Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.92%) is in second place on Tuesday afternoon.

Briefly, S&P 500 constituents First Solar (FSLR 188.39, +32.18, +20.60%), Super Micro Computer (SMCI 39.06, +5.54, +16.53%), and Palantir Technologies (PLTR 128.99, +10.53, +8.89%) pepper the top of the standings. FSLR pops after new details from the House Ways and Means Committee's budget bill that support the Inflation Reduction Act's provisions, including unchanged 45X credits through 2028 (60% of FSLR's earnings are tied to these credits) and new limitations on foreign-influenced products, SMCI is higher after Raymond James started coverage with an Outperform, tgt $41 (+22.3% from yesterday's close), while PLTR caught an insider buy from its Chief Accounting Officer to the tune of $1.16 mln.

Meanwhile, Elevance Health (ELV 379.32, -37.37, -8.97%) is one of today's worst laggards due to challenges in its Medicaid business, compounded by legislative uncertainties. A proposed Medicaid spending cut by House Republicans, which includes work requirements and more eligibility checks, is further heightening investor concerns.