In midday trading, quantum computing stocks saw substantial gains after a Wall Street Journal report indicated that the U.S. government would provide $2 billion in grants to nine firms, which included equity stakes. Rigetti Computing's shares jumped over 30%, while D-Wave Quantum and Quantum Computing rose 22% and 13%, respectively.
Other notable movements included IonQ gaining 9%, IBM increasing by 7%, and GlobalFoundries up 11%. Rare earth stocks also rebounded, with USA Rare Earth rising 7% after securing $19.3 million in funding from the U.S. Department of Energy. Bloom Energy's stock climbed more than 12% due to a partnership with Nebius, an AI cloud provider.
Deere reported better-than-expected second-quarter earnings of $6.55 per share, surpassing the consensus estimate of $5.70, but its shares fell nearly 8%. Birkenstock's stock surged over 17% after announcing an accelerated stock repurchase program. Spotify's shares rose 14% following a strong forecast at its investor day, projecting mid-teens revenue growth and plans for 1 billion subscribers.
Conversely, Stellantis shares fell over 3% after announcing plans to increase North American sales by 35% by 2030. Walmart's stock dropped nearly 7% after issuing a disappointing earnings outlook. Rocket Lab's shares tumbled 5% following news of SpaceX's public trading plans. Nvidia reported an 85% year-over-year revenue increase to $81.62 billion, but shares were down about 2%.
Intuit's shares sank nearly 20% after announcing a workforce reduction and missing revenue expectations. Kroger's stock shed 2% amid reports of planned price cuts to compete with Walmart and Costco. Applied Digital's shares jumped 19% after announcing a long-term lease agreement with a high investment-grade hyperscaler.
Nio's U.S.-listed shares rose nearly 2% despite mixed earnings results, as the company projected a significant increase in deliveries for the second quarter