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Palantir Technologies Jumps 30.7%

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Most of Wall Street ticked higher Tuesday as the bond market calmed down following some sharp swings.

  • The S&P 500 rose 11.42 points, or 0.2%, to 4,954.23 and nearly returned to its all-time high set at the end of last week.
  • The Dow Jones Industrial Average gained 141.24, or 0.4%, to 38,521.36.
  • The Nasdaq composite edged up by 11.32, or 0.1%, to 15,609.00.

GE Healthcare Technologies was one of the best performers in the S&P 500, rising 11.7% after reporting healthier profit and revenue than expected, the AP reports.

Palantir Technologies, one of the companies that’s been riding a frenzy on Wall Street about artificial intelligence technology, jumped 30.7% after its results for the latest quarter roughly matched analysts’ expectations. CEO Alex Karp said demand for the company’s AI products has been “unrelenting,” CNBC reports. Streaming music and podcast platform Spotify leaped 3.7% after it reported stronger-than-expected growth in its subscriber base, even as revenue missed analyst targets. They helped to offset a 11.6% tumble for FMC, whose products help protect crops. The company’s profit and revenue fell short of analysts’ projections, in part because of drought conditions in Brazil.

Fiserv was another laggard. The payments and financial technology company fell 2.1% after its revenue for the latest quarter fell just short of analysts’ expectations. Its profit nevertheless topped forecasts. With earnings season at about the midway point, there are still plenty of heavyweights reporting this week including CVS Health, The Walt Disney Co., and PepsiCo. In the bond market, the yield on the 10-year Treasury relaxed a bit and calmed following its slingshot ride higher in recent days. It eased to 4.09% from 4.17% late Monday. Strong reports on the job market, services industries, and other areas of the US economy have pushed yields higher, up from 3.88% earlier this month.

(More stock market stories.)

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