Stocks Remain Stable After Conflicting Fed Statements, First Solar Rallies, Bitcoin Drops Below $70,000: What’s Driving Markets Tuesday? -Alvotech (NASDAQ:ALVO)

May 21, 2024 12:42 pm | 2 minute read

It was a rather quiet session on Tuesday, with the major US averages trading around the flat line at midday in New York.

Traders remained on the sidelines awaiting the minutes of Wednesday’s Federal Open Market Committee (FOMC) meeting Nvidia Corp. (NASDAQ:NVDA) earnings report.

Federal Reserve officials released public statements Tuesday with mixed messages.

President of the Atlanta Fed Raphael Bostic he said he expects inflation to decline, but at a slow pace, and doesn’t expect a rate cut before the fourth quarter.

Board member Christopher J. Wallerin a more accommodating tone, he stated that the risk of a reacceleration of inflation is out of the question and that he does not expect an increase in rates.

Sectors and industries were little moved, with financials and solar stocks slightly outperforming.

Softened small caps, with the iShares Russell 2000 ETF (NYSE:IWM) down 0.3%. Treasury yields fell slightly, with the benchmark 10-year yield falling 4 basis points to 4.41%, on track to post three straight sessions of yield gains.

Metallic commodities took a breather after both gold and copper hit new record highs on Monday. Crude oil fell 1.6%.

In the cryptocurrency market, Bitcoin (CRYPTO: Bitcoin) fell 2.2% to $69,900, reflecting declining investor sentiment towards risky assets.

Tuesday’s performance of the main US indices and ETFs

Updated at 1:14 pm EDT

THE SPDR S&P 500 ETF Trust Fund (NYSE:TO SPY) was stable at $ 530.15, the SPDR Dow Jones Industrial Average (NYSE:DIAMETER) was stable at $ 398.18 and high-tech Invesco QQQ Fund (NASDAQ:QQQ) remained unchanged at $ 454.93, second Benzinga Pro data.

From a sectoral point of view, the Financial Select the sector SPDR Fund (NYSE:XLF) outperformed, up 0.3%. THE Industrial selection Select the sector SPDR Fund (NYSE:XLI) was the bottom of the list, down 0.5%.

Tuesday’s stock movements

• Palo Alto Networks Inc. (NASDAQ:PANW) began the session with a decline of 6% following softer than expected indications. However, technology stocks reclaimed some gains during the morning session.
• Lowes Companies Inc. (NYSE:BASS) fell 3% after reporting emerging margin pressures in the second quarter.
• Other stocks that reacted to earnings did AutoZone Inc. (NYSE:AZO) down 4.3%, Eagle Materials Inc. (NYSE:EXP) down by 7%, Amer Sports Inc. (NYSE:AS) down by 8%, Macys Inc. (NYSE:M) apartment for the day, Keysight Technologies Inc. (NYSE:KEYS), Zoom Video Communications Inc. (NASDAQ:ZM) up by 0.8%, Nordson Corp. (NASDAQ:NDSN) down 8.6%.
• Prima Solar Inc. (NASDAQ:FSLR) rallied nearly 6%, marking the best performance among S&P 500 stocks, after UBS raised its price target from $252 to $270, maintaining its buy rating.
• Companies are expected to report their profits after the closing included Toll Brothers Inc. (NYSE:TOL), XP Inc. (NASDAQ:XP), Modine Manufacturing Company (NYSE:MOD), Skyline Champion Corp. (NYSE:SKY) AND Alvotech (NASDAQ:ALVO)

Read now: 3 Stocks to Watch as Copper Rises to All-Time Highs: ‘Something’s Cooking in China’

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