The Nasdaq Composite and S&P 500 moved higher on Tuesday due to a strong gain in Palantir as Wall Street sought stable footing following the latest developments on the global trade front.
The tech-heavy index jumped 1.35% to 19,654.02, while the S&P 500 rose 0.72% to 6,037.88. The Dow Jones Industrial Average climbed 134.13 points, or 0.3%, to 44,556.04.
Palantir shares popped about 24% on fourth-quarter results that beat analysts' expectations and had hit a fresh record high. Other Big Tech names such as Nvidia were moving in sympathy with Palantir's climb.
The chip giant advanced 1.7% 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 President Donald 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.
Stocks are coming off a volatile trading session, in which the major averages made a striking turnaround after an initial global sell-off. Ultimately, the major averages ended Monday well off their lows of the day, but they still booked losses. The 30-stock Dow slipped 0.3%, while the S&P 500 fell 0.8%. The Nasdaq Composite dropped 1.2%.
Jay Hatfield of Infrastructure Capital Advisors thinks investors are "way too negative" on tariffs, noting that a strengthening dollar over the past few months could offset some of the effects. He has an S&P 500 year-end target of 7,000, which implies almost 17% upside from Monday's close.
"These are political tariffs, not economic tariffs, and so they're not going to last," the firm's chief executive told CNBC. "What we do think, which is out of consensus, is that eventually we're going to end up with 5% to 10% tariffs on most imported goods, and that is tolerable."
That includes Europe, Hatfield said. On Sunday, Trump warned that he would impose tariffs on both the European Union and the U.K.
"People [will] freak, and then they'll realize, okay, well actually we got revenue from that," Hatfield continued. "So, we're pretty(Cay) Newsmaker23
Source: CNBC
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