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The Nasdaq and other major indices saw gains on Tuesday following a strong earnings report from Palantir. Meanwhile, investors are anticipating President Trump’s next move as China responded to Trump’s new tariffs by promising to implement its own import taxes starting next week.
China said it would add a 15% duty to imports of U.S. coal and liquefied natural gas on Feb. 10, along with a 10% tariff on crude oil, agricultural machinery, certain cars, and pickup trucks. Separately, it will impose export controls on goods and technology related to critical minerals, including tungsten and tellurium.
By the afternoon, the tech-heavy Nasdaq had risen by 229 points, or 1.1%. The S&P 500 increased by 0.62%, while the Dow Jones Industrial Average remained mostly flat. Additionally, Bitcoin, which experienced a rollercoaster ride on Monday — plummeting to $95,000 in the morning before bouncing back to $100,000 — was trending upward and sitting at $99,000.
Palantir stock soars more than 26% after AI-driven earnings
Shares of software platform company Palantir (PLTR+22.19%) soared close to 27% on Tuesday. The company’s stock was up by 23% during pre-market trading after it delivered better-than-expected fourth quarter results. At the market open, Palantir stock was up by 22%.
The company, which builds software for big data analytics companies, reported revenue of $828 million for the fourth quarter — a 36% jump year over year, and a 14% increase from the previous quarter. Wall Street was expecting $775.8 million, according to analysts’ estimates compiled by FactSet (FDS+0.24%).
U.S. revenue grew 52% from the previous year to $558 million, Palantir said, a 12% increase quarter over quarter.
Palantir set first quarter revenue guidance between $858 million and $862 million. Analysts are expecting $852 million for the quarter ending in March, according to FactSet.
Google’s parent Alphabet to report earnings after the closing bell
Today, tech giant and Google parent company Alphabet (GOOGL+1.93%) will report its earnings after the closing bell.
Besides that, consumer goods powerhouse PepsiCo (PEP-4.39%), semiconductor leader Advanced Micro Devices (AMD+3.19%), pharmaceutical giant Pfizer (PFE-2.00%), restaurant chain Chipotle (CMG+1.08%), and payments firm PayPal (PYPL-11.53%) all report earnings Tuesday.
—William Gavin and Britney Nguyen contributed to this article