The major indexes remained weak, near their lows for the day Tuesday afternoon, with the Nasdaq, Dow Jones Industrial Average, and S&P 500 widening their losses. All indexes fell by about 1%, but Nasdaq constituents fell. tesla (TSLA) fell sharply on the stock market today.
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The Dow Jones Index once fell more than 400 points, but recent movements have narrowed the gap to 330 points (0.9%). The index remains below its 21-day exponential moving average after rising on Monday. The S&P 500 fell 0.8% and the Nasdaq worsened to a 1% decline. The S&P 500 and Nasdaq are testing resistance at their 50-day moving averages.
The small-cap Russell 2000 index fared worse than the major indexes, dropping more than 1.4%. Compared to the same time on Monday, volume was down on the Nasdaq and up on the New York Stock Exchange.
Among exchange-traded funds (ETFs), Invesco QQQ Trust (QQQ) fell 1%. In the stock market that day, Innovator IBD50 ETF (FFTY) fell nearly 2%.
West Texas Intermediate crude oil fell 1.1% to around $81.75 a barrel, and the energy sector also fell 1.6%.
Benchmark 10-year Treasury yields rose 4.66% after the employment cost index rose 1.2% in the first quarter, the fastest pace in 18 months. This comes after the Treasury Department announced on Monday afternoon that it will need to borrow $41 billion more this quarter than originally expected.
Additionally, the Federal Reserve was holding two days of high-profile meetings on Tuesday. Investors will be listening for signals about when interest rates will start to cut.
Stock market today: IBD 50 stock Hubbell plummets
IBD50 stock Havel (HUBB) plummeted more than 8% on heavy volume and fell below its 50-day moving average, triggering a sell signal. Electrical and electronic product manufacturers posted first quarter profits and sales that exceeded expectations.
Hubbell reiterated his forecast for adjusted earnings of $16 to $16.50 per share in 2024, disappointing analysts’ expectations. Hubbell stock has suffered its biggest decline since March 23, 2020, when it fell 10.2%, according to Dow Jones Market Data.
Another IBD 50 strain, clean spark (CLSK) was heavily sold off by more than 8%, triggering a sell signal after it plummeted below its 50-day moving average. Bitcoin mining stocks are on a declining pace for the fifth consecutive day. Bitcoin’s price has fallen 4% to nearly $60,300 in recent trading.
micro strategy (MSTR) fell more than 16% on the stock market today after the company reported a loss on lower-than-expected first-quarter sales. The company holds a large amount of Bitcoin.
PayPal withdraws from purchasing points
paypal holdings (PYPL) broke through an undefined base at a buy point of 68.21 and then reversed below the buy point. The payment processing company reported first-quarter adjusted earnings of $1.08 per share using the new accounting method, and sales rose 9% to $7.7 billion. The company expects second-quarter sales to rise about 6.5% and adjusted earnings per share to rise in the low double digits.
F5 (FFIV) saw a significant drop in volume and fell below its 200-day moving average, triggering a sell signal. The network and server technology company reported better-than-expected earnings in its second quarter fiscal year, but revenue fell short of Wall Street expectations. After posting low-single-digit growth in five of six quarters, sales declined slightly over the past two quarters. Forecasts for the fiscal third quarter show that sales are expected to decline further.
Tesla stock has rebounded nearly 5% after surging 15.3% on Monday. The company announced it would lay off two executives and the entire Supercharge team, according to a Tuesday report in the Information newspaper citing internal emails.
Eli Lilly (LLY) stock pared a significant gain and surged more than 5% after the company beat first-quarter adjusted profit estimates but missed on sales. Lilly raised its full-year adjusted profit and sales forecasts. Lilly stock regained its 50-day moving average and formed a flat base at a buy point of 800.78.
Lilly’s main medicines include the weight loss drug Zepbound, which is also used to treat type 2 diabetes and is sold under the name Mounjaro. In the stock market that day, Lilly stock rose sharply in the S&P 500 Index.
Amazon.com (AMZN) fell about 0.7% ahead of its earnings report scheduled for after the market close on Tuesday.
Dow stock movement: 3 million stocks rebound, McDonald’s decline
dow jones stocks 3M (MMM) has gapped up and is in a cup-with-handle based buy zone with an entry at 91.29 on the MarketSurge weekly chart. 3M also rose above the alternative entry at 95.67, but fell below that level in afternoon trading.
The company beat first-quarter adjusted profit and revenue expectations and provided full-year 2024 earnings guidance that reflects the company’s spinoff. solventum (SOLV) Healthcare Unit. 3M makes a variety of industrial, consumer, and healthcare products, including Post-It notepads. 3M was the biggest gainer on the Dow Jones on Tuesday.
Another component of the Dow, mcdonalds (MCD), which was shaky on Tuesday and has been flat recently. The fast-food giant reported lower-than-expected first-quarter profit, but higher-than-expected sales. Furthermore, same-store sales growth was also lower than viewership. The stock price is testing the 21-day line, but continues to move on a flat basis.
Owned by Warren Buffett coca cola (KO) returned 0.5% after the beverage company reported better-than-expected first-quarter earnings and earnings. The stock is at the lower end of a buy range reaching a flat base buy point of 61.62 to 64.70.
Big moves in the stock market: Mixed results for semiconductor stocks
NXP Semiconductors (NXPI) gained more than 3% on high volume and broke out of its double-dip base at a buy point of 251.96. The Netherlands-based chipmaker reported better-than-expected first-quarter adjusted profit and revenue and brought its second-quarter profit and revenue outlook in line with analyst expectations.
On the other hand, chip designers lambus (RMBS) fell more than 6% even though the company beat first-quarter earnings and revenue estimates. On the stock market today, stock prices fell below the 50-day line and the 21-day line.
For more stock market news on X/Twitter, follow Kimberly Koenig @IBD_KKoenig.
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