US Stocks Edge Higher
US stocks were slightly higher on Tuesday, with the three major averages adding 0.3%, extending strong gains of over 1% in the previous session.
Investor sentiment remained upbeat, supported by corporate earnings and growing expectations of Federal Reserve rate cuts. Palantir shares surged more than 7% after the company raised its annual revenue forecast for the second time this year. Pfizer advanced 4% after beating both earnings and revenue estimates.
Caterpillar added 0.6% despite an earnings miss, and Vertex Pharmaceuticals tumbled 15.3% after announcing it would not move forward with late-stage trials for its next-generation pain treatment. Meanwhile, megacap tech stocks were mixed, with Nvidia (-0.3%), Apple (-0.4%), Meta (-0.2%) and Tesla (-0.6%) falling while Microsoft was little changed and Amazon (1.7%) and Broadcom (0.3%) booked gains.
Source: Trading Economics