Silver Jumps To $89 After Soft CPI, JPMorgan Falls 3%: What's Moving Markets Tuesday?
Piero Cingari 9 months ago
Large CapMacro Economic EventsBroad U.S. Equity ETFsTop StoriesEconomicsMarketsETFs
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.
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% |
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