Stocks declined on Tuesday as oil prices rose, renewing investor worries about hotter inflation and bolstering the case for the Federal Reserve to raise interest rates. Investor attention may turn to Apple on Wednesday when the company holds its iPhone launch event.
Chip maker Intel rose 9.1%.
Advanced Micro Devices gained 5.9% after Chief Financial Officer Jean Hu claimed the company's total addressable market could reach between $2 trillion and $3 trillion in 2030.
Corning advanced 7.6% after Verizon Communications announced a supply agreement with the optical networking company for broadband expansion and next-generation AI infrastructure. Verizon said the multibillion-dollar agreement will run through 2032 and that Corning will provide more than 80 million miles of fiber.
Lumentum rose 11% and was the best-performing S&P 500 stock in the trading session. Fellow optical networking stock Coherent gained 7.1%.
Amgen dropped 10% and was one of the worst-performing stocks in the S&P 500. Drugmaker Novartis reported disappointing trial results for its experimental cardiovascular treatment, pelacarsen. Amgen is developing a treatment of its own called olpasiran. Novartis sank 14%.
SpaceX rose 3.7% to $153.47. Pivotal Research Group initiated coverage of SpaceX with a Buy rating and $220 price target, valuing the company at about $3 trillion.
Qualcomm advanced 3.2% after the chip maker said it would partner with Amazon to build data-center infrastructure, including chips and optical networking products.
Amazon and Boeing declined 0.6% and 0.7%, respectively. The investigation into a fatal plane crash at Miami International Airport continued. Five people died after an Amazon Boeing 767 cargo plane, operated by all-cargo airline 21 Air, overshot the runway at Miami International Airport on Sunday.
Quantum stocks Rigetti Computing, D-Wave Quantum, and Quantinuum all rose. Deals were finalized with the U.S. Commerce Department. Under a framework first announced in May, each company will receive $100 million under the 2022 Chips and Science Act, structured as a research-and-development grant.
Oracle advanced 2.4%. The software company reports first fiscal quarter earnings on Thursday. ServiceNow dropped 5%, Salesforce fell 3.9%, and Palantir declined 2.3%.
Roivant Sciences advanced nearly 19%. The biotech company said its experimental treatment met the main goal of a mid-stage trial for patients who have high blood pressure in the arteries of the lungs and heart.
Bloom Energy gained 9.6%, and data storage and company Everpure ticked up 1.6%. The stocks are set to join the S&P 500 before trading opens on Sept. 21.
Solaris Energy Infrastructure gained 16% after the company raised earnings expectations for the third and fourth quarters while also initiating first-quarter guidance that was well above Wall Street expectations.
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