On Tuesday, Wall Street saw a mixed session, with small-cap stocks outperforming large caps as investors anticipated key earnings reports from Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) and Tesla Inc. (NASDAQ:TSLA), set to be released after the close.
The Russell 2000 index, as replicated by the iShares Russell 2000 ETF (NYSE:IWM), climbed 0.8%, while the tech-heavy Nasdaq 100 dipped 0.2%. This marked the ninth time in the last 10 sessions that small caps have outperformed tech stocks. The S&P 500 and the Dow Jones showed little movement.
United Parcel Service Inc. (NYSE:UPS) stood out among the mega-cap stocks, plunging 14% after missing earnings and revenue estimates for the previous quarter. This decline is poised to be the worst one-day drop for the shipping company since it went public in 1999.
Both Treasury yields and the U.S. dollar remained stable ahead of a data-heavy week, featuring the Q2 GDP report on Thursday and the Fed’s favored inflation report on Friday.
Gold inched up 0.3%, reaching $2,400 per ounce, while Bitcoin dropped over 2% to $65,800, marking its second straight session of losses.
Tuesday’s Performance In Major US Indices, ETFs
|
Major Indices |
Price |
1-day %chg |
|
Russell 2000 |
2,243.00 |
0.8% |
|
S&P 500 |
5,568.86 |
0.1% |
|
Dow Jones |
40,386.54 |
-0.1% |
|
Nasdaq 100 |
19,778.53 |
-0.2% |
Updated at 12:48 p.m. ET
According to Benzinga Pro data:
-
The SPDR S&P 500 ETF Trust (NYSE:SPY) was flat at $554.92.
-
The SPDR Dow Jones Industrial Average (NYSE:DIA) edged down 0.1% to $403.80.
-
The tech-heavy Invesco QQQ Trust (ARCA: QQQ) fell 0.2% to $481.52.
-
Sector-wise, the Financials Select Sector SPDR Fund (NYSE:XLF) outperformed, up by 0.4%, while the Energy Select Sector SPDR Fund (NYSE:XLE) lagged, down 1.4%.
Tuesday’s Stock Movers
Stocks reacting to company earnings were:
-
Agilysys, Inc. (NASDAQ:AGYS), down over 5%
-
NXP Semiconductors N.V. (NASDAQ:NXPI) down over 9%
-
Medpace Holdings, Inc. (NASDAQ:MEDP) down over 17%
-
Coca-Cola Company (NYSE:KO), up 0.6%
-
Freeport-McMoRan Inc. (NYSE:FCX), down 2%
-
GE Aerospace (NYSE:GE), up over 7%
-
General Motors Company (NYSE:GM), down over 6%
-
Kimberly-Clark Corporation (NYSE:KMB), down over 4%
-
Comcast Corp. (NASDAQ:CMCSA), down over 2%
-
MSCI Inc. (NYSE:MSCI), up over 7%
-
Lockheed Martin Corporation (NYSE:LMT), up over 4%
-
Philip Morris International Inc. (NYSE:PM), up 2%
-
PulteGroup, Inc. (NYSE:PHM), down 0.5%
-
Quest Diagnostics Incorporated (NYSE:DGX), down over 4%
-
Spotify Technology S.A. (NYSE:SPOT), up over 10%
-
Polaris Inc. (NYSE:PII), down over 2%.
Those reporting after the close include:
-
Alphabet, Capital One Financial Corporation (NYSE:COF)
-
Chubb Limited (NYSE:CB)
-
Mattel, Inc. (NASDAQ:MAT)
-
Packaging Corporation of America (NYSE:PKG)
-
Seagate Technology Holdings plc (NASDAQ:STX)
-
Tesla
-
Texas Instruments, Inc. (NASDAQ:TXN)
-
Visa Inc. (NYSE:V).
Read Next:
Image created using artificial intelligence via Midjourney.
“ACTIVE INVESTORS’ SECRET WEAPON” Supercharge Your Stock Market Game with the #1 “news & everything else” trading tool: Benzinga Pro – Click here to start Your 14-Day Trial Now!
Get the latest stock analysis from Benzinga?
This article Small-Cap Gains Resume Ahead Of Major Tech Earnings; UPS Faces Worst Day Ever, Bitcoin Dips Below $66,000: What’s Driving Markets Tuesday? originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
