Wall Street rises with eyes on the elections as Nvidia surpasses Apple

In the quarterly earnings season, Palantir Technologies shares surged more than 23% after the company reported its quarterly figures.

Wall Street’s three main indexes posted gains on Tuesday, buoyed by data signaling a strong economy. Investors also reviewed quarterly earnings reports while keeping a close watch on the U.S. presidential election.

The Dow Jones Industrial Average, made up of 30 major companies, rose 1.02% to reach 42,221.88 points. The S&P 500, comprising 500 stocks, climbed 1.23% to 5,782.76 points, while the tech-heavy Nasdaq Composite advanced 1.43% to 18,439.17 points.

The Institute for Supply Management’s Non-Manufacturing Purchasing Managers’ Index, a key services sector indicator, accelerated to 56 points last month—its highest level since August 2022—up from 54.9 in the prior month and surpassing analysts’ expectations of 53.8.

During the earnings season, Palantir Technologies shares (+23%) skyrocketed after the company reported a 30% increase in quarterly revenue driven by strong demand for artificial intelligence solutions.

Among major stocks, a shift in market hierarchy emerged as Nvidia (+2.48%), the current AI darling, rose over 2%, achieving a market capitalization of $3.43 trillion and surpassing Apple (at $3.37 trillion).

Meanwhile, investors stayed focused on the U.S. presidential election, whose results may take days to finalize. The latest polls show Donald Trump and Kamala Harris in a tight race.

Some analysts noted that the stock rally reflects market sentiment, suggesting that a Republican win could mean lower taxes, benefiting Wall Street.