Trump Media, Tesla, Palantir, and More

Major U.S. indexes gained at midday Tuesday as investors awaited the results of the U.S. presidential election. The S&P 500, Nasdaq, and Dow were all higher. 

Shares of Trump Media & Technology Group (DJT), the social media company majority owned by former President Donald Trump, surged as some prediction markets showed the edge shifting toward Trump.

Shares of Tesla (TSLA) also gained amid expectations the electric vehicle (EV) maker could benefit no matter which candidate wins the election.

Palantir Technologies (PLTR) was the best-performing stock in the S&P 500 after the data analytics software maker reported better-than-expected results on strong demand for its artificial intelligence (AI) platform.

Nvidia (NVDA) shares climbed, pushing the chipmaker back into the top spot on the list of the world’s most valuable companies by market capitalization, ahead of Apple (AAPL).

Archer-Daniels-Midland (ADM) shares plunged after the maker of agricultural commodities said that it would be restating previous results and canceled an earnings conference call because of accounting errors. The company’s preliminary quarterly profit also came in well below forecasts. 

Shares of Celanese (CE) sank after the chemicals supplier slashed its dividend and announced plans to cut production because of weak demand, suggesting it anticipates that continuing into the current quarter.

NXP Semiconductors (NXPI) shares slumped as the chipmaker warned of weakness in the European and Americas markets, as well as lower demand for industrial products.

Oil and gold futures gained. The yield on the 10-year Treasury note rose. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies were higher, with Bitcoin trading above $70,000 again.