Major U.S. indexes extended their gains in afternoon trading Tuesday, led by a rally for technology stocks, as markets recovered from the previous session’s broad-based and steep selloff.
The S&P 500 and Nasdaq Composite were up 2.1% and 2%, respectively, while the Dow Jones Industrial Average added 1.5%. The major indexes have closed sharply lower for three straight sessions, as investors keep a close eye on U.S. economic data for more signs of a slowdown that could prompt the Federal Reserve to cut interest rates.
Mega-cap tech stocks were higher across the board Tuesday, led by AI investor favorite Nvidia (NVDA) and Meta Platforms (META), which were both up more than 5% in recent trading. Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOGL), Tesla (TSLA) and Apple (AAPL) were also gaining ground.
Shares of Palantir Technologies (PLTR) jumped more than 12% after the data analytics company reported better-than-expected earnings and lifted its guidance on strong demand for its AI platform.
Dow component Caterpillar (CAT) was also on the rise, gaining nearly 5%, after the heavy equipment manufacturer’s quarterly profit topped analysts’ estimates.
The yield on 10-year Treasurys rose to around 3.89%, after dropping below 3.70% on Monday to its lowest level in more than a year as expectations mounted that the Fed will have to cut interest rates swiftly and deeply in the coming months. The data calendar is light Tuesday, so there’s little for investors to react to on the economic news front.
The Fed’s policy committee decided last week to leave its benchmark lending rate at a 23-year high but opened the door to cutting the rate as soon as the next committee meeting in September.
Traders are pricing in about a 65% likelihood that the Fed will cut the rate by half a percentage point next month, according to the CME Group’s FedWatch tool, which forecasts interest rate movements based on fed funds futures trading data. That’s up from 13% a week ago but down from 99% early Monday when the stock market opened sharply lower.
The price of bitcoin rose to around $57,000, after falling below $50,000 on Monday for the first time since February as investors adopted a risk-off approach. Gold was down slightly to around $2,430 an ounce, while crude oil prices were slightly higher amid ongoing concerns about tensions in the Middle East.
Nvidia Recovers as Analysts Highlight AI Leadership
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Nvidia (NVDA) shares jumped Tuesday, recovering from a steep selloff the previous session that came amid reports its Blackwell artificial intelligence chip will be delayed.
Analysts suggested that while a delay could lead to near-term volatility for Nvidia, they remained bullish on the chipmaker’s long-term prospects, highlighting its AI strength.
Nvidia’s “competitive position remains sound, and we don’t expect any share loss from a minor delay,” Oppenheimer analysts said, adding that they see Nvidia as “best positioned in AI, benefiting from full stack AI hardware/software solutions.”
A delay “could drive some volatility in Nvidia’s near-term,” Goldman Sachs analysts said, though they “expect there to be little to no impact on CY2025 earnings and, most importantly, the company’s long-term competitive position.”
Citi analysts, who had removed Nvidia from their “upside catalyst watch” over the weekend following reports of the delay, still maintained a “buy” rating for the stock.
Calling Nvidia’s potential supply constraints a “solvable” issue, Bank of America analysts suggested they would view any sell-off as an “enhanced buying opportunity.”
An Nvidia spokesperson told Investopedia that “Blackwell sampling has started, and production is on track to ramp” in the second half of the year, adding, “beyond that, we don’t comment on rumors.”
Nvidia shares were up 6% in recent trading, recovering a chunk of the 14% decline for the stock over the previous three sessions.
Uber Stock Jumps After Earnings
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Uber (UBER) stock jumped Tuesday after the ride-sharing giant’s second-quarter earnings beat analysts’ estimates as gross bookings grew 19% year-over-year.
The company reported a 16% revenue bump to $10.7 billion, above Visible Alpha consensus estimates. Net income also easily surpassed estimates at $1.02 billion, and more than doubled from last year’s $394 million.
Gross bookings came in just above estimates at $39.95 billion, split largely between Uber’s Mobility division ($20.6 billion) and its Delivery unit that includes Uber Eats ($18.1 billion).
JPMorgan analysts said in a note following the earnings report that they were encouraged by the acceleration of growth in Mobility and the focus on profitability of Uber’s Delivery segment.
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Uber shares were up nearly 9% around midday Tuesday and were among the biggest gainers on the S&P 500
Caterpillar Leads Dow Gainers After Profit Beat
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Caterpillar (CAT) shares rose Tuesday as the construction equipment maker’s second-quarter profits beat analysts’ estimates, offsetting another quarter of revenue falling short of expectations.
Revenue slipped 3.6% year-over-year to $16.69 billion, coming in short of analysts’ estimates compiled by Visible Alpha. Profits fell 8.2% to $2.68 billion, narrowly beating projections, but adjusted net income, accounting for roughly $250 million in one-time expenses like restructuring costs, beat estimates by a wider margin and rose from last year to $2.93 billion.
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Caterpillar shares were up more than 4% in recent trading, making it the top gainer on the Dow Jones Industrial Average.
Palantir Jumps After Strong Earnings, Guidance Boost
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Palantir (PLTR) shares jumped in early trading Tuesday after the data analytics company topped Wall Street’s quarterly estimates and raised its full-year outlook amid strong demand for its AI software services.
The shares staged an impressive intraday reversal Monday on the highest trading volume since early May to close towards their high of the day after initially opening 12% lower, indicating larger market participants may have anticipated a big earnings-driven move.
Palantir shares, which were up more than 7% at $25.84 in recent trading, could face selling pressure at key levels on the chart including $27, $29, $39, $45, and $50.50.
Read our full technical analysis here.
Major Indexes Poised to Open Higher Tuesday
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Futures tied to the Dow Jones Industrial Average were up 0.4%.
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S&P 500 futures were also up 0.4%.
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Nasdaq 100 futures were up 0.3%.
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