News

Key Takeaways

U.S. equities were higher at midday, boosted by tech shares. The Nasdaq was up more than 1%, and the Dow Jones Industrial Average and S&P 500 gained as well.

Palantir Technologies ( PLTR ) shares soared to an all-time high after the software maker posted better-than-expected results and outlook on strong demand for artificial intelligence (AI) products.

Super Micro Computer ( SMCI ) shares jumped when the server maker announced that it would provide a second-quarter business update next week.

FOX ( FOX ) shares advanced when the media company said it would launch a subscription streaming service this year.

Archer-Daniels-Midland ( ADM ) shares fell after the producer of agricultural commodities missed profit and sales forecasts and said it will slash costs, including job cuts, as oilseed demand slumps.

Estée Lauder ( EL ) is also laying off workers as the cosmetics maker reported a surprise loss and gave weak guidance on falling sales, especially in China and the rest of the Asia-Pacific region. Shares tumbled.

Merck ( MRK ) shares slid when the drugmaker paused shipments of its Gardasil HPV vaccine to China so its partner in that country can sell off its supply of the treatment.

Oil futures were down. Gold prices rose. The yield on the 10-year Treasury note was lower. The U.S. dollar lost ground to the euro, pound, and yen. Trading in major cryptocurrencies was mostly lower.

Read the original article on Investopedia