Investing.com– U.S. stocks rose on Tuesday as dip buyers piled into battered technology stocks following a drop the previous day.
At 2:55 p.m. ET (1855 GMT), the U.S. dollar was up 728 points, or 1.9 percent, the index was up 2.5 percent and the U.S. dollar was up 2.6 percent.
Nvidia leads tech stock rally
technology stocks were boosted higher by a rally in NVIDIA Corporation (NASDAQ:NVIDIA), as bargain-hunting investors bought the previous day's dip.
Nvidia's rally comes despite reports suggesting the chipmaker is experiencing delays in the launch of its Blackwell chip.
Chips will remain in focus on Tuesday when Super Micro Computer (NASDAQ:) reports quarterly earnings after the close, with investors eager for signals on demand from the artificial intelligence industry.
However, Apple Inc (NASDAQ:) struggled to participate in the broader rally as investor sentiment remained sour after Warren Buffet cut his stake in the iPhone maker by nearly 50%.
Caterpillar Uber, Palantir shine as second-quarter earnings continue
Uber Technologies (NYSE:) shares rose more than 11% as the ride-sharing company beat second-quarter core revenue and earnings estimates, helped by steady demand for its ride-sharing and food delivery services.
Caterpillar (NYSE:) shares rose 4% after the industrial giant reported a rise in quarterly adjusted earnings, boosted by strong demand for its larger excavators and other construction equipment amid increased infrastructure spending in the U.S.
Palantir Technologies (NYSE:) rose more than 12% after the software services provider raised its annual revenue and earnings forecast for the second time this year.
Lucid Group (NASDAQ:) was also a winner on the earnings stage after reporting better-than-expected second-quarter revenue and after the electric vehicle maker 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 1%.
Media Giants Walt Disney (NYSE:) and Warner Bros Discovery (NASDAQ:) are set to report results on Wednesday.
Cryptocurrency stocks rise as they stabilize
Cryptocurrency-related stocks including Marathon Digital Holdings Inc (NASDAQ:), Coinbase Global Inc (NASDAQ:) and MicroStrategy Incorporated (NASDAQ:) rose while bitcoin stabilized after a drop the previous day.
(Peter Nurse and Ambar Warrick contributed to this article.)
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