US stocks jump as drama-free session spurs rebound
A day largely bereft of immediate tariff threats was music to traders’ ears, with the S&P 500, Nasdaq 100, and Russell 2000 all booking strong gains on Tuesday.
Energy was the best-performing S&P 500 sector ETF, as the lack of immediate supply distributions from Canada buoyed the group despite a downdraft in the price of crude oil. Tech and consumer discretionary were also up more than 1%, while the defensive consumer staples and utilities sectors suffered declines and were at the bottom of the sector leaderboard.
Palantir skyrocketed on the heels of blowout revenue growth and guidance that suggests more of the same is in the offing. Some bears are admitting the error of their ways, while bulls rejoice and look for further gains.
Nvidia rebounded from Monday’s tumble as traders showed persistent demand to buy the dip, and Bank of America doubled down on the stock as its top pick in the industry.
Embattled server company Super Micro Computer surged after saying it would provide a “business update” next week, which has spurred hopes that the company will get its corporate filings in order in time to avoid delisting from the Nasdaq.
Fox jumped on top- and bottom-line results that surpassed every analysts’ expectation and plans to launch its first streaming service this year.
Merck got slammed after pausing shipments of one of its key drugs to China on poor demand.
PayPal had its worst day since February 2022 as analysts fret that the payments company is losing market share.
North America has not been kind to PepsiCo, with its lackluster results for the region prompting a large retreat in the stock.
