Nasdaq Closes at New High as Nvidia Leads Tech Rally; S&P Backs Off Record as Bank Stocks Slump

Biggest S&P 500 Movers on Tuesday

7 hr 39 min ago

Decliners

• Shares of financial services giant State Street (STT) slipped 7.3%, suffering the steepest drop in the S&P 500, in the wake of the firm’s second-quarter earnings release. Although sales and profits topped estimates, net interest income was down from the year-ago period. State Street’s total expenses jumped 11% year-over-year, reflecting a $100 million workforce rationalization and higher performance-based incentive compensation, as well as technology and infrastructure investments.
• Agilent Technologies (A) shares fell about 6%. The laboratory instrument provider said that CFO Bob McMahon would leave the company for personal reasons, effective at the end of July. Rodney Gonsalves, Agilent’s corporate controller and principal accounting officer, will serve as interim CFO. Analysts at Citi recognized investors’ esteem for McMahon but suggested that his departure should not have a major impact on the company’s outlook.
• BlackRock (BLK) reported that its assets under management reached a record level of $12.5 trillion in the second quarter, but the firm’s revenue for the period fell short of expectations. The top-line miss resulted partly from a decline in net inflows, which BlackRock attributed to a major single institutional client making a major withdrawal from index funds. BlackRock shares lost 5.9% on Tuesday, receding from a record high posted in the prior session.

Advancers

• Semiconductor giant Nvidia (NVDA) said it intends to relaunch sales of its top-selling H20 AI chip in China. The announcement came days after a meeting between Nvidia CEO Jensen Huang and Trump. Nvidia shares jumped 4% to a record high on Tuesday.
• Nvidia’s plans to resume H20 chip deliveries to China helped boost other stocks in the artificial intelligence space. Shares of server maker Super Micro Computer (SMCI) surged 6.9%, notching the top daily performance in the S&P 500. Citi analysts recently lifted their price target on Supermicro stock, highlighting strong demand for AI servers and an increasing supply of key Nvidia-produced server components. Advanced Micro Devices (AMD) shares were up 6.4%, adding to gains posted last week after analysts at HSBC suggested that AMD’s AI chips are comparable to Nvidia’s offerings.
• First Solar (FSLR) shares jumped 6.9% after Jefferies increased its price target on the panel maker’s stock. Although analysts recognized that the macroeconomic challenges facing the renewable energy business could weigh on First Solar’s second-quarter financial results, Jefferies believes additional visibility surrounding the Inflation Reduction Act could help drive volume gains starting in 2026.

–Michael Bromberg

Palantir Levels to Watch as Stock Keeps Hitting New Highs

7 hr 59 min ago

Palantir Technologies (PLTR) shares hit another all-time high during Tuesday’s session amid optimism that the data analytics software provider will benefit from massive AI spending. 

The company’s CEO, Alex Karp, was among the executives in attendance Tuesday, along with President Donald Trump, at an energy and AI summit in Pittsburgh, where companies announced tens of billions of dollars in investments in energy infrastructure and data centers.

Last week, Wedbush analysts said in a client note that Palantir could be in a “sweet spot” to benefit from federal spending in North America and Europe, adding that the Trump administration’s focus on AI initiatives provides another tailwind for the stock.

Palantir shares have nearly doubled since the start of the year, making the stock the biggest advancer in the S&P 500 in 2025, boosted boosted by surging enterprise and government AI spending, including several lucrative defense contracts. The stock hit an intraday record of near $151 Tuesday morning, but closed the session slightly lower at $148.58.

Palantir shares traded within an ascending triangle before nudging above the pattern’s top trendline in Monday’s trading session, when the stock closed at a record high, potentially setting the stage for a continuation move higher.

Meanwhile, the relative strength index confirms bullish momentum, though the indicator remains below overbought levels, providing the shares with ample room to explore higher prices.

Bars pattern analysis forecasts a potential upside target of around $195 and indicates the shares could continue trending until late August. Investors should also watch two major support levels on Palantir’s chart around $125 and $107.

Read the full technical analysis piece here.

–Timothy Smith

How Much Traders Expect Goldman to Move After Earnings

8 hr 52 min ago

Goldman Sachs (GS) is scheduled to report second-quarter results on Wednesday morning, with traders anticipating a move that could potentially bring the stock to an all-time high.

Based on current options pricing, traders expect Goldman’s shares could end the week up to 3% above or below Tuesday’s close near $703. At the upper end of that range, the stock could hit a new high just above its July 3 closing record of $723.68.

Goldman shares have risen on the day of their last four earnings reports. Three of the four quarterly reports have been followed by moves of around 2%, with Goldman’s fourth-quarter report in January leading to a 6% jump.

The shares have gained nearly one-quarter of their value since the start of this year, and about 40% over the last 12 months. The stock fell 1.5% on Tuesday amid a broader downturn for financial services sector stocks.

Last quarter, Goldman reported better revenue and earnings per share than analysts had forecast, though the bank’s net interest income fell short of estimates.

Analysts surveyed by Visible Alpha expect Goldman to post second-quarter earnings per share of $9.74, up from $8.62 a year ago, and a roughy 7% year-over-year jump in revenue to $13.59 billion. Net interest income is projected to have climbed to $2.79 billion, up from $2.24 billion a year earlier.

The analysts are largely cautious about Goldman’s stock, with three holding “buy” or equivalent ratings, compared to five “hold” ratings, and one “sell.” Their mean price target near $720 would suggest about 2% upside from Tuesday’s close.

–Aaron McDade

Dimon Says JPMorgan to Get More Involved in Stablecoins

9 hr 33 min ago

JPMorgan Chase (JPM) CEO Jamie Dimon said the bank is planning to get more involved with stablecoins—crypto assets with a value pegged to another currency or financial asset such as the U.S. dollar.

“We’re going to be involved in both JPMorgan deposit coin and stablecoins to understand it, to be good at it,” Dimon said during the bank’s second-quarter earnings call, according to a transcript from AlphaSense. The deposit coin Dimon referred to is JPMD, a stablecoin-like token currently available only to the bank’s clients.

“I don’t know why you’d want a stablecoin as opposed to just payment,” Dimon said, but added that fintech companies “are trying to figure out a way to create bank accounts and get the payment systems and rewards programs, and we have to be cognizant of that. The way to be cognizant is to be involved.”

Dimon’s comments come amid hopes the House of Representatives could soon vote on the GENIUS Act, which would establish a framework for private companies to issue stablecoins, though it and other cryptocurrency-related bills failed to clear a procedural hurdle on Tuesday.

Walmart (WMT) and Amazon (AMZN) are among the companies reportedly considering launching their own stablecoins, which could potentially reduce the billions of dollars the retail titans pay in credit transaction fees.

Citigroup (C) CEO Jane Fraser told analysts Tuesday that the bank also has stablecoin plans, and is “looking at the issuance of a Citi stablecoin,” according to a transcript provided by AlphaSense.”This is a good opportunity for us,” said Fraser, suggesting it could help the bank gain new clients.

Executives at Mastercard (MA), which also has stablecoin initiatives, cautioned earlier this week that it could be a while before stablecoins become a viable everyday payment tool, however.

“While the technology powering stablecoins holds tremendous promise, high speed, 24/7 availability, low costs, programmability, immutability, etc., those attributes alone do not suffice to turn stablecoins into a payment tool,” Mastercard Chief Product Officer Jorn Lambert said on a call with analysts Monday, according to a transcript provided by AlphaSense.

Although Mastercard isn’t issuing stablecoins itself, Lambert said the company acts as a bridge for its partners like Circle (CRCL) and others to “mint, distribute, and redeem stablecoins through trusted issuers seamlessly.”

–Andrew Kessel

Tesla Loses Another Top Sales Executive

10 hr 36 min ago

Tesla (TSLA) has lost another top executive, according to a new report, after the electric vehicle maker’s sales fell in the first half of this year.

The Wall Street Journal, citing people familiar with the situation, on Tuesday reported that Troy Jones, who on his LinkedIn page is described as a vice president of sales and service in North America, has left Tesla after a 15-year run with the EV maker. Tesla did not respond to a request for comment in time for publication.

Omead Afshar, another top Tesla sales executive for North America and Europe, was reportedly fired by CEO Elon Musk less than a month ago.

Tesla has faced declining sales through the first half of this year in major markets like the U.S. and China. The EV maker launched its first showroom in India this week as it works to expand to another potentially large market.

The company is scheduled to report second-quarter results after the market closes next Wednesday, with analysts expecting updates on Tesla’s robotaxi program that launched last month, as well as on its seemingly delayed plans for a more affordable model that was supposed to launch in the first half of the year.

Tesla shares were down about 1.5% in late trading. They have lost more than 20% of their value since the start of this year.

–Aaron McDade

CoreWeave Jumps on News of $6B AI Data Center Investment

10 hr 49 min ago

CoreWeave (CRWV) shares rose sharply Tuesday after the Nvidia (NVDA) partner said it would invest more than $6 billion in a new AI data center in Pennsylvania.

The AI cloud provider’s stock was up over 7% in late trading, building on a 5% gain a day earlier. Shares have more than tripled since CoreWeave went public in March but are still recovering from a downturn last week that came after the company announced a $9 billion acquisition of Core Scientific. 

CoreWeave was set to announce the data center investment as part of a roundtable discussion with President Donald Trump, lawmakers and industry leaders at the inaugural Pennsylvania Energy and Innovation Summit.

“The demand for high-performance AI compute is relentless, and CoreWeave is scaling a cloud purpose-built for AI to meet it and strengthen US leadership,” CoreWeave CEO Michael Intrator said. “This data center will accelerate innovation and drive economic growth across the region.”

–Andrew Kessel

Newmont Shares Tumble as Gold Miner’s CFO Resigns

11 hr 59 min ago

Newmont (NEM) shares sank after the world’s biggest gold miner announced that CFO Karyn Ovelmen resigned and had been replaced on an interim basis by Chief Legal Officer Peter Wexler.

The company gave no explanation as to why Ovelmen was leaving, only noting that the departure “was not due to any disagreement with the Company on any matter relating to the Company’s operations, financial statements or accounting policies or practices or disclosures.” According to the separation agreement, the decision was mutual. Ovelmen held the position since May 2023.

Newmont noted that Wexler assumed the interim CFO position July 11, and will hold the position until a permanent replacement is named, and that a search has begun. Wexler will also remain as chief legal officer, a job he has held since last year.

The company is set to report financial results on July 24.

Newmont shares were down nearly 7% in recent trading and among the biggest S&P 500 decliners.

Shares of Newmont traded at their highest level in three years yesterday. Stock prices for the entire sector have been on a solid run lately when gold futures took off with investors buying the precious metal as a hedge against potential negative impacts of Trump administration tariffs.

–Bill McColl

BlackRock Tumbles After Revenues Misses Estimate

13 hr 1 min ago

BlackRock (BLK) said its assets under management reached a record $12.5 trillion in the second quarter, though its revenue missed estimates, sending shares lower Tuesday.

BlackRock reported revenue rose 13% year-over-year to $5.42 billion, while analysts surveyed by Visible Alpha were looking for $5.44 billion. Adjusted earnings per share of $12.05 beat expectations.

The revenue miss was driven in part by lower net inflows, which BlackRock said reflected the impact of a single institutional client’s “partial redemption” withdrawing $52 billion from index funds.

BlackRock shares were down nearly 6% in recent trading, after hitting an all-time high yesterday.

BlackRock added that it closed on its $12 billion purchase of HPS Investment Partners on July 1, which brought in $165 billion of client AUM and $118 billion of fee-paying AUM.

–Bill McColl

MP Materials Stock Soars on Apple’s $500M Commitment

14 hr 26 min ago

Shares of MP Materials (MP) skyrocketed Tuesday after Apple (AAPL) said it would invest $500 million in the owner of the U.S.’s only operational rare earths mine.

The move by the iPhone maker to ramp up its supply chain at home comes days after the Department of Defense took a 15% stake in the Las Vegas-based rare earths producer. MP Materials shares were up 26% in recent trading, boosting the stock’s year-to-date gain to nearly 300%.

MP Materials will supply the metals as part of Apple’s pledge to spend more than $500 billion in the U.S. over the next four years, the tech giant said. The two companies are also planning to build a rare earth recycling line in Mountain Pass, California, and “develop novel magnet materials and innovative processing technologies to enhance magnet performance,” Apple said.  

“Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States,” Apple CEO Tim Cook said. 

The deal comes as the Trump administration makes becoming less dependent on other nations like China for rare earths a top priority and a national security issue. China controls much of the world’s supply of rare earth minerals such as neodymium and terbium, which are used in the manufacture of electric cars, drones, and advanced electronics.

In April, as tensions mounted between the U.S. and China, Beijing imposed curbs on exports of the metals but recently opened the door to selling them amid a trade truce with Washington.

–Nisha Gopalan

Nvidia Levels to Watch as Stock Surges to New Highs

15 hr 1 min ago

Nvidia (NVDA) shares moved sharply higher Tuesday morning after the AI investor favorite said it plans to resume selling one of its most popular chips to China. 

Through Monday’s close, Nvidia shares had gained nearly 90% from their early-April low and were up 22% since the start of the year, as major tech companies continue to ramp up spending on AI infrastructure that depends on the company’s chips. The stock was up more than 4% at around $171.50 in recent trading.

After reclaiming the closely watched 200-day moving average (MA) in mid-May, Nvidia shares have continued to trend higher, a move that has coincided with the relative strength index staying near its overbought threshold for most of that time, signaling strong price momentum.

In another win for the bulls, the 50-day MA crossed back above the 200-day MA in late June to form a golden cross, a bullish chart pattern that points to a new trend higher.

However, trading volume and volatility have contracted in recent months, suggesting market participants may be waiting for the chipmaker’s earnings report next month before deploying further capital.

Trend analysis, which takes the stock’s move higher throughout June and repositions it from this month’s low, projects a near-term price target of around $178. Investors should also watch key support levels on Nvidia’s chart around $159, $150 and $143.

Read the full technical analysis piece here.

–Timothy Smith

Trade Desk Stock Jumps on News of S&P 500 Inclusion

16 hr 28 min ago

The Trade Desk (TTD) shares soared in early trading Tuesday, a day after S&P Dow Jones Indices said the digital advertising company will be replacing software maker Ansys (ANSS) in the S&P 500 Index.

The change will take effect prior to the start of trading Friday, July 18, according to S&P Dow Jones Indices, which also noted that Ansys would be bought by chip design software provider Synopsys (SNPS) in a deal set to be completed Thursday.

Synopsys said Monday that it had received approval from Chinese regulators for its $35 billion purchase of Ansys, clearing the final regulatory hurdle for the deal.

Inclusion in the S&P 500 can boost shares by introducing them to new investors or by becoming part of index funds that track the components of the benchmark. Last week, Datadog (DDOG) became an S&P 500 member, after Hewlett Packard Enterprise (HPE) completed its acquisition of fellow S&P 500 component Juniper Networks.

Trade Desk shares were up more than 11% in recent trading, pacing Nasdaq 100 gainers. Coming into Tuesday’s session, the stock had lost more than 35% of its value so far this year.

–Nisha Gopalan

Wells Fargo Stock Slides After Earnings

17 hr 5 min ago

Wells Fargo (WFC) on Tuesday lowered its outlook for net interest income, a key measure of profitability, sending shares lower in premarket trading.

Wells Fargo cut its guidance for 2025 net interest income “to be roughly in line” with its 2024 net interest income of $47.7 billion, from its previous forecast of 1% to 3% growth.

Net interest income for the second quarter fell to $11.71 billion from $12.02 billion a year ago—below the $11.84 billion analysts anticipated. The lender reported second-quarter adjusted earnings per share (EPS) of $1.6 on revenue that rose to $20.82 billion from $20.69 billion, above analysts’ estimates.

The results come after the Federal Reserve last month lifted curbs on the bank’s growth imposed seven years ago following a series of scandals, including one where staff set up fake accounts.

“The lifting of the asset cap in the second quarter marked a pivotal milestone in Wells Fargo’s ongoing transformation, along with the termination of thirteen consent orders since 2019, including seven this year alone,” CEO Charlie Scharf said in a release.

Wells Fargo shares, which entered Tuesday up about 19% this year, were down close to 3% in premarket trading.

–Nisha Gopalan

Nvidia Jumps on Plans to Resume China Chip Exports

18 hr 3 min ago

Nvidia (NVDA) said it plans to resume sales of its best-selling H20 AI chip to China, days after CEO Jensen Huang met with President Donald Trump.

Shares of Nvidia surged more than 4% in premarket trading Tuesday following the news. Shares of Advanced Micro Devices (AMD), other chip companies, and Nvidia partners including Super Micro Computer (SMCI) also rose, boosting Nasdaq futures.

“NVIDIA is filing applications to sell the NVIDIA H20 GPU again,” the company said in a blog post late Monday. “The U.S. government has assured NVIDIA that licenses will be granted, and NVIDIA hopes to start deliveries soon,” the chipmaker said. 

The green light from Washington marks a big win for Nvidia, as analysts had said the restrictions would send sales in China, a key market, down to “zero.” The AI chipmaker said in May that it took a $4.5 billion charge in the fiscal first quarter associated with export curbs imposed by the Trump administration on sales of its H20 products to China. The H20 chips are less powerful than Nvidia’s newer ones and had been tailored to meet prior export limits for the Chinese market.

Separately, Nvidia announced a new RTX PRO AI chip that it said was “fully compliant” for the Chinese market. The White House didn’t immediately respond to an  Investopedia request for comment.

Nvidia shares enter Tuesday’s session up 22% so far 2025.

–Nisha Gopalan

S&P 500, Nasdaq Futures Point Higher

18 hr 47 min ago

Futures tied to the Dow Jones Industrial Average were essentially flat.

S&P 500 futures were up 0.4%.

Nasdaq 100 futures added 0.6%.