S&P 500 futures rose slightly on Tuesday after the broad index notched its worst day in nearly two years as global markets sold off.
Market Snapshot
At 08:38 a.m. ET, Futures tied to the S&P 500 were up around 0.3%, while Nasdaq 100 futures gained 0.3%. Futures connected to the Dow Jones Industrial Average advanced 143 points, or about 0.4%.
Pre-Market Movers
Palantir Technologies Inc. — The data analytics company rallied 10% after raising its full-year revenue forecast. Palantir now sees revenue between $2.74 billion and $2.75 billion. That’s up from a range of $2.68 billion from $2.69 billion.
Yum China Holdings, Inc. — Shares surged 8% after the Shanghai-based operator behind Pizza Hut and Taco Bell posted second-quarter earnings that beat expectations. Adjusted earnings of 55 cents per share came above the 47 cents per share earnings anticipated by analysts, according to LSEG. On the other hand, revenue of $2.68 billion disappointed the consensus estimate of $2.77 billion. Separately, the fast food company announced its finance chief is stepping down.
CrowdStrike Holdings, Inc. — The cybersecurity stock rose 3% after Piper Sandler upgraded CrowdStrike to overweight from neutral, saying the dip is a buying opportunity.
Semiconductors — Chip stocks rose as a group, one day after a brutal sell-off in tech names. NVIDIA Corp gained 2%, SUPER MICRO COMPUTER INC and Broadcom popped 1%, and Intel rose nearly 1.4%.
ZoomInfo Technologies Inc. — Shares of the customer acquisition platform company plunged 13% after a second-quarter earnings report that missed estimates. ZoomInfo reported 17 cents in adjusted earnings per share on $292 million of revenue. Analysts surveyed by LSEG had penciled in 23 cents per share and $308 million of revenue. The company also lowered its earnings guidance and announced a change at chief financial officer.
Lucid Group Inc — The electric vehicle stock rallied 8% after Lucid’s second-quarter revenue topped estimates. The company reported revenue of $200.6 million, above the LSEG consensus estimate of $192 million. Lucid also reaffirmed previous guidance for vehicle production of roughly 9,000 in 2024.
CSX Corp — The stock gained 5% after rail transportation holding company posted stronger-than-expected earnings. CSX reported earnings of 49 cents per share in the second quarter, above the 48 cents anticipated, according to LSEG. Revenue of $3.7 billion came in line with forecasts.
Market News
Uber's Second-Quarter Revenue Beats on Ride-Sharing Demand
Uber beat Wall Street estimates for second-quarter revenue and core profit on Tuesday, helped by steady demand for its ride-sharing and food-delivery services, sending the company's shares up 8% before the bell.
With more people returning to offices and stepping out of their homes, ride-sharing demand has got a boost over the past several months benefiting companies such as Uber and rival Lyft, Inc.
Caterpillar Rides on Strong Pricing to Beat Profit Estimates, Shares Climb
Caterpillar beat Wall Street estimates for second-quarter profit on Tuesday, as higher prices on its larger excavators and other construction equipment countered moderating demand in North America. Shares of the company rose 3% in premarket trade.
Caterpillar has reaped the benefits from President Joe Biden's 2021 infrastructure law, a $1 trillion enactment aimed at upgrading roads, bridges and other transport infrastructure.
Taiwan Semiconductor to Raise Prices on 5nm and 3nm Nodes in 2025: Report
Taiwan Semiconductor Manufacturing will raise the prices on how much it charges its customers for its 5nm and 3nm manufacturing process nodes in 2025, Digitimes reported.
The global foundry has already started to tell clients to expect an increase between 3% and 8%, the news outlet added, citing sources at integrated circuit design houses.
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