Bitcoin
Stocks Hold Steady on Mixed Fed Comments, First Solar Rallies, Bitcoin Drops Below $70,000: What’s Driving Markets Tuesday?
Stocks Hold Steady on Mixed Fed Comments, First Solar Rallies, Bitcoin Drops Below $70,000: What’s Driving Markets Tuesday?
It’s a fairly quiet session on Tuesday, with the major US averages trading around the midday flat line in New York.
Traders remained on the sidelines ahead of the minutes of Wednesday’s Federal Open Market Committee (FOMC) meeting and Nvidia Corp. (NASDAQ:NVDA) earnings report.
On Tuesday, Federal Reserve officials made public statements with mixed messages.
Atlanta Fed President Rafael Bostic said it expects inflation to ease, but at a slow pace, and does not anticipate a rate cut before the fourth quarter.
Council member Christopher J. WallerOn a more dovish note, he said the risk of a reacceleration of inflation is out of the question and that he does not expect a rate rise.
Sectors and industries were little moved, with financial sector and solar energy stocks slightly outperforming.
Softened small caps, with the iShares Russell 2000 ETF (NYSE:IWM) falling 0.3%. Treasury yields fell, with the benchmark 10-year yield falling 4 basis points to 4.41%, on track to break a three-session streak of yield gains.
Metal commodities took a breather after gold and copper hit new record highs on Monday. Crude oil fell 1.6%.
In the cryptocurrency market, Bitcoin (CRYPTO: Bitcoin) fell 2.2% to $69,900, reflecting waning investor sentiment toward risky assets.
Tuesday Performance in Major US Indices and ETFs
Main indices |
Price |
1-day percentage change |
Nasdaq 100 |
18,697.36 |
0.1% |
S&P 500 |
5,313.73 |
0.1% |
Dow Jones Index |
39,835.34 |
0.1% |
Russell 2000 |
2,098.09 |
-0.2% |
Updated at 1:14 pm EDT
O SPDR S&P 500 ETF Fund (NYSE:SPY) remained stable at US$530.15, the SPDR Dow Jones Industrial Average (NYSE:DAY) was stable at US$398.18 and the high-tech sector Invesco QQQ Trust (NASDAQ:QQQ) also remained unchanged at $454.93, according to Benzinga Pro Data.
Sectorally, the Financial Select Sector SPDR Fund (NYSE:XLF) outperformed, with an increase of 0.3%. O Industrial Selection Select Sector SPDR Fund (NYSE:XLI) was the laggard, with a drop of 0.5%.
Tuesday Stock Movers
-
Palo Alto Networks Inc. (NASDAQ:PANW) started the session 6% lower, following softer guidance than expected. However, technology stocks gave back some gains during the morning session.
-
Lowes Inc. (NYSE:LOW) fell 3% after signaling emerging pressures on margins in the second quarter.
-
Other stocks that reacted to earnings were AutoZone Inc. (NYSE:AZO) fell 4.3%, Eagle Materials Inc.EXP) drop of 7%, Amer Sports Inc.. (NYSE:AS) drop of 8%, Macy’s Inc.. (NYSE:M) plan for the day, Keysight Technologies Inc. (NYSE:KEYS), Zoom Video Communications Inc. (NASDAQ:ZM) increase of 0.8%, Nordson Corp. (NASDAQ:NDSN) fell 8.6%.
-
First Solar Inc. (NASDAQ:FSLR) rose nearly 6%, marking the best performance among S&P 500 stocks, after UBS raised the price target to $270 from $252 while maintaining a Buy rating.
-
Companies that must release their earnings after closing include Toll Brothers Inc. (NYSE:FOR ME), XP Inc. (NASDAQ:XP), Modine Manufacturing Company (NYSE:Mode), Skyline Champion Corp. (NYSE:SKY) It is Alvotech (NASDAQ:TARGET)
The story continues
Read now: 3 Stocks to Watch as Copper Rises to Record Levels: ‘Something’s Cooking in China’
Photo via Shutterstock.
“ACTIVE INVESTORS’ SECRET WEAPON” Supercharge Your Stock Market Game with the #1 “News & Everything” Trading Tool: Benzinga Pro – Click here to start your 14-day trial now!
Get the latest stock analysis from Benzinga?
This article Stocks Hold Steady on Mixed Fed Comments, First Solar Rallies, Bitcoin Drops Below $70,000: What’s Driving Markets Tuesday? originally appeared in Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.