Wall Street traded timidly on Tuesday despite another benign inflation report that reinforced expectations for Federal Reserve rate cuts later this year, as a weaker-than-expected start to the earnings season kept investors cautious.
The Consumer Price Index rose 2.7% year over year in December, matching both the prior reading and economist estimates. Notably, core CPI came in at 2.6% year over year, slightly below expectations.
Supply concerns continued to push silver higher, with the grey metal jumping 4.5% to $89 an ounce — already up 22% since the start of the year in less than two weeks.
The S&P 500 flattened at 6,970 by midday trading in New York, remaining within striking distance of the record high of 6,986 hit a day earlier.
The Dow Jones Industrial Average fell 0.5% as financial stocks weighed on the blue-chip index. Tech stocks in the Nasdaq 100 edged up 0.1%, lifted by strength in semiconductors. The Russell 2000 gained 0.2%, with small caps eyeing their seventh positive session in the past eight.
Tuesday’s Performance In Major US Indices, ETFs
| Major Indices | Price | Chg (%) |
| Russell 2000 | 2,639.46 | +0.2% |
| Nasdaq 100 | 25,821.82 | +0.1% |
| S&P 500 | 6,976.33 | +0.0% |
| Dow Jones | 49,330.68 | -0.5% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) flattened at $638.46.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) moved 0.6% lower to $492.92.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) was steady $627.33.
- The iShares Russell 2000 ETF (NYSE:IWM) traded 0.1% up to $261.76.
- The Energy Select Sector SPDR Fund (NYSE:XLE) outperformed, up 1.5%; the Financial Select Sector SPDR Fund (NYSE:XLF) lagged, down 1.8%.
On the earnings front, shares of JPMorgan Chase & Co. (NYSE:JPM) fell more than 3% despite beating earnings estimates, as investors focused on weaker investment-banking fees and cautious commentary on loan growth.
Delta Air Lines Inc. (NYSE:DAL) slid over 4% after issuing soft forward guidance, citing cost pressures and normalization in post-pandemic travel demand. Airline stocks broadly underperformed on margin concerns.
Moderna Inc. (NASDAQ:MRNA) was the S&P 500’s top performer, rallying 14% on the day after the company issued bullish growth forecasts in its vaccine business.
Intel Corp. (NASDAQ:INTC) climbed 7.7% to $47.50 after a KeyBanc upgrade from Sector Weight to Overweight with a $60 price target. Advanced Micro Devices Inc. (NASDAQ:AMD) jumped 6.5% after the same analyst upgraded the stock to Overweight and set a $270 price target.
The energy sector outperformed Tuesday, with broad-based gains across U.S. oil and gas stocks as crude rallied for a fourth straight session. West Texas Intermediate crude rose 2.7% to above $61 a barrel, hitting a three-month high.
Bitcoin (CRYPTO: BTC) also advanced 2.5% to above $93,000, eyeing a third consecutive session of gains.
Russell 1000 Top 5 Gainers
| Name | Chg % |
|---|---|
| Moderna, Inc. (NASDAQ:MRNA) | +13.89% |
| Roblox Corporation (NYSE:RBLX) | +9.03% |
| Intel Corporation (NASDAQ:INTC) | +8.13% |
| Advanced Micro Devices, Inc. (NASDAQ:AMD) | +6.48% |
| Reddit, Inc. (NYSE:RDDT) | +6.02% |
Russell 1000 Top 5 Losers
| Name | Chg % |
|---|---|
| UiPath Inc. (NYSE:PATH) | -9.07% |
| Penumbra, Inc. (NYSE:PEN) | -7.37% |
| Bruker Corporation (NASDAQ:BRKR) | -7.07% |
| Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) | -5.75% |
| Super Micro Computer, Inc. (NASDAQ:SMCI) | -5.68% |
Image: Shutterstock
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