Risk appetite took a breather Tuesday, with major U.S. stock indices retreating modestly from record highs as investors braced for a pivotal stretch of earnings and macro events.
- MAGS ETF is up 50% since April’s tariff-driven low. Track it now here.
Roughly $19.5 trillion in market value -- led by four Magnificent Seven names: Microsoft Corp. (NASDAQ:MSFT), Meta Platforms Inc. (NASDAQ:META), Apple Inc. (NASDAQ:AAPL), and Amazon.com Inc. (NASDAQ:AMZN) -- is set to report earnings by Thursday after market close.
Meanwhile, the Federal Reserve is widely expected to keep rates steady at 4.25%-4.5% on Wednesday, though growing market chatter points to possible dissent in favor of early cuts.
A 90-day extension of the U.S.-China trade truce remains on the table, said U.S. Secretary of Commerce Howard Lutnick.
Attention will then shift to Thursday's heavy macro lineup, including second-quarter GDP growth estimates and June's PCE inflation data, followed by July's jobs report on Friday -- key inputs for the Fed's next move.
By midday in New York, the S&P 500 slipped 0.1%, the Dow Jones Industrial Average declined 0.4%, and the Russell 2000 shed 0.7%. The Nasdaq 100 remained flat.
Advanced Micro Devices Inc. (NASDAQ:AMD) surged past $175, breaching a major technical level and marking highs not seen since July 2014, making it one of the day's top tech performers.
Shares of AMD have now rallied by 134% since April’s tariff-driven lows, outperforming NVIDIA Corp. (NASDAQ:NVDA)’s 105% gain during the same period.
The U.S. dollar extended its rally, on pace for a fourth consecutive gain after Monday's sharp move.
In commodities, oil prices stayed hot. WTI crude rose 1.6% to $67.75 per barrel, extending Monday's 2.4% jump and hitting a two-week high. Precious metals traded sideways as dollar strength continued to limit upside momentum.
Bitcoin (CRYPTO: BTC) edged down 1% to $117,000, logging a second straight daily decline.
Tuesday’s Performance In Major U.S. Indices, ETFs
| Major Indices | Price | 1-day % chg |
| Nasdaq 100 | 23,364.69 | 0.0% |
| S&P 500 | 6,380.21 | -0.1% |
| Dow Jones | 44,657.34 | -0.4% |
| Russell 2000 | 2,241.90 | -0.7% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) was down 0.092% to $584.90.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) slipped 0.4% to $446.42.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) flattened at $567.97.
- The iShares Russell 2000 ETF (NYSE:IWM) fell 0.8% to $222.45.
- The Industrials Select Sector SPDR Fund (NYSE:XLI) underperformed, down 1.3%; the Real Estate Select Sector SPDR Fund (NYSE:XLRE) outperformed, up 1.3%.
Tuesday’s Stock Movers
- Novo Nordisk A/S (NYSE:NVO) plunged 22.5% after the Danish pharma giant slashed guidance on its blockbuster Wegovy weight-loss drug, while also announcing a new CEO.
- Sarepta Therapeutics Inc. (NASDAQ:SRPT) surged more than 20% after announcing that the U.S. Food and Drug Administration signaled it could resume shipments of Elevidys.
Stocks reacting to quarterly results included:
- Procter & Gamble Co (NYSE:PG) flat at 0.0%
- UnitedHealth Group Inc (NYSE:UNH) down 5.1%
- Merck & Co., Inc (NYSE:MRK) down 3.3%
- Boeing Co (NYSE:BA) down 3.0%
- Spotify Technology S.A. (NYSE:SPOT) down 11.8%
- American Tower Corp (NYSE:AMT) down 3.0%
- Royal Caribbean Cruises Ltd (NYSE:RCL) down 5.0%
- United Parcel Service, Inc (NYSE:UPS) down 9.7%
- Ecolab Inc (NYSE:ECL) down 4.7%
- PayPal Holdings, Inc (NASDAQ:PYPL) down 9.3%
- Johnson Controls International plc (NYSE:JCI) down 6.9%
- Norfolk Southern Corp (NYSE:NSC) down 3.5%
- Carrier Global Corp (NYSE:CARR) down 11.0%
- Corning Inc (NYSE:GLW) up 13.2%
- CBRE Group, Inc (NYSE:CBRE) up 9.1%
- Sysco Corp (NYSE:SYY) down 2.5%
- DTE Energy Co (NYSE:DTE) up 0.2%
- SoFi Technologies, Inc.(NASDAQ:SOFI) up 14.0%
- Hubbell Inc (NYSE:HUBB) down 2.6%
- Incyte Corp (NASDAQ:INCY) up 8.6%
- Stanley Black & Decker, Inc. (NYSE:SWK) down 8.4%
- PJT Partners Inc. (NYSE:PJT) down 2.0%
- Polaris Inc. (NYSE:PII) up 12.2%
- JetBlue Airways Corp (NASDAQ:JBLU) up 4.9%
Stocks scheduled to report earnings after Tuesday's close include BXP Inc (NYSE:BXP), Caesars Entertainment Inc. (NASDAQ:CZR), Electronic Arts Inc. (NASDAQ:EA), Essex Property Trust Inc. (NYSE:ESS), Exelixis Inc. (NASDAQ:EXEL), Mondelez International Inc. (NASDAQ:MDLZ), PPG Industries Inc. (NYSE:PPG), Regency Centers Corp. (NASDAQ:REG), Republic Services Inc. (NYSE:RSG), Starbucks Corp. (NASDAQ:SBUX), Seagate Technology Holdings PLC (NASDAQ:STX), Teradyne Inc. (NASDAQ:TER), Visa Inc. (NYSE:V), Booking Holdings Inc. (NASDAQ:BKNG), The Cheesecake Factory Inc. (NASDAQ:CAKE), Freshworks Inc. (NASDAQ:FRSH), Pebblebrook Hotel Trust (NYSE:PEB), Qorvo Inc. (NASDAQ:QRVO) and Red Rock Resorts Inc. (NASDAQ:RRR).
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