US stocks traded mostly flat on Tuesday as Wall Street awaited crucial economic reports on inflation and retail sales set to release later in the week. Here’s a look at market movements, standout stocks, and the buzz surrounding inflation data.
1. Stock Market Overview
The major indexes saw minor gains as investors held off making significant moves ahead of economic reports. Here’s a snapshot of Tuesday’s closing numbers:
- Dow Jones Industrial Average: Rose 107.69 points, or 0.24%, to 44,400.82.
- S&P 500: Up 6.11 points, or 0.10%, at 6,007.46.
- Nasdaq Composite: Gained 9.09 points, or 0.05%, to close at 19,307.85.
Market anticipation is high for the consumer price inflation report due Wednesday, followed by producer price inflation and retail sales data later in the week. These key figures are expected to offer insights into inflation trends and consumer spending, both of which play a crucial role in shaping Federal Reserve policy and future interest rate changes.
2. Key Gainers and Losers on Tuesday
Some companies saw standout performances on Tuesday, with significant gains and losses across sectors.
Top Gainers
- Tyson Foods (+8.1%): Tyson’s stock surged after the company exceeded analysts’ profit forecasts for the third quarter.
- Home Depot (+0.3%): The home improvement giant saw a slight increase after beating profit expectations.
- Honeywell (+5.2%): Honeywell shares rose sharply after activist investor Elliott Investment announced a $5 billion stake in the company, signaling potential future changes in its strategic direction.
Top Losers
- Tesla (-2.4%): The EV giant’s shares slipped, marking a rough day for the company.
- Trump Media & Technology Group (-6.6%): The media group saw a steep decline, losing investor confidence after recent events.
- Novavax (-9.1%): The biotech firm faced significant losses, dropping over 9% in Tuesday’s session.
3. Crypto Market Highlights
In the cryptocurrency market, Bitcoin achieved a new milestone, climbing to an unprecedented high of $89,995, according to CoinDesk, before settling back slightly.
Bitcoin mining companies saw mixed reactions:
- MARA Holdings fell by 3.5%.
- Riot Platforms experienced a larger dip, losing 8.4%.
4. Bond Market Update
In bonds, the yield on the 10-year Treasury rose, reaching 4.38%, up from 4.31% late last Friday. Rising yields often reflect investor concerns over inflation and the Federal Reserve’s next steps on interest rates.
5. Oil Prices Stay Stable Amid Demand Concerns
Oil markets showed minimal movement, with Brent crude futures rising 50 cents, or 0.70%, to settle at $72.33 per barrel by early afternoon. US West Texas Intermediate (WTI) increased by 49 cents, or 0.72%, to reach $68.53 per barrel. The stability followed news that OPEC had revised its demand outlook, potentially signaling softer demand for the rest of the year.
Looking Ahead: What’s Next for Wall Street?
With inflation data on the horizon and ongoing questions about the Federal Reserve’s policy direction, investors remain cautious. Key data reports on Wednesday and Thursday will shed light on price trends, consumer demand, and the broader economic landscape heading into 2025.