Stocks fluctuated but were modestly positive on Tuesday after Fed Chairman Jerome Powell told the House Financial Services Committee that a U.S. recovery from the coronavirus pandemic "continues to be highly uncertain." The tech-heavy Nasdaq rose higher, buoyed by the FAANG names.
Shares of Pinterest (PINS) - Get Report rose 5.8% to $39 after the image-driven social-media app rose to the top of Apple's App Store rankings, where it's now the most-downloaded free app in the lifestyle category. That could bode well for Pinterest's user and engagement numbers. In the second quarter, Pinterest reported 39% growth in monthly active users to 416 million.
Shares of electric-truck firm Nikola (NKLA) - Get Report rose 4.4% to $28.80, bouncing back from a 20% drop the day prior. On Sunday night, Founder and Executive Chairman Trevor Milton abruptly resigned from the company, which installed General Motors (GM) - Get Report Vice Chairman Stephen Girsky as his successor. Short seller Hindenburg Research had accused Milton of perpetrating an "intricate fraud" that included faking its product demos.
Shares of Amazon (AMZN) - Get Report rose 3.6% on Tuesday to $3,068.11 after analysts at Bernstein upgraded the stock to outperform from market perform, writing that the Seattle tech and online-retail giant is a "primary beneficiary across all three revenue pools" tied to covid-19, including online retail, cloud computing, and digital advertising.
Shares of Peloton (PTON) - Get Report dropped 3.1% to $91.90 after Amazon unveiled a Peloton competitor, Prime Bike, that was produced jointly with bike maker Echelon. Touted as Amazon’s first-ever connected-fitness product, Prime Bike will give customers access to hundreds of live and on-demand classes, Echelon said in a statement. It will retail for $499.
Shares of Hubspot (HUBS) - Get Report, which sells software for inbound marketing, sales and customer service, fell 2.4% to $277.94. At a virtual conference on Tuesday, Hubspot unveiled a slew of new software and features, including an enterprise sales hub and upgrades to its marketing and sales hubs.