Major U.S. equities indexes were mixed on Tuesday. The technology and communication sectors outperformed ahead of a wave of marquee earnings reports, but other sectors including energy and utilities lost ground.
The S&P 500 closed the session 0.2% higher. Tech sector strength helped the Nasdaq gain 0.8%, lifting the index to an all-time closing high. The Dow did not fare as well, slipping 0.4%.
Shares of Cadence Design Systems (CDNS) surged 12.5% on Tuesday to notch the top daily performance of any S&P 500 stock after the electronic design automation firm posted better-than-expected quarterly results and boosted its full-year guidance. Revenue from the company’s Cadence.AI portfolio, which builds generative AI and big data analysis into design processes, more than tripled year-over-year.
Although Incyte (INCY) reported third-quarter profits that fell short of analysts’ forecasts, the pharma company’s revenue for the period exceeded expectations, and its shares jumped 12.0%. Incyte said both of its key products—cancer drug Jakafi …