FABRICE COFFRINI / AFP through Getty Images
The Key Take-Aways
- U.S. stocks rose in the midday session, led by technology shares which sent Nasdaq up 1%.
- Palantir Technologies stock hit an all-time high thanks to demand for artificial intelligence (AI) software.
- Estée Lauder announced an executive shakeup and layoffs as sales of its beauty products sank.
U.S. shares were higher by midday thanks to tech stocks. The Nasdaq was up more than 1%, and the Dow Jones Industrial Average and S&P 500 gained as well.
Shares of Palantir Technologies (PLTR), a software company, reached a record high following the release of better than expected results. The firm also forecasted booming demand for its artificial intelligence products.
Super Micro Computer’s (SMCI), a server manufacturer, announced it will provide a business update for the second quarter next week.
FOX’s (FOX), shares increased when it announced the launch of a subscription-based streaming service.
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 shares (MRK) fell after the company halted shipments in China to allow its Chinese distributor partner to sell their remaining supply.
Gold prices rose. The price of gold rose. Gold prices rose. Dollars lost value against the euro, pound and yen. The trading in the major crypto currencies was mostly down.
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