The stock market rose solidly despite big daily and intraday swings, rising within a range. The Nasdaq led, hitting a record close Thursday. A slew of earnings from the likes of Palantir Technologies, Shopify, Advanced Micro Devices, Vistra and many others triggered big moves. Trump tariffs also were in focus, along with economic data that signaled slower growth and inflation pressures.
Stock Market Rises In Range
The stock market had some big daily swings amid Trump tariff news, economic data and huge earnings winners and losers. But the major indexes and key ETFs had solid to strong advances, though still holding in a recent range. The Nasdaq, buoyed by megacaps, chips and AI, is just below all-time levels Treasury yields held near recent lows.
Astera Labs Jumps, AMD Wavers
Two stocks linked to the buildout of AI data centers reported second-quarter results to mixed reactions. Connectivity chip designer Astera Labs delivered a beat-and-raise report that sent its shares surging. Its sales rose 150% year over year in Q2 while its earnings soared 238%. Advanced Micro Devices reported in-line earnings on better-than-expected sales for Q2. AMD stock wavered on the news. AMD sales rose 32% while earnings dropped 30% in the period as U.S. trade restrictions on sales of AI chips in China dragged on results. Elsewhere, a host of semiconductor stocks dropped after June-quarter reports. They included GlobalFoundries, Macom Technology, Microchip Technology, Onsemi and Silicon Labs.
Trump Actions Roil Chip Stocks
Semiconductor stocks rose broadly after President Donald Trump eased his rhetoric on chip tariffs. He said semiconductor companies would be exempt from tariffs if they invested in chip manufacturing in the U.S. However, those that don't will face 100% tariffs. The news was especially positive for Taiwan Semiconductor Manufacturing, which is expanding its chip factories in Arizona. Meanwhile, Apple likely scored a waiver on tariffs from Trump by upping its domestic investment in U.S. manufacturing by $100 billion to $600 billion over the next four years. Apple Chief Executive Tim Cook made the announcement with Trump at the White House.
Shopify Thrives Amid Tariffs
Shopify said Q2 earnings rose 34%, revenue climbed 31% to $2.68 billion and gross merchandise volume from merchant customers grew 30% to $87.84 billion. All topped estimates. So did other key metrics, while The e-commerce software maker guided slightly higher. A feared tariff hit didn't occur, with Shopify helping customers navigate. The company also is expanding into new fields. Shares gapped above a buy point.
Palantir Keeps Accelerating
Palantir Technologies reported Q2 EPS popped 78%, the best gain in a year. Revenue climbed 48% to just over $1 billion, the eighth straight quarter of accelerating growth. Both comfortably topped views. U.S. government revenue rose 53% to $426 million, while U.S. commercial revenue jumped 93% to $306 million. The maker of data analytics software guided higher for Q3 and full-year revenue. Shares soared to fresh highs.
Datadog And Dynatrace
Datadog said Q2 earnings grew 6% while revenue climbed 28% to $827 million, both beating. The app monitoring software maker guided higher on Q3 and full-year revenue. Rival Dynatrace reported a 20% revenue rise to $477 million with EPS up 27%, also both beating. So did annual recurring revenue from subscriptions. Dynatrace guided in line for Q3 EPS but higher for revenue. rose 18% to $1.822 billion vs. estimates of $1.779 billion. Both stocks reversed lower.
Nuclear Earnings
Nuclear fever returned amid several key earnings reports and news that the Trump administration aims to build a nuclear reactor on the moon. Constellation Energy and Vistra reported second-quarter earnings and revenue early Thursday. Constellation Energy topped Q2 expectations, but maintained its full-year EPS guidance. Shares fell modestly for the week, backing below a buy point. Vistra announced better-than-expected Q2 profit with revenue coming in light. Vistra also reaffirmed 2025 profit guidance. Shares rose back into a buy zone Thursday. Meanwhile, BWX Technologies, the U.S. Navy's main nuclear reactor supplier, soared after reporting much better-than-expected Q2 results and guiding higher. Uranium miner Centrus Energy rallied after topping Q2 views on favorable pricing on contracts for nuclear fuel.
Tesla Pays Musk, Who Teases FSD
The board approved an interim stock award worth about $30 billion for CEO Elon Musk early Monday, calling it a "good faith" first step to replace a 2018 pay deal struck down by Delaware courts. The award boosts Musk's stake to 16% from 13%. The board will put a larger compensation package before Tesla shareholders at the Nov. 6 annual meeting. Musk teased a significant full self-driving update, perhaps by the end of September, claiming that Tesla is training "a new" FSD version could be a "big improvement." Meanwhile, Tesla reportedly is shutting its Dojo supercomputer efforts after some 20 top staffers who left to start their own company DestinyAI. Shares rose, hitting resistance at a key level.
Payment Stocks Hot And Cold
Square-parent Block slightly missed Q2 targets, with EPS up 10% and revenue down nearly 2% to $6.054 billion. But the digital payments giant beat on several other metrics and raised key guidance. Shares soared. Toast earnings for the June quarter soared 550% topping estimates. Revenue climbed 25% to $1.55 billion and annual recurring revenue grew 31% to $1.9 billion, both edging past views. The provider of restaurant software's live customer locations exceeded expectations. Shares fell but pared losses. Shift4 Payments said Q2 EPS fell 21%, missing views. Revenue minus network fees rose 29% to $413 million, slightly topping. EBITDA was in line with views but payment volume fell short. FOUR stock dived. Sezzle reported a 97% EPS gain with revenue up 76%, both beating views. The buy now, pay later play sees strong growth continuing to cool. Shares dived after going on a big run earlier in the year.
Uber, DoorDash Deliver
Uber Technologies showed resilient spending for app-based rides and food-delivery in Q2, with EPS up 34% and revenue climbing 13%. Shares ultimately rose solidly, aided by a $20 billion buyback, flashing a buy signal. Smaller rival Lyft posted a 58% EPS decline. Revenue growth slowed to 11%, slightly missing. Shares were little changed. DoorDash rose to a new high as Q2 revenue growth accelerated to 25% amid strong demand for U.S. restaurant delivery.
Aerospace Stocks Mixed
Karman on Thursday met EPS views for a 233% gain while accelerating revenue growth of 35% beat expectations. The February IPO guided up on revenue KRMN jumped 5% Friday, regaining the 50-day line. Firefly Aerospace jumped 34% in Thursday's debut after the space and defense IPO priced strongly at 45 a share. Rocket Lab reported a wider-than-expected loss but a 36% revenue rise topped. The launch services provider guided in line for Q3 revenue. Shares bounced from a key level Friday. But Curtiss-Wright tumbled to undercut its 50-day line on Thursday despite clearing Q2 forecasts. Raised 2025 guidance still left earnings targets below consensus.
Biotech Stocks Mostly Lower
Biotech giants Vertex Pharmaceuticals and Amgen took beatings last week. Though Vertex beat second-quarter forecasts, it won't move a next-generation drug forward as a treatment for acute pain. Further, Vertex doesn't see approved drug, Journavx as a treatment for broad neuropathic pain. In response, Vertex stock lost almost 21% on Tuesday. Amgen also came in with a second-quarter beat, but shares skidded in mixed analysts' views for the weight-loss shot, MariTide. Crispr Therapeutics also slipped on its report even though Vertex reported $30 million in sales of Casgevy, a gene-therapy treatment codeveloped with Crispr. TG Therapeutics crashed on light profit due to higher-than-expected operating expenses. Sales of multiple sclerosis drug, Briumvi, were in line with forecasts at $138.8 million. Late in the week, Gilead Sciences beat forecasts with its biggest drug, HIV treatment Biktarvy, bringing in a Street-walloping $3.53 billion in sales. That led Gilead to raise its outlook for the year. Shares rose Friday.
Disney Tumbles On Weak Revenue, NFL Deal
The Dow Jones giant topped EPS views but overall revenue, entertainment revenue and sports revenue all fell short Disney+ subscribers rose about 1% from the end of March while subscription fees were higher. Separately, Disney's ESPN reached deals with the NFL and WWE for the rights to various media assets and live events. Per the agreement with the NFL, ESPN will gain the rights to RedZone, NFL Network and more in exchange for a 10% equity stake in ESPN. ESPN will pay WWE an average $325 million per year for 5 years for the rights to WrestleMania and premium live events starting in 2026, according to CNBC. The deal comes as ESPN plans to roll out a new direct-to-consumer streaming service this fall, which will combine all ESPN properties into a single service. DIS shares fell.
Dutch Bros Stands Out Among Restaurants
McDonald's beat views with a 7% EPS gain on a 5% revenue rise, with same-store sales up globally and the U.S. But Yum Brands, parent of Taco Bell, KFC and Pizza Hut, fell after missing across the board. Burger King and Popeye's owner Restaurant Brands slumped on mixed results amid higher beef and coffee prices. Dutch Bros rallied 19% Thursday on strong results and guidance. Sit-down chain Texas Roadhouse fell on mixed results.
Stock Market News In Brief
IonQ reported a wider-than-expected loss, but revenue climbed 82% to $20.7 million, with Q3 revenue guidance also strong. The quantum computing play said CEO Niccolo de Masi is also now chairman. Cofounder, Chris Monroe is returning as chief scientific advisor. D-Wave Quantum reported a wider-than-expected second-quarter loss while revenue topped views with a 42% gain to $3.1 million.
Arista Networks said adjusted EPS grew 38% as revenue jumped 30% to $2.205 billion, both beating. The cloud-computer networking gear maker guided slightly on revenue, buoyed AI revenues for its biggest clients. Arista's two biggest customers remain Microsoft and Facebook parent Meta. Shares soared.
Fortinet beat Q2 EPS views with a 12% rise. Revenue climbed 14% to $1.63 billion and billings advanced 15% to $1.78 billion, both slightly topping. But the cybersecurity firm guided fractionally lower for the current quarter. Shares dived as investors wanted to see stronger growth from a big firewall product refresh.
Hinge Health catapulted to a record high after the AI-tied physical therapy platform reported $139.1 million in sales, up 55% and well above forecasts. The recent IPO said it served 2,359 clients in Q2, up 32% year over year.
Hims & Hers Health sold off as a 73% revenue gain to $544.8 million fell short despite a big boost from GLP-1 weight-loss drugs. Adjusted EPS more than tripled. The online pharmacy reiterated its outlook.
Caterpillar reported a 21% EPS decline, slightly missing, while a fractional revenue drop to $16.57 billion beat views. The Dow Jones heavy equipment giant cited "unfavorable manufacturing costs" based on the "impact of higher tariffs." For the full year, Caterpillar predicts a Trump tariff impact of $1.3 billion-$1.5 billion
Eli Lilly crashed to a 52-week low Thursday after saying the highest dose of its weight-loss pill, orforglipron, led patients to lose 11.5% more body weight than a placebo. But the results of the 72-week study missed analysts' forecast. The results overshadowed Lilly's beat-and-raise report, including strong sales of obesity fighter Zepbound and diabetes drug Mounjaro.
Paycom Software reported Q2 EPS grew 27% with revenue up 11% to $483.6 million. The company also raised full-year revenue targets. Paycom launched a new artificial intelligence product, IWant. Shares jumped on results but pared gains.
Super Micro Computer badly missed fiscal Q4 expectations and guided lower. Shares of the data center specialist plunged after the report. In the June quarter, Supermicro's earnings fell 24% year over year while its sales increased just 8%.
AppLovin stock broke out of a cup base after the app marketing platform delivered a beat-and-raise Q2 report. AppLovin earnings jumped 169% year over year to $2.39 a share while sales rose 17% to $1.26 billion.
SharkNinja beat Q2 views, with food preparation appliances and beauty and home environment appliances key drivers. The maker of kitchen and household appliances also guided higher. Shares initially jumped to a record high but slashed gains.
Symbotic, a maker of AI-enabled robotic technologies for automating warehouses, beat fiscal Q3 views but guided lower because of a product transition. Symbotic stock tumbled on the news.
Twilio reported a 37% EPS gain while revenue growth slowly accelerated again, to 13%. Both beat views. But the real-time communications platform guided low on Q3 earnings. Shares plunged.
Snap stock tumbled after the Snapchat parent's 9% revenue growth came in low. The miss looked particularly troubling to analysts in comparison to the 22% Q2 growth from Snap's much-larger rival Meta Platforms. Fears that Meta is winning even more of the digital ad market also weighed on Pinterest, which saw its shares fall despite Q2 revenue growth that edged past forecasts.
