Major indexes moved lower Tuesday morning, retreating from early-session gains, as an early-week rally stalled.
The Dow Jones Industrial Average (DJI) and S&P 500 (SPX) were each down 0.5% recently, while the tech-heavy Nasdaq Composite (IXIC) dropped 0.6%. Stocks were coming off a winning session on Monday, when the benchmark S&P 500 snapped a four-day losing streak, rebounding from its worst week since May.
Investors are keeping a close eye on developments related to global trade, as a Thursday deadline looms for hefty tariffs to be imposed on dozens of countries. The economic data calendar is light this week, after a weak jobs report on Friday sent markets reeling, but earnings reports from major companies continue to roll in.
Palantir (PLTR) shares surged 7% this morning after the data analytics software maker late yesterday released better-than-expected quarterly numbers and boosted its outlook amid booming AI demand. Pharmaceutical giant Pfizer (PFE) rose nearly 5%, while heavy equipment manufacturer Caterpillar (CAT), a Dow component, declined more than 1% after each of the companies reported earnings.
Shares of Advanced Micro Devices (AMD) were down 2%, after giving up early-session gains, ahead of the highly anticipated release after today’s closing bell of the chipmaker’s results.
Mega-cap technology stocks were mixed this morning, after pacing the previous session’s gains. Chip giants Nvidia (NVDA) and Broadcom (AVGO) each declined more than 1%, while Microsoft (MSFT), Meta Platforms (META) and Tesla (TSLA) also lost ground. Amazon (AMZN) rose more than 1%, while Apple (AAPL) and Alphabet (GOOG) ticked higher. Meta, Microsoft, Amazon and Apple all reported results last week that surpassed analysts’ expectations.
The yield on the 10-year Treasury, which affects borrowing costs on a wide array of consumer and business loans, was at 4.20%, unchanged from yesterday’s close. The yield hit its lowest level in three months on Monday as market expectations for interest rate cuts by the Federal Reserve have increased following the weak jobs report.
The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, rose 0.2% to 98.95, rebounding from two straight days of declines.
Bitcoin was at $113,100 recently, down from an overnight high of $115,400. The digital currency hit its lowest level in three weeks on Friday, moving as low as $112,000.
West Texas Intermediate futures, the U.S. crude oil benchmark, were down 1.3% at $65.40 per barrel, losing ground for the fifth straight session. Gold futures rose 0.2% to $3,435 an ounce, rising for the fourth straight day.
Vertex Dives After Disappointing Pain Medicine Trial
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Shares of Vertex Pharmaceuticals (VRTX) sank Tuesday, a day after the drugmaker announced a study showed its experimental pain medicine was not successful, and it would no longer move forward with its development.
The company said a Phase 2 trial of VX-993 “did not result in a statistically significant improvement on the primary endpoint of the time-weighted Sum of the Pain Intensity Difference from 0 to 48 hours (SPID48) compared to placebo.”
Chief Medical Officer Dr. Carmen Bozic said that the findings, along with other data on VX-993, indicated that the treatment was not expected to be superior to Vertex’s other NaV1.8 inhibitors, so “we will not be advancing it as monotherapy in acute pain.” The company was testing VX-993 as a follow-up to its NaV1.8 inhibitor drug, Journavx, which received Food and Drug Administration (FDA) approval in January.
The news offset Vertex’s better-than-expected second-quarter results. The company posted adjusted earnings per share of $4.52, with revenue rising 12% year-over-year to $2.96 billion. Both exceeded estimates of analysts surveyed by Visible Alpha. Most of its sales ($2.55 billion) came from its Cystic Fibrosis treatment known in the U.S. as Trikafta.
Vertez shares were down 17% in recent trading, pushing the stock into negative territory for 2025.
Palantir Soars on AI-Fueled Earnings Beat, Boosted Outlook
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Palantir (PLTR) shares soared in early trading Tuesday after the company reported second-quarter earnings that topped analysts’ expectations and raised its outlook on strong demand for its AI Platform.
The data analytics software company reported adjusted earnings of 16 cents on revenue that jumped 48% year-over-year to a record $1 billion, above Wall Street estimates.
CEO Alex Karp called it a “phenomenal quarter” that underlined “the astonishing impact of AI leverage.”
Andrew Caballero-Reynolds / AFP / Getty Images
The CEO said Palantir’s commercial business nearly doubled from a year ago, while its U.S. business grew 68%.
Looking ahead, Palantir said it sees third-quarter sales of $1.08 billion to $1.09 billion, and full-year revenue of $4.14 billion to $4.15 billion, up from $3.89 to $3.9 billion previously. Both ranges were well above analysts’ estimates compiled by Visible Alpha.
Palantir shares hit a record high this morning and were up 9% in recent trading. The stock has gained 130% since the start of 2025.
How Much AMD is Expected to Move After Earnings
2 hr 28 min ago
Advanced Micro Devices (AMD) is set to report second-quarter results after the closing bell on Tuesday, with traders anticipating a sizable move from the chipmaker’s stock.
Current options pricing suggests traders expect the stock could move more than 7% by the end of this week, from Monday’s close near $177. A move of that scale on the high side would push the stock just over $190, nearing its record in March of last year. At the low end, the stock could drop to about $163. The shares have gained more than 45% in 2025 so far.
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AMD shares rose close to 2% the day after the company’s first-quarter report, while they fell 6% and 10%, respectively, the days after the two previous reports. In May, the company beat estimates and gave a revenue forecast with a midpoint above the analyst consensus.
The chipmaker is widely expected to report rising sales, but falling profits for the second quarter, after AMD warned in May that it would likely take a hit from tighter restrictions on chip exports to China.
Wall Street analysts surveyed by Visible Alpha are divided on the stock, but lean more bullish than bearish, after AMD reportedly said it plans to resume exports of its MI308 chips to China, once authorized by U.S. authorities.
AMD shares were up 1% in recent premarket trading.
Major Index Futures Point to Slightly Higher Open
3 hr 14 min ago
Futures tied to the Dow Jones Industrial Average were up fractionally.
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S&P 500 futures rose 0.2%.
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Nasdaq 100 futures gained 0.4%.
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