Stocks are stabilizing on hopes for a “Turnaround Tuesday” in global markets. More on that below. Meanwhile, Treasuries are modestly lower along with gold, silver, and crude oil. The dollar is rising along with Bitcoin.
Following a nasty tumble on Monday, the Japanese stock market came roaring back overnight. The Nikkei 225 Index surged more than 9%, the biggest one-day rally since the depths of the Global Financial Crisis in October 2008. Every major industry group saw gains, while the yen currency slid 1%.
Helping the move along: Finance ministry officials and central bankers reportedly “agreed to closely monitor developments.” Those are similar to other “code words" and expressions officials have used over my years in the business to hint at market-friendly bailouts, policy shifts, and other measures. Now we see whether the calm those actions bought persists in European and US trading.
Nikkei 225 Index (5-Day Chart)
Shares of AI play Palantir Technologies Inc. (PLTR) are bouncing back strongly after the firm blew away second-quarter earnings estimates and hiked its third-quarter guidance. PLTR now says it’ll have sales of $697 million to $701 million in Q3, above the average forecast of $681 million. Both government and commercial sales are driving the strength.
Elsewhere in the tech space, rideshare and food delivery giant Uber Technologies Inc. (UBER) topped forecasts – sending its shares sharply higher. Gross bookings rose 19% to $39.95 billion in Q2, besting the $39.7 billion estimate. New deals with various merchants for product deliveries (rather than just food) should boost sales going forward, too.
