Midday movers: Tesla, Constellation Brands, Palantir and more

investing.com:

(Updated — January 5, 2024 12:02 PM EST)

Investing.com — Main U.S. indexes gained as investors parsed economic data for clues about the timing of Fed rate cuts. The December monthly payroll report showed stronger than expected job gains, but a separate report from the Institute of Supply Management showed U.S. services activity slowed considerably.

Here are some of the biggest U.S. stock movers today:​

Tesla (NASDAQ:TSLA) stock rose 0.1% but underperformed Nasdaq with the EV manufacturer undertaking an effective recall on 1.62 million vehicles in China, including its models S, X, 3 and Y, according to the country’s market regulator. This follows two recalls by the automaker in the United States in December.

Apple (NASDAQ:AAPL) stock rose 0.15% but underperformed Nasdaq after Taiwan-based Foxconn, a major assembler of the tech giant's flagship iPhone smartphone, warned that it anticipates a year-on-year decline in first quarter revenue, following weaker demand in the previous three-month period.

Constellation Brands (NYSE:STZ) stock rose 3% after the drinks maker topped quarterly revenue expectations, helped by the continued momentum of the Modelo brand family.

Applied Therapeutics (NASDAQ:APLT) stock tumbled 39% after the drug developer's heart disease drug showed disappointing results in a late-stage trial.

Palantir (NYSE:PLTR) stock fell 2% after analysts downgraded the data analytics firm to ‘underperform’ from ‘hold’, saying the hype surrounding AI is overdone.

Peloton (NASDAQ:PTON) stock rose 11%, continuing the previous session’s gains after the fitness equipment maker is set to bring its workout content to short-form video platform TikTok in an exclusive partnership.

Costco Wholesale (NASDAQ:COST) stock rose 1.2%