Post-Bell｜Wall Street's Three Main Indexes Scored Record High Closes; Nebius And Wolfspeed Up 50%; Oracle Up 23%

Wall Street's three main indexes scored record high closes on Tuesday, while UnitedHealth rallied, and a downward payrolls revision supported expectations the Federal Reserve will soon cut interest rates to shore up economic growth.

Market Snapshot

The S&P 500 climbed 0.27% to end the session at 6,512.61 points, surpassing its record last Thursday. The Nasdaq gained 0.37% to 21,879.49 points, its second consecutive record high close. The Dow Jones Industrial Average rose 0.43% to 45,711.34 points, exceeding its previous record close on August 28.

Market Movers

Oracle — The tech old guard jumped 23% after reporting that multicloud database revenue from Amazon, Google and Microsoft grew at the rate of 1,529% in its last quarter. Shares surged despite the company also reporting fiscal first-quarter earnings and revenue that came in below analysts’ expectations, according to LSEG.

GameStop — The meme stock added 4% after reporting second-quarter earnings rose to 25 cents per share, excluding items, on revenue of $972.2 million. Its bitcoin holdings were valued at $528.6 million at the close of the quarter.

Rubrik Inc. — The cloud data stock fell 1% after posting a second-quarter adjusted loss of 3 cents, which was narrower than the loss of 4 cents penciled in by analysts polled by LSEG. Rubrik’s $310 million in revenue also beat the estimated $282 million.

Synopsys — Shares fell 13% after the semiconductor tool supplier posted disappointing fiscal third-quarter results. Synopsys earned $3.39 per share on revenue of $1.74 billion. Analysts polled by LSEG had expected earnings of $3.74 per share on $1.77 billion in revenue.

AeroVironment — Shares of the defense technology company rose slightly despite mixed quarterly results. Fiscal first-quarter earnings of 32 cents per share after adjustments fell short of the estimate of 37 cents per share. However, revenue of $455 million outpaced Wall Street’s consensus estimate of $440 million. For the fiscal year, AeroVironment predicts it will earn between $3.60 and $3.70 per share after adjustments on revenue of $1.9 billion to $2 billion. According to LSEG, analysts anticipated $3.52 per share in earnings and $2 billion in revenue for fiscal 2026.

Apple was down 1.5% after unveiling several new iPhones, a new series of Apple Watches, and updated AirPods at its annual product launch gathering, which the company is referring to as its " Awe Dropping" event. As anticipated, Apple watchers got a first look at the iPhone 17 Air, the company's thinnest iPhone ever. Coming into Tuesday, Apple shares have fallen 5% this year.

Dell Technologies fell 1.4% after the maker of computers and artificial-intelligence servers said Chief Financial Officer Yvonne McGill would be resigning after 30 years with the company. Dell said McGill's resignation wasn't the "result of any disagreements with the company on any matter relating to its financial statements, internal control over financial reporting, operations, policies or practices." David Kennedy, senior vice president of global business operations and finance, will serve as interim financial chief. Dell also reaffirmed its financial guidance for the third quarter and fiscal year.

UnitedHealth rose 8.6%. The managed-care company issued a securities filing that said preliminary data for the 2027 payment year from the Centers for Medicare and Medicaid Services said 78% of UnitedHealth's Medicare Advantage members will be in plans with quality ratings of four stars or higher, on a five-star scale. The CMS manages Medicare Advantage.

Nebius jumped 49%. The Amsterdam-based company secured a $19.4 billion deal to provide Microsoft with artificial-intelligence infrastructure through 2031.

Wolfspeed surged 48% to $1.82 after the chip supplier received court approval for a restructuring plan. The company said it expects to emerge from Chapter 11 protection "in the next several weeks."

Teck Resources Ltd rose 11% after the Canadian miner agreed to a " merger of equals" with rival Anglo American. The deal creates one of the largest copper miners in the world, with a combined market value of about $53 billion. Anglo American, which is listed in London, gained 11%.

Tourmaline Bio soared 58% to $47.64. Novartis plans to acquire the clinical biotechnology company for about $1.4 billion, paying $48 a share in cash.

Core & Main, Inc. dropped 25% after the water, wastewater and drainage-supply distributor posted second-quarter adjusted earnings. Its profit beat analysts' estimates but management reduced its guidance for the fiscal year on adjusted earnings before interest, taxes, depreciation, and amortization to $920 million to $940 million from $950 million to $1 billion. The company also cut its forecast of revenue, saying it was "operating in an environment marked by higher operating expenses and softer residential demand."

Albemarle was down 11%. The lithium producer declined following a report from FactSet that said Chinese electric-vehicle battery maker Contemporary Amperex Technology Co. Ltd., better known as CATL, would be restarting its Yichun lithium mine. That would mean more lithium on the market, potentially weighing on prices.

SailPoint Parent, LP's forecasts of adjusted earnings and revenue for the third quarter were lower than Wall Street had forecast. Shares declined 7.7%, although the cybersecurity company's second-quarter earnings topped analysts' estimates.

Eightco Holdings skyrocketed 3,000% Monday after it sold new stock to fund purchases of Worldcoin, the crypto token of World, a project run by OpenAI CEO Sam Altman. The shares were down 11% on Tuesday.

Planet Labs Pbc shares declined 6.6% Tuesday following an announcement it plans to sell $300 million of convertible senior notes in a private offering.

Market News

Trump urges EU to impose 100% tariffs on China, India to pressure Putin, sources say

U.S. President Donald Trump urged EU officials on Tuesday to hit China with tariffs of up to 100% as part of a strategy to pressure Russian President Vladimir Putin, according to a U.S. official and an EU diplomat.

Trump also encouraged the European Union to slap India with similarly expansive tariffs, said the official, who requested anonymity to discuss private conversations.

JPMorgan CEO Jamie Dimon warns of a cloudy US economic outlook

JPMorgan Chase (JPM.N), opens new tab CEO Jamie Dimon is cautious about the U.S. economic outlook, believing that the full effects of tariffs and other geopolitical headwinds have yet to fully unfold.

"I think you better be careful on that one (on the economic impact on the U.S.) because some of these things have long cycles. So we don’t know yet. People are expecting these things to happen right away. But actually, a lot of them haven’t happened," Dimon said in a podcast interview on Office Hours: Business Edition set to be released on Wednesday morning.