Stock movers: Nvidia rebounds; Uber, Palantir,…

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.

*Uber said more people are using the platform more frequently.*
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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.

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.

“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.

More Metals:

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.

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