US stocks rose on Tuesday morning as markets eyed Middle East talks and earnings rolled in, with the arrival of SpaceX’s earnings after the bell in focus.
The tech-heavy Nasdaq Composite gained 0.8% at the open, while the S&P 500 added 0.5%, pacing for a record high close. The blue-chip Dow Jones Industrial Average led stocks higher, building on a record high on Monday with a 1.5% gain.A slew of important earnings updates helped lift stocks on Tuesday. Caterpillar, the Dow’s second-largest component by weight and an industrial beneficiary of the AI build-out, gained 12% after its sales and revenue topped $20 billion for the first time.
Palantir stock also soared 18% following what CEO Alex Karp deemed an “otherworldly” quarter. In the second quarter, Palantir’s commercial revenue from the US government surged 90% year over year.
Other companies reporting earnings on Tuesday include Advanced Micro Devices, McDonald’s Corporation, and Spotify. The standout, however, will be SpaceX’s first quarterly earnings report since going public. The stock has been in free-fall since its IPO in June, sending a warning signal to other megacap companies looking to enter public markets.
Crude oil prices, meanwhile, continued to slide after Treasury Secretary Scott Bessent told CNBC that there’s “a chance we may have a deal today or tomorrow” to open the Strait of Hormuz.
Yahoo Finance
