Stocks Surge as Cloudflare and Snap Deliver Strong Earnings

Cloudflare (NYSE:NET) is expected to accelerate revenue growth in its second quarter and raise its full-year outlook, according to Jefferies. The company's Q2 revenue guide of $664.5 million at the midpoint implies year-over-year growth of about 30%, a four-percentage-point sequential deceleration despite a one-percentage-point tougher comparison.

Snap Inc (NYSE:SNAP) shares surged 14% after the social media company reported second-quarter results ahead of Wall Street expectations. The company's revenue and adjusted earnings came in higher than expected, and it provided an upbeat outlook for the third quarter. Snap reported revenue of $1.60 billion for the second quarter, above the $1.54 billion analyst consensus.

Caterpillar Inc (NYSE:CAT) shares jumped 11% after booming demand for power-generation equipment helped the industrial group deliver record quarterly revenue in its second quarter. Sales increased 24% to $20.5 billion, beating the $19.3 billion forecast and marking Caterpillar's first quarter with revenue above $20 billion.