Small-Cap Gains Resume Ahead Of Major Tech Earnings; UPS Faces Worst Day Ever, Bitcoin Dips Below $66,000: What's Driving Markets Tuesday?
07/24/2024 01:02
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 5
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) and Visa Inc. (NYSE:V).
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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
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