Ten stocks stood firmer on Tuesday, mirroring a broader market optimism as investors turned their focus to Nvidia Corp.’s upcoming earnings this week, shunning President Donald Trump’s bid to remove Federal Reserve governor Lisa Cook from the board.
On Wall Street, the tech-heavy Nasdaq jumped by 0.44 percent, the S&P 500 increased by 0.41 percent, and the Dow Jones grew by 0.30 percent.
Indices aside, we list the 10 stocks that led the charge on Tuesday and break down the reasons behind their gains. One of the stocks notably nearly doubled amid a resolution to its ongoing battle with a government agency.
To come up with the list, we considered the stocks with at least $2 billion in market capitalization and at least 5 million shares in trading volume.
A trader cheers his market gains. Photo by Tima Miroshnichenko on Pexels
10. IonQ Inc. (NYSE:IONQ)
Shares of IonQ Inc. (NYSE:IONQ) grew as much as 5.8 percent on Tuesday before paring gains towards the close, mirroring a wider market optimism as investors weighed the benefits of upcoming interest rate cuts.
Last week, the Federal Reserve signaled that it would likely cut rates beginning next month—a move that could benefit growth-oriented firms through lower borrowing costs. Investors were quick to load up positions into sectors that stand to benefit from the move, including quantum computing firms, where a number of companies remain in pre-revenue stages and rely solely on debt to fund expansion plans.
In other developments, IonQ Inc. (NYSE:IONQ) announced earlier that it officially surpassed 1,000 total intellectual property assets in its portfolio, giving the company a stronger edge in its race to build quantum computers.
According to IonQ Inc. (NYSE:IONQ) Chairman and CEO Niccolo de Masi, the company’s robust and growing portfolio of patents positions itself “to continue to develop scalable, high-performance, cost-effective systems that accelerate the timeline for unparalleled commercial quantum advantage.”
9. Rigetti Computing, Inc. (NASDAQ:RGTI)
Rigetti Computing saw its share prices increase by as much as 6.08 percent on Tuesday before slight selling pulled its prices to end slightly lower at $15.30 apiece, as investors continued to price in the benefits of looming Fed rate cuts.
The quantum computing industry, which includes Rigetti Computing, Inc. (NASDAQ:RGTI), remains in pre-revenue stages and often relies on debt to finance growth and expansion plans. Following the central bank’s announcement, investors gobbled up positions in stocks expected to benefit from lower borrowing costs.
In other developments, Rigetti Computing, Inc. (NASDAQ:RGTI) recently sealed a partnership with the Montana State University to advance quantum computing research and innovation.
Under the agreement, Rigetti Computing, Inc. (NASDAQ:RGTI) and Montana State University will collaborate on various initiatives, including research projects related to quantum hardware and hybrid quantum systems, workforce development activities, and co-development and testing of enabling technologies and quantum system components.
8. Denison Mines Corp. (NYSEAmerican:DNN)
Denison Mines grew its share prices by as much as 8.17 percent at intra-day trading before trimming gains to close at $2.22 apiece, as investors cheered production cutback announcements from the largest uranium producer in the world.
Last week, Kazakhstan-based Kazatomprom said that it was reducing its production by 10 percent next year to 29,697 tU from 32,777 tU, with the majority of the decrease coming from its Budenovskoye operations.
According to the company, the move to cut back was not due to any supply constraints, but to make good on its promise of prioritizing market balance and profitability.
In the broader front, Kazatomprom’s lower production could benefit small players, such as Denison Mines Corp. (NYSEAmerican:DNN), in terms of higher uranium prices and profit margins.
In other news, Denison Mines Corp. (NYSEAmerican:DNN) announced the successful raising of $345 million worth of fresh funds through the issuance of convertible senior unsecured notes.
The notes have a tenor of six years and will mature on September 15, 2031, unless converted, repurchased, or redeemed.
7. Trump Media & Technology Group Corp. (NASDAQ:DJT)
Trump Media climbed by as much as 10.16 percent at intra-day trading on Tuesday before paring gains to close at $18.12 apiece, as investors cheered the establishment of a $6.4-billion treasury strategy for Cronos tokens, solidifying its aggressive expansion into the digital currency industry.
In a statement, Yorkville Acquisition Corp. said it signed a definitive agreement with Trump Media & Technology Group Corp. (NASDAQ:DJT) and Crypto.com for the establishment of a joint venture company called Trump Media Group CRO Strategy, Inc., solely for the acquisition of Cronos.
The firm will be infused $1 billion worth of CROs, covering more than 6.3 billion units, or around 19 percent of the token’s total market capitalization. It would also get $200 million in cash and $220 million in cash-in mandatory exercise warrants, with an additional $5 billion equity line of credit from Yorkville’s affiliate, YA II PN, Ltd.
Upon completion, the new firm will go public through a merger with Yorkville and will trade on the Nasdaq under the ticker symbol “MCGA,” which means “Make Crypto Great Again.”
6. Opendoor Technologies Inc. (NASDAQ:OPEN)
Opendoor Technologies bounced back on Tuesday, adding 16.3 percent before paring gains to close at $4.7 apiece, as investors continued to cheer the Federal Reserve’s looming interest rate cuts and its expected benefits to the company.
Shares of Opendoor Technologies Inc. (NASDAQ:OPEN) have spiked up since last week after the US central bank said it could begin slashing rates beginning next month, sparking rosy prospects for the interest-sensitive residential market.
Opendoor Technologies Inc. (NASDAQ:OPEN), a real estate technology company that resells residential properties, is expected to benefit from the move on lower borrowing costs for prospective homebuyers.
In recent news, Opendoor Technologies Inc. (NASDAQ:OPEN) announced the immediate resignation of CEO Carrie Wheeler, who took over the role in 2022 but failed to reassure investors of the ongoing turnaround efforts. She was temporarily replaced by chief technology officer Shrisha Radhakrishna while a permanent CEO has yet to be named.
5. XPeng Inc. (NYSE:XPEV)
XPeng jumped by as much as 8.19 percent on Tuesday before trimming gains to close at $24.33 apiece as investor sentiment was boosted by a new intelligent driving upgrade in Europe, which would allow for a human-machine co-driving experience.
In a statement, XPeng Inc. (NYSE:XPEV) said it officially launched the XOS 5.8.0 OTA upgrade, its third major upgrade this year, raising the bar for intelligent driving across its vehicle lineup.
Under the new update, Lane Centering Control (LCC) now remains active and shares control with the driver rather than disengaging when the driver steers. XPeng Inc. (NYSE:XPEV) said that this would result in smoother, more natural driving assistance. LCC also demonstrates improved performance in complex scenarios such as highway merges and exits, with reduced steering oscillation.
Additionally, XPeng Inc. (NYSE:XPEV) said the Adaptive Cruise Control (ACC) has been significantly enhanced for higher cornering speeds and more comfortable deceleration.
Beyond driving functions, the update introduces the new Pet Mode, which, when activated, ensures the safety and comfort when pets are left unattended briefly. Under the new mode, the climate system maintains a comfortable temperature and air circulation, while windows are closed and doors are locked.
It is also equipped with an automatic climate control mode, which prevents overheating or excessive cold.
Owners can also receive real-time alerts via the XPENG app and can remotely activate or deactivate the mode. This feature enhances safety for users who need to briefly leave their pets in the car.
4. NIO Inc. (NYSE:NIO)
NIO Inc. saw its share prices jump by as high as 12.15 percent at intra-day trading on Tuesday before closing slightly lower at $6.7 apiece as investors cheered an investment firm’s bullish rating and higher price target for its stock.
In a market note, JPMorgan raised its price target for NIO Inc. (NYSE:NIO) to $8 from $4.8 previously, while upgrading the stock to “overweight” from “neutral” on expectations that three events will propel the company’s stock price towards the end of the year.
The new figure represented a 19 percent upside from its latest closing price.
Looking ahead, NIO Inc. (NYSE:NIO) is scheduled to release the results of its earnings performance in the second quarter of the year on Tuesday, September 2, to be followed by the formal price announcement for its new ES8 vehicle and the annual NIO Day on September 20; and the said vehicle’s official launch late in September.
Additionally, JPMorgan expects NIO Inc. (NYSE:NIO) to showcase its new five-seater BEV SUV, Onvo L80, at the Guangzhou Auto Show that starts on November 21.
3. Energy Fuels Inc. (NYSEAmerican:UUUU)
Energy Fuels soared by as much as 22.05 percent on Tuesday before paring gains to close at $12.31 apiece after bagging a rare earth metal supply deal with Vulcan Elements.
In a statement, Energy Fuels Inc. (NYSEAmerican:UUUU) said it entered into a memorandum of understanding with Vulcan Elements, under which it will supply the latter with initial quantities of high-purity light and heavy separated rare earth oxides in the fourth quarter of the year.
Upon receipt, Vulcan will validate Energy Fuels Inc.’s (NYSEAmerican:UUUU) neodymium-praseodymium (NdPr) and dysprosium (Dy) oxides for production of rare earth magnet applications; thereafter, it will enter into a long-term supply agreement with the latter.
The deal followed Energy Fuels Inc.’s (NYSEAmerican:UUUU) successful milling of its first kilogram of Dy during a pilot scale at its White Mesa Mill in Utah.
According to the company, its production achieved a 99.9 percent purity, well above the 99.5 percent commercial specification.
“[Energy Fuels Inc. (NYSEAmerican:UUUU)] believes the quantity and purity of its Dy oxide production is unmatched in the United States at this time and is a testament to the White Mesa Mill’s world-class rare earth element (REE) production capabilities. Pilot-scale production is expected to continue until approximately 15 kilograms of Dy oxide are produced,” it noted.
2. Wheels Up Experience Inc. (NYSE:UP)
Wheels Up rallied for an 8th straight day on Tuesday, soaring by as much as 32 percent before closing lower at $3 apiece as investors cheered the company’s $50 million cost savings expectations from the divestment of three of its non-core businesses.
Last week, Wheels Up Experience Inc. (NYSE:UP) announced that it raised $20 million in fresh funds from the sale of Baines Simmons, Kenyon International Emergency Services, and Redline Assured Security to TrustFlight, one of the leading aviation safety and compliance solutions providers.
“The divestiture of these non-core services businesses is the latest in a series of steps that Wheels Up has taken to sharpen our strategic focus; invest in our product, fleet and operations; and strengthen our balance sheet,” said Wheels Up Experience Inc. (NYSE:UP) CEO George Mattson.
“The sale, along with our recently announced initiatives estimated to drive approximately $50 million of cost efficiencies, is expected to create meaningful tailwinds on our path to sustained, profitable growth,” he added.
In the second quarter of the year, Wheels Up Experience Inc. (NYSE:UP) narrowed its net loss by 15 percent to $82.3 million from $96.97 million in the same period last year. Revenues, on the other hand, dropped 3 percent to $189.6 million from $196 million year-on-year.
1. EchoStar Corporation (NASDAQ:SATS)
EchoStar Corp. spiked up by as much as 85 percent at intra-day trading on Tuesday to hit a new all-time high of $55.19, before closing slightly lower towards the end of the session as investors cheered its wireless spectrum licenses sale to AT&T for $23 billion.
In a statement, EchoStar Corporation (NASDAQ:SATS) said it entered into a definitive agreement with AT&T for the sale of its 3.45 GHz and 600 MHz spectrum licenses—a total of 50 MHz of nationwide spectrum, as part of its resolution to its battle with the Federal Communications Commission.
In addition, EchoStar Corporation (NASDAQ:SATS) and AT&T have amended their network services agreement to create a hybrid mobile network operator (MNO) relationship.
The license sale to AT&T will enable rapid deployment of the purchased spectrum to US consumers across the country, with AT&T given the option to lease the spectrum, pending the closing of the spectrum sale.
“EchoStar and Boost Mobile have met all of the FCC’s network buildout milestones. However, this spectrum sale to AT&T and hybrid MNO agreement are critical steps toward resolving the FCC’s spectrum utilization concerns,” said EchoStar Corporation (NASDAQ:SATS) co-founder and Chairman Charlie Ergen.
Through Boost Mobile’s hybrid MNO infrastructure, subscribers will continue to receive service through its cloud-native 5G core, primarily connected to AT&T’s nationwide network.
Boost Mobile users will also retain access to T-Mobile’s network, while AT&T will provide the main coverage. However, Boost Mobile’s radio access network will be gradually decommissioned as part of the transition.
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