Midday movers: Tesla, Constellation Brands, Palantir and more

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 Jefferies 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% after the membership-only retailer reported strong sales figures in December, with net sales increasing 9.9% in the five weeks to December 31.

Snowflake (NYSE: SNOW) climbed 3.5% after RBC Capital initiated coverage on the stock with an 'outperform' rating and a price target of $230, citing potential for long term growth.

AMD (NASDAQ: AMD) stock climbed 2.8%, leading semiconductor stocks higher as the group recovered following a recent slump. NVIDIA (NASDAQ: NVDA) was higher by 2.5%.

Agilon Health (NYSE: AGL) stock fell 33% after the company revised guidance expectations for 2023, reflecting higher-than-expected costs, and provided an initial outlook for 2024.

Marvell Technology (NASDAQ: MRVL) climbed 4.7% on strong volume. Strength followed constructive comments from its CEO, Matt Murphy, during a fireside chat with J.P. Morgan yesterday.

McDonald's (NYSE: MCD) stock declined 1.4% after Oppenheimer downgraded shares to 'perform' from 'outperform', citing lack of catalysts.

By Louis Juricic and Peter Nurse

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