Here are some of the companies making headlines in midday trading. Housing stocks — Companies related to home building tumbled as construction spending dropped 0.5% in July to its lowest level since October 2023. The iShares U.S. Home Construction ETF (ITB) lost almost 2%, while Builders FirstSource slid 4% and LGI Homes fell 3%. Home Depot tumbled 2%. Artificial intelligence infrastructure — Infrastructure plays tied to AI slid in Tuesday’s trading as investors went risk off. The iShares A.I. Innovation and Tech Active ETF (BAI) fell more than 1%, while photonics stock Lumentum dropped more than 5%. Teradyne fell 5%, and Coherent shed 2%. Moderna — The biotechnology play gained 5%, adding to its August surge of 156%. Moderna flew high last month after a cancer vaccine jointly produced with Merck showed positive initial results in its first-ever late-stage trial. Palo Alto Networks — The cybersecurity stock slid more than 5% as its earnings report loomed. Palo Alto is set to report after the bell on Tuesday, and analysts polled by FactSet see earnings of 98 cents per share on revenue of $3.35 billion. The Global X Cybersecurity ETF (BUG) also dropped 5%, while CrowdStrike lost more than 6% on the day. Apple — Shares of the consumer tech giant jumped 3% as John Ternus took the helm at Apple on Tuesday. Tim Cook, who had been CEO since 2011, is stepping into the role of executive chairman. Fervo Energy The geothermal energy company saw shares surge more than25% after announcing a 396-megawatt power purchase agreement with Google. Fervo said that this deal is the world’s largest enhanced geothermal power purchase agreement to date. Fervo’s Cape Station, a geothermal project in Utah, is expected to come online in 2028 and is slated to support Google’s potential data center development. Chipmakers — The group fell to start the new month of trading as Treasury yields rose to pressure the broader market. The VanEck Semiconductor ETF (SMH) lost more than 2%. Nvidia fell 1%, AMD dropped 3%, and Micron was off about 2%. Energy stocks — Shares rose broadly alongside oil prices, as tensions in the Middle East persist. The State Street Energy Select Sector SPDR ETF (XLE) climbed almost 1%. EOG Resources gained almost 2%, Diamondback Energy and Chevron advanced about 1%. Novartis — Shares gained 6% on positive trial data for the company’s multiple sclerosis drug. Novartis said remibrutinib “significantly” reduced relapse rates in MS patients relative to another treatments. Duolingo — The language education app rose 5% following an upgrade by Evercore ISI to outperform from in line. Evercore analysts cited strong survey data for the company. Medtronic — The medical equipment maker gained 2% after it raised its fiscal 2027 outlook. Medtronic sees earnings per share between $5.94 and $6 for the fiscal year. That’s up from a prior range of $5.90 to $6. CNBC’s Nick Wells and Darla Mercado contributed reporting.
