S&P 500, Nasdaq Composite, Dow Jones Industrial Average opened higher on Tuesday after blockbuster earnings from Palantir Technologies.
Nasdaq rose 0.31% or 73.54 points higher to open at 23,665.64, wider index S&P 500 rose 0.17% or 12.11 points to 6,988.55 and Dow Jones opened 0.26% or 127.91 points higher at 49,535.57.
As of 11 a.m. EST Nasdaq and S&P 500 erased gains to trade 0.84% and 0.34% lower at 23,397.17 and 6,952 respectively. Dow Jones too faced a lot of volaitility and traded marginally higher at 49,451.39.
Shares of Palantir Tech rose nearly 9% in early trade. The government dependent chipmaker received a stronger than expected outlook for revenue growth. Annual revenue is expected to grow 61% to about $7.19 billion, Bloomberg cited the company as saying. Notably, the tech giant posted a 70% rise in its Q4 revenue to $1.41 billion.
The shares traded nearly 5% higher by the second hour of trade.
Additionally, Walmart Inc. surpassed $1 trillion market value for the first time ever, as per Bloomberg data. Walmart’s stock rose 2% by 11 a.m. EST to trade at $126.54,
On the other hand, Paypal Holdings Inc.’s stock slumped 18% after the company missed estimates in its Q4 financial results.
Most of the Magnificent seven stocks including, Nvidia Corp., Microsoft Corp., Amazon.com Inc., Meta Platforms Inc., and Apple traded in the red. Only Tesla Inc. traded higher.
Crude oil prices rose with West Texas Intermediate trading 1.26% higher at $62.86 a barrel and Brent Crude trading nearly 1% higher at $66.91 a barrel. Spot Gold prices also surged nearly 6% to trade at $4,929.39 an ounce.
The Bloomberg Dollar Spot Index weakened 0.3% against global currencies. The euro rose 0.1% to $1.1808 and British pound rose 0.2% to $1.3696. However, the Japanese yen fell 0.1% to 155.81 per dollar.
Bitcoin, the largest traded cryptocurrency fell 0.8% to $77,847.62.
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