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US Stocks Eye Fourth Positive Session Despite Hawkish Fed Remarks; Disney, Palantir Tumble; Treasury Yields Fall: What's Driving Markets Tuesday?

Piero Cingari
May 07, 2024

Wall Street experienced a quiet session during morning trading on Tuesday, influenced by a lack of significant economic data and minimal updates on earnings from major large-cap companies.

Traders largely disregarded the latest hawkish comments from Minneapolis Fed President Neel Kashkari, who noted progress on inflation seen in the latter half of 2023 had stalled and mentioned the Federal Reserve might raise rates if inflation becomes persistent.

Kashkari also revealed he initially predicted two rate cuts for the year, but now anticipated possibly maintaining two, or reducing to one or none by the June Summary of Economic Projections.

The S&P 500 saw a modest increase of 0.2% around midday in New York, with similar gains in the tech-heavy Nasdaq 100 and the Dow Jones, all of which are poised for their fourth consecutive session of gains. The iShares Russell 2000 ETF (NYSE:IWM), representing small caps, performed notably well, rising 0.8%.

Treasury yields declined slightly by about 6 basis points across various maturities from 5 to 30 years, with the 10-year benchmark decreasing to 4.4%, marking a fifth consecutive day of declines. This led to a continued rally in bonds, exemplified by a 1.1% increase in the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT).

In corporate news, chipmaker Palantir Technologies Inc. (NASDAQ:PLTR) saw its shares drop over 13% following weaker-than-expected guidance. Walt Disney Co (NYSE:DIS) also fell sharply by over 10%, setting it on course for its worst performance day since November 2022.

In the cryptocurrency and precious metals markets, Bitcoin (CRYPTO: BTC) remained stable at $63,800, while both gold and silver declined by 0.5%

Tuesday’s Performance In Major U.S. Indices, ETFs

Major IndicesPrice1-day %chg
Russell 20002,072.990.7%
S&P 5005,193.420.2%
Nasdaq 10018,137.080.2%
Dow Jones38,914.330.2%
Updated at 12 p.m. EDT

The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.3% to $518.80, the SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.6% to $389.01 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) rose 0.3% to $441.54, according to Benzinga Pro data

Sector-wise, the Real Estate Select Sector SPDR Fund (NYSE:XLE) outperformed, up 1.1%, followed by the Materials Select Sector SPDR Fund (NYSE:XLB), 1%. The Consumer Discretionary Sector SPDR Fund (NYSE:XLY) was the major laggard, down 0.3%.

Tuesday’s Stock Movers

  • Rivian Automotive Inc. (NASDAQ:RIVN) climbed over 5% amid rumors of a potential partnership with Apple Inc. (NASDAQ:AAPL).
  • Simon Property Group Inc. (NYSE:SPG) rose over 3% after the company reported upbeat results during the previous quarter. On the other hand, Lucid Group Inc. (NASDAQ:LCID) fell over 14% after posting mixed quarterly results
  • Other stocks reacting to earnings were GlobalFoundries Inc. (NASDAQ:GFS) up over 8%, Vertex Pharmaceuticals Inc. (NASDAQ:VRTX), Datadog Inc. (NASDAQ:DDOG) down over 10%, Duke Energy Corp. (NYSE:DUK) up 1%, Transdigm Group Inc. (NYSE:TDG) down 2%, DBA Sempra (NYSE:SRE) down 0.4%, Kenvue Inc. (NYSE:KVUE) up 5%, Rockwell Automation Inc. (NYSE:ROK) up 1%, Microchip Technology Inc. (NASDAQ:MCHP) down 1%, Williams Companies Inc. (NYSE:WMB) up 0.8%, Fidelity National Information Services (NYSE:FIS) and Axon Enterprise Inc. (NASDAQ:AXON) down 4%.
  • Companies reporting after the close include Arista Networks, Inc. (NYSE:ANET), Coupang, Inc. (NYSE:CPNG), Electronic Arts Inc. (NASDAQ:EA), GoPro, Inc. (NASDAQ:GPRO), iRobot Corporation (NASDAQ:IRBT), Luminar Technologies, Inc. (NASDAQ:LAZR), Match Group, Inc. (NASDAQ:MTCH), Occidental Petroleum Corporation (NYSE:OXY), Reddit, Rivian Automotive, Inc. (NASDAQ:RIVN), Twilio Inc. (NYSE:TWLO), Wynn Resorts, Limited (NASDAQ:WYNN), RingCentral, Inc. (NYSE:RNG) and Lyft, Inc. (NASDAQ:LYFT).

Read Now: Nvidia Is ‘De Facto AI Standard For The Foreseeable Future’: Goldman Sachs Analyst Revises Share Price Expectations

Photo: Shutterstock

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