The stock market is trading higher midday as the election begins.
The S&P 500 climbed 1%, and the tech-heavy Nasdaq Composite added 1.23%. The Dow Jones Industrial Average gained 0.87%. The Russell 2000 Index rose 1.1%.
S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
Palantir (PLTR) +22.1% Cummins (CMI) +8.7% DuPont (DD) +6.7% Emerson Electric (EMR) +6.5% GE Vernova (GEV) +6.4%
The worst-performing five S&P 500 stocks with the largest midday drop are:
Celanese (CE) -24.8% Wynn Resorts (WYNN) -8.9% Archer-Daniels-Midland (ADM) -8.7% NXP Semiconductors (NXPI) -6.6% Hologic (HOLX) -4.5%
Stocks also worth noting include:
Nvidia (NVDA) +2.4%Tesla (TSLA) +4.8%Apple (AAPL) +0.4%Boeing (BA) -1.7%Trump Media (DJT) +15.1%
Palantir joined the S&P 500 in September. The stock is up 195% year-to-date.
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Palantir soars after earnings beat
Palantir shares surged 22% following a strong third-quarter earnings beat and an upward revision in revenue guidance.
The data-analytics company reported earnings of 10 cents a share, above analysts’ forecast of 9 cents, and revenue of $726 million, beating the $701 million estimate.
Related: Analyst who forecast Palantir’s rally makes another bold call
Chief Executive Alex Karp credited the performance to high artificial-intelligence demand.
“The growth of our business is accelerating, and our financial performance is exceeding expectations as we meet an unwavering demand for the most advanced artificial intelligence technologies from our U.S. government and commercial customers,” Karp said in a letter.
The company raised its fourth-quarter revenue forecast to a range of $767 million to $771 million, surpassing the $741.4 million analysts estimated. For 2024, Palantir now expects revenue between $2.805 billion and $2.809 billion, indicating 26% annual growth.
Palantir joined the S&P 500 in September. The stock is up 195% year-to-date.
Boeing drops after machinists’ strike ends
Boeing lost 2% after its machinists ended a seven-week strike by approving a new contract with 59% support.
The deal includes a 38% wage increase over four years, enabling Boeing to resume halted aircraft production.
Related: Striking machinists grudgingly OK Boeing’s latest contract offer
The strike started in September when 33,000 workers, based mainly in Seattle, went on strike after strongly rejecting a proposed 25% pay raise, which fell short of the 40% increase the union wanted. Last month, they also voted against a more favorable proposal.
The strike’s end allows Boeing to work toward restoring production, especially on the 737 Max, though analysts caution that returning to full capacity will take time.
“While the strike ending and workers returning to the shop floor is a meaningful step in the right direction, ramping back up will take time,” Bank of America aerospace analyst Ron Epstein told CNBC, adding that some workers will need to be retrained.
Trump Media shares rise on Election Day
Trump Media gained 15% as traders speculated that a second Trump presidency could boost the Truth Social social-media platform’s business.
Trump Media shares, owned primarily by former President Donald Trump, have nearly doubled year-to-date. The stock has attracted significant retail interest.
Jay Woods, chief strategist at Freedom Capital Markets, compared trading in DJT to “GameStop on steroids,” noting the short-term gains but warning that the company’s fundamentals are weak, CNBC reported.
A recent NBC poll shows Trump and Harris tied at 49% voter support.
Related: Veteran fund manager sees world of pain coming for stocks
