Major U.S. stock indexes continued to gain on Tuesday, buoyed by positive corporate earnings reports. The Dow Jones Industrial Average climbed 229 points, or about 0.6%, to 38,469 in mid-afternoon trading. The S&P 500 gained approximately 1.1%, while the Nasdaq rose by 1.4%.
General Motors (GM) emerged as one of the day’s top performers, with its stock rallying 5% after the company released a strong earnings report. GM reported better-than-expected first-quarter earnings and raised its full-year predictions. The automotive company also announced a reduction in the cost of batteries for its electric vehicles.
Spotify also experienced a significant surge, with its stock soaring 17% after the company beat expectations and provided strong guidance for the next quarter. The audio giant has implemented price increases in the past year to boost revenue and improve margins.
Super Micro Computer, an AI hardware maker, saw its stock bounce back, becoming one of the best-performing companies on the S&P 500. The gain followed reports of Nvidia AI chips being built into Super Micro Computer, Dell, and Gigabyte Technology servers.
On the other hand, PepsiCo’s shares dipped 2.4% despite reporting better-than-expected earnings. This decline was attributed to weaker demand in the home market, particularly from lower-income consumers. However, international markets reported positive volume and sales growth.
