CrowdStrike's stock increased by 3.4% following an upgrade from Deutsche Bank, with analyst Brad Zelnick highlighting the market's underappreciation of AI's impact on cybersecurity. Similarly, Palo Alto Networks rose 2% in response.
Rivian's shares climbed 3.8% after UBS upgraded the stock, with analyst Joseph Spak suggesting that the recent sell-off presents a buying opportunity ahead of the R2 midsize SUV ramp. Memory stocks, including Micron, SanDisk, and Western Digital, saw gains of around 2% each as traders returned to AI-related investments after a prior sell-off.
Estée Lauder's shares rose 3.5% after reporting fiscal first-quarter earnings of 72 cents per share on revenue of $3.72 billion, surpassing analyst expectations and prompting the company to raise its full-year earnings outlook.
In the tech sector, Marvell Technology's stock increased by 3% while Lumentum rose 2% before being halted, following Marvell's announcement of an all-stock acquisition of Lumentum valued at $115 billion, expected to close in the first half of 2028.
Conversely, energy stocks like ExxonMobil, Chevron, and Valero dipped as oil prices fell, with ExxonMobil down 1.2%, Chevron nearly 1%, and Valero 1.5%. Bloom Energy and Vertiv rebounded slightly after previous declines, with Bloom Energy up 2.3% and Vertiv gaining 2.5%