US stocks power higher on Apple’s US investment plans, solid corporate earnings

Tuesday’s drop was just another opportunity to buy the dip.

The S&P 500 rose 0.7% and the Nasdaq 100 outperformed with a 1.3% advance, while the Russell 2000 once again bucked the trend, dropping 0.2%.

The day got off to a strong start when the White House touted an additional $100 billion in domestic investment from Apple ahead of the market open, which fueled the iPhone maker’s 5% rise on Wednesday.

The S&P sector ETFs for consumer discretionary, consumer staples, and tech all rose at least 1%. On the other side of the spectrum, materials and healthcare were down more than 1%.

Gains were led by Arista Networks, which rose 17% after delivering stellar earnings after the close on Tuesday and enjoyed a host of price target hikes across Wall Street thereafter. Declines were led in part by AMD, which fell 6% after the chip company delivered a modest bottom-line miss and a big beat on sales for the second quarter.

Elsewhere…

Shopify soared 22% after the e-commerce giant missed Q2 revenue estimates but said it expects revenue to grow at a mid- to high 20s percentage rate.

Match Group rose double digits after the Tinder and Hinge parent topped analysts’ revenue estimates after the bell Tuesday and told Wall Street to expect more of the same in Q3.

McDonald’s rose nearly 3% after the Big Mac maker posted a US sales rebound in the second quarter — a comeback after a rough start to the year.

IonQ finished virtually flat ahead of earnings tech juggernaut Amazon reporting that it held 854,207 shares of the quantum computing stock at the end of Q2.

Power producer and energy trader NRG dove double digits after adjusted earnings fell short of Wall Street expectations and GAAP results swung to a surprise loss.

Disney shares fell 2.7% even as the media giant beat Q3 estimates, raised its full-year outlook, and reportedly struck a $1.6 billion streaming deal between ESPN and WWE. Shares of TKO, which owns WWE, dropped 5%.

Astera Labs surged nearly 30% after the chips, boards, and integrated circuit maker delivered strong top- and bottom-line Q2 results after the bell Tuesday.

Uber closed flat even after the ride-hailing giant posted upbeat second-quarter results and unveiled a beefy new stock buyback plan.

Shares of Super Micro Computer tumbled 18% after disappointing fourth-quarter results, which saw the server company whiff on sales and earnings.

Rivian shares dipped 4% after the EV maker topped revenue estimates for the second quarter but losses came in higher than expected. Meanwhile, Lucid shares fell 10% after the luxury EV maker also saw Q2 losses pile up.

Snap’s stock plunged 17% after the social media company narrowly missed earnings expectations and ad revenue slowed.

Oscar Health managed to rise almost 4% despite the health insurance company reporting earnings that missed estimates, even after giving investors a look under the hood last month.

Novo Nordisk slipped nearly 4% after it reported growing sales of its blockbuster GLP-1 drugs but reiterated that knockoffs were eating at its weight-loss business.