Paramount Skydance Jumps Almost 10%

Most US stocks rose on Tuesday, pulling the market back to where it was before last week's swoon.

• The S&P 500 rose 14.18 points, or 0.2%, to 6,846.61 after erasing a loss taken during the morning. It's been bouncing around lately, coming off Monday's vigorous rebound following its first losing week in four.
• The Dow Jones Industrial Average rallied 559.33 points, or 1.2%, to 47,927.96, surpassing its prior all-time high set two weeks ago.
• The Nasdaq composite lagged the market and slipped 58.87 points, or 0.3% to 23,468.30.

Helping to lead the market was Paramount Skydance, which jumped to the biggest gain in the S&P 500 even though the entertainment giant reported revenue and profit for the latest quarter that fell short of Wall Street's expectations, the AP reports. It was the company's first earnings report since Skydance closed its acquisition of Paramount in early August, and investors appeared to be encouraged that it raised its cost-cutting target to at least $3 billion from the previous $2 billion. Its stock jumped 9.8%.

Close behind was FedEx, which climbed 5.5% after it increased its forecast for profit in the current quarter. Instead of expecting growth from just the summer, the delivery company is now also expecting profit to rise in this year's holiday-shopping season from a year earlier. They helped offset a 3% drop for Nvidia, which is Wall Street's most influential stock because of its massive size. SoftBank, a Japanese technology giant that had been a major investor, said it had sold its entire stake last month in the AI chip company for $5.83 billion. SoftBank is not giving up on AI. It's still focusing on OpenAI, the maker of ChatGPT.

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CoreWeave, whose cloud platform helps customers running AI workloads, fell 16.3% even though it reported a smaller loss for the latest quarter than analysts expected. Its revenue also topped expectations, and financial analysts praised its momentum. But investors seemed to focus instead on supply-chain issues delaying a data center and pushing some of CoreWeave's revenue further into the future. BigBear.ai jumped 6.1% after reporting better results for the latest quarter than analysts expected. It also said it would buy AskSage, a generative AI platform built for national-security agencies and other highly regulated areas, for $250 million.