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The NASDAQ Composite and S&P 500 moved higher on Tuesday thanks to a strong gain in Palantir, as Wall Street tries to find stable footing following the latest developments on the global trade front.
Shares in the Dow Jones Industrials edged up 19.59 points to 44,441.50.
The much-broader index pointed higher 34.93 points to 6,029.50
The tech-heavy NASDAQ flew 232.21 points, or 1.2%, to 19,624.16
Palantir shares popped 26% on fourth-quarter results that beat analyst expectations and had hit a fresh record high. The stock was headed for its best day since Feb. 6, 2024 — when it rallied 30.1%.
Other big tech names like Nvidia were moving in sympathy with Palantir’s move higher. That stock rose nearly 3% during the session.
The Chinese government slapped tariffs of up to 15% on U.S. imports of coal and liquefied natural gas and 10% higher duties on crude oil, farm equipment and selected cars, effective Feb. 10.
The move comes after the U.S. agreed to pause more aggressive levies on Canada and Mexico. Canadian Prime Minister Justin Trudeau announced in a post on social media site X on Monday evening that Trump agreed to halt the implementation of tariffs against Canada for at least 30 days.
Earlier on Monday, Mexican President Claudia Sheinbaum announced that duties on Mexico imports to the U.S. would also be halted for a month.
Prices for the 10-year Treasury inched up, lowering yields to Tuesday’s 4.54%. Treasury prices and yields move in opposite directions.
Oil prices decreased 41 cents to $72.75 U.S. a barrel.
Prices for gold gained $14.60 an ounce to $2,871.60 U.S.