Investing.com– The S&P 500 closed higher Tuesday as dip buyers piled into beaten down tech stocks following a rout a day earlier, though gains were limited amid lingers concerns about an economic slowdown.
At 16:00 ET (20:00 GMT), the rose 293 points, or 0.8%, the index climbed 1%, and the gained 1%, though the latter two indexes up more than 2% on the day.
Nvidia leads tech stocks rebound
Tech stocks were led higher by a rebound in NVIDIA Corporation (NASDAQ:) as bargain seeking investors bought the dip from a day earlier.
The rebound in Nvidia comes even as reports suggest that the chipmaker is experiencing delays in rolling out its Blackwell chip.
Chips will remain in focus Tuesday as Super Micro Computer (NASDAQ:) reports quarterly earnings after the bell, with investors eager for cues on demand from the artificial intelligence industry.
Apple Inc (NASDAQ:), however, struggled to participant in the broader rally as investor sentiment remained soured after Warren Buffet cut his stake in the iPhone maker by nearly 50%.
Caterpillar Uber, Palantir shine as Q2 earnings continue
Uber Technologies (NYSE:) stock rose 11% as the ride-hailing firm beat estimates for second-quarter revenue and core profit, helped by steady demand for its ride-sharing and food-delivery services.
Caterpillar (NYSE:) stock rose 3% after the industrial giant reported a rise in quarterly adjusted profit, lifted by resilient demand for its larger excavators and other construction equipment against the backdrop of increased infrastructure spending in the U.S.
Palantir Technologies (NYSE:) surged 10% after the software services provider raised its annual revenue and profit forecast for the second time this year.
Lucid Group (NASDAQ:) was also a winner on the earning stage after reporting better-than-expected revenue in the second quarter and after the EV manufacturer announced that its largest shareholder, Saudi Arabia’s Public Investment Fund (PIF), will invest up to $1.5 billion in cash. Its share price rose 3%.
Media giants Walt Disney (NYSE:) and Warner Bros Discovery (NASDAQ:) are due to release earnings on Wednesday.
Crypto stocks climb as steadies
Cryptocurrency-related stocks including Marathon Digital Holdings Inc (NASDAQ:), Coinbase Global Inc (NASDAQ:), and MicroStrategy Incorporated (NASDAQ:) climbed as bitcoin steadied following a rout a day earlier.
(Peter Nurse, Ambar Warrick contrbuted to this article.)