Stocks bounced back Tuesday, halting a three-day decline. The Dow rose 0.76%, the S&P 500 climbed 1.04%, and the Nasdaq gained 1.03%. All sectors were positive, with tech giants Nvidia and Meta up 3.8% and 3.9%. Japanese stocks also surged, with the Nikkei 225 soaring 10.2% after a steep loss. Elevated volatility is expected as the yen carry trade unwinds. Despite Monday's sharp sell-off, fundamentals remain strong, per Baird's Ross Mayfield.
Here are the top movers of the day and why they are moving:
Kenvue surged 14.68% after posting better-than-expected Q2 earnings (32 cents/share vs. 28 cents expected) and revenue ($4 billion vs. $3.93 billion).
Palantir Technologies rose 10.38% following an increased full-year revenue forecast.
Caterpillar jumped 3.04% on stronger-than-expected quarterly earnings ($5.99/share vs. $5.55 expected).
Lumen Technologies soared 93.05% due to securing $5 billion in new AI-driven business.
Molson Coors Beverage gained 5.42% with Q2 earnings and revenue beating expectations.
Uber Technologies added 10.93% after surpassing earnings and revenue estimates.
Planet Fitness rose 6.1% with better-than-expected Q2 earnings and revenue.
Yum China jumped 11.98% on strong earnings despite revenue falling short.
ZoomInfo Technologies dropped 18.27% after missing earnings expectations and lowering guidance.
CSX gained nearly 4% on slightly better-than-expected earnings.
Lucid Group added 2.61% with revenue beating estimates.