Hertz Surges on Strong Q2 Earnings Beat While SpaceX Shares Extend Losses

Hertz Global Holdings led Tuesday's single-stock moves after shares jumped roughly 12% following a better-than-expected second-quarter earnings report. The car rental company posted an adjusted loss of 11 cents per share, narrower than analyst estimates, on revenues of approximately 2.4 billion dollars, and management offered an optimistic outlook for the third quarter alongside ongoing fleet optimization efforts. SpaceX, trading under the ticker SPCX, pulled back further on Tuesday, extending Monday's slide as a broader risk-off market environment and a Falcon 9 launch weighed on sentiment.

Rockwell Automation rallied after reporting strong fiscal third-quarter results, with revenue of 2.31 billion dollars and adjusted earnings per share of 3.49 dollars, beating expectations, and the company also declared a quarterly cash dividend of 1.38 dollars per share with an ex-date of August 17. MDA Space shares climbed following a recent price target raise to C$70 by analysts at Canaccord Genuity after the company's Q2 results beat expectations and the company upgraded its outlook citing a robust backlog. Wayfair shares also surged but at least one analyst argued the pop was a selling opportunity.

Broader sector performance was relatively contained, with the worst-performing sector down less than 0.5 percent on the day, led by utilities, energy, and industrials.