (WBD) -4.8%
Henry Schein Inc (HSIC) -4.7%
Vulcan Materials Co (VMC) -2.8%
Albemarle Corp (ALB) -2.6%
Stocks also worth noting with significant market moves include:
Palantir Technologies (PLTR) +12.8%
Caterpillar (CAT) +3.6%
Meta Platforms (META) +4.8%
Nvidia (NVDA) +5.4%
Amazon (AMZN) +1%
Palantir rallies after revenue forecast lift
Palantir Technologies surged 12.8% midday after it posted rosy earnings results and lifted its revenue forecast.
The data company reported second-quarter revenue of $678.1 million, a 27% jump year-over-year, beating analysts' estimate of $653.2 million. Earnings of 9 cents a share also beat the expected 8 cents.
The performance was primarily driven by US commercial and government businesses and reflected strong AI growth, according to Palantir's earnings call.
Related: Analysts reboot Palantir stock price target after earnings
CEO Alex Karp raised the company's full-year revenue forecast for the second time this year. He now expects revenue between $2.74 billion and $2.75 billion, up from $2.68 billion to $2.69 billion.
Palantir creates software platforms for big-data analytics used by the US military and major corporations. A push into artificial intelligence has sparked demand this year, lifting Palantir's share price by over 60% year to date.
Uber up following upbeat earnings
Uber shares added over 9% after the company posted better-than-expected financial results.
The ride-hailing company earned 47 cents per share in the second quarter, higher than the anticipated 31 cents. Revenue reached $10.7 billion, topping the $10.57 billion estimate.
Related: Analyst kicks off coverage of Uber amid autonomous vehicle risk
“Uber’s growth engine continues to hum, delivering our sixth consecutive quarter of trip growth above 20 percent, alongside record profitability,” said CEO Dara Khosrowshahi in a press release.
“Uber's consumer base has never been stronger—more people are using the platform, and more frequently, than ever before, while drivers and couriers earned a new all-time high of $17.9 billion over the quarter,” said Khosrowshahi.
Uber stock is now up 8% year to date, while the S&P 500 is up 10.7%.
Caterpillar rises after mixed earnings
Caterpillar popped 3.6% after the company released second-quarter financial results.
The industrial giant earned $5.99 per share, beating the $5.54 forecast. But the revenue of $16.7 billion was down 4% from a year ago and fell short of Wall Street analysts’ $16.76 billion estimate.
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The decrease was driven by lower sales volume but was partially offset by favorable prices, according to the company’s press release.
Caterpillar is a Texas-based manufacturer of construction and mining equipment with nearly 100 years of history.
Related: Veteran fund manager sees world of pain coming for stocks