Canada's Gildan Activewear is nearing a deal to acquire Hanesbrands, which could value the U.S. innerwear-maker at about $5 billion including debt, the Financial Times reported on Tuesday, citing people familiar with the matter. Hanesbrands shares soared 37%.

USA Rare Earth shares soared 22% after issuing Q2 results and saying it is experiencing increased customer interest, as it prepares to begin production at a new magnet facility.

AST SpaceMobile stock surged 17% despite the company logging a bigger quarterly loss in the second quarter.

However, the company provided several updates about its future during the post-earnings conference call, which investors were eager to hear. AST said it was preparing to deploy nationwide intermittent service in the United States by the end of 2025, followed by the United Kingdom, Japan, and Canada in the first three months of 2026.

Tencent Music surpassed second-quarter revenue expectations on Tuesday, driven by strong subscriber growth in online music services and rising engagement with long-form audio content such as podcasts and audiobooks. U.S.-listed shares of the company jumped 9%.

On Holding raised its annual sales forecast on Tuesday as its focus on brand promotion drove demand for its athletic-focused apparel and footwear, sending its shares up about 8%.

US President Donald Trump said members of his Cabinet would continue discussions with Lip-Bu Tan in the coming days after meeting with the Intel chief executive officer at the White House on Monday. The shares gained 2%.

“The meeting was a very interesting one,” Trump said in a social media post. “His success and rise is an amazing story. Mr. Tan and my Cabinet members are going to spend time together, and bring suggestions to me during the next week.”