Wall Street Gains as Investors Weigh Trade Tensions
Stocks in the US advanced on Tuesday as investors navigated the latest developments in global trade tensions and assessed fresh corporate earnings.
The S&P 500 rose 0.7%, led by gains in energy stocks, while the Nasdaq jumped 1.2%, fueled by a 24% surge in Palantir after the company delivered strong guidance and exceeded revenue expectations and a 1.3% rise in shares of Nvidia.
Meanwhile, the Dow Jones added 133 points. Despite China imposing new tariffs on US coal, liquefied natural gas, crude oil, and farm equipment in retaliation for Washington’s 10% levy on Chinese imports, market sentiment remained cautiously optimistic.
Hopes for trade de-escalation grew after President Trump agreed to postpone tariffs on Canada and Mexico for at least 30 days.
Meanwhile, Alphabet jumped 2.7% ahead of its quarterly earnings, while PepsiCo (-4.5%) and Merck (-8.8%) declined following disappointing forecasts. Estee Lauder tumbled 16.2% after reporting weak demand and announcing job cuts.
Source: Trading Economics