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Stock Market Update: Dow Jones Poised for a Steady Start-TraderFactor

Stock Market Update: Dow Jones Poised for a Steady Start

US stocks wrapped up Tuesday’s trading session on a positive note with the Dow Jones Industrial Average (^DJI) spearheading the gains and rising approximately 0.3%. The S&P 500 (^GSPC) was also in the green, recording a modest climb of around 0.2%, while the Nasdaq Composite (^IXIC), despite early losses, managed to finish the session favorably.

Dow Jones Daily Chart

Dow Jones Daily Chart

Key Takeaways

  • Solidion Technology Inc., Sagimet Biosciences Inc., Reborn Coffee, Inc., FibroBiologics, Inc., and DDC Enterprise Limited experienced significant losses in their share prices.
  • The highest loss was witnessed by Solidion Technology Inc., with a decrease of 30.69%.
  • Palantir Technologies Inc. saw a substantial increase in their share prices by 30.80%.
  • New York Community Bancorp, Inc.’s shares declined by 22.22%.
  • Tesla, Inc. and Ford Motor Company experienced a slight increase in their share prices by 2.23% and 4.14% respectively.
  • High trading volumes were seen for Palantir Technologies Inc. and New York Community Bancorp, Inc.
  • Tesla, Inc. has the largest market capitalization at $589.50B.

Top Gainers

CompanyTicker% GainPriceTrading VolumeMarket Cap
Zenvia Inc.ZENV52.14%$1.786,452,422$32.17M
Immunome, Inc.IMNM36.91%$23.111,947,733$987.49M
Adverum Biotechnologies, Inc.ADVM30.89%$2.506,453,400$252.57M
Palantir Technologies Inc.PLTR30.80%$21.87417,791,209$47.57B
Sonida Senior Living, Inc.SNDA24.04%$11.2525,526$92.00M

Top Losers

CompanyTicker% LossPriceTrading VolumeMarket Cap
Solidion Technology Inc.STI-30.69%$2.10194,585$32.30M
Sagimet Biosciences Inc.SGMT-30.37%$6.355,886,194$202.54M
Reborn Coffee, Inc.REBN-29.17%$2.72180,942$36.07M
FibroBiologics, Inc.FBLG-28.26%$10.3384,226$291.90M
DDC Enterprise LimitedDDC-27.27%$2.00275,672$38.10M

Most active

CompanyTickerTrading VolumePrice% ChangeMarket Cap
Palantir Technologies Inc.PLTR417,791,209$21.8730.80%$47.57B
New York Community Bancorp, Inc.NYCB145,867,274$4.20-22.22%$3.03B
Tesla, Inc.TSLA119,233,688$185.102.23%$589.50B
NIO Inc.NIO86,035,909$6.0312.08%$9.47B
Ford Motor CompanyF83,842,760$12.074.14%$47.46B

Earnings Updates

Ford (F) shares experienced an upward trajectory of more than 6% in after-hours trading following the car manufacturer’s 2024 adjusted Ebit guidance, which surpassed Wall Street expectations. On the other hand, Snap (SNAP) didn’t fare as well, with shares plummeting 30% in after-hours trading due to the company falling short of revenue estimates.

Other Performers

Earlier in the day, Spotify (SPOT) shares surged on the back of strong guidance, and Eli Lilly’s (LLY) stock also saw an stock uptick following a profit forecast for 2024 that exceeded estimates. However, shares of New York Community Bank (NYCB) took a hit, dropping more than 22%.

Market Trends

Despite uncertainties surrounding when the Fed will implement interest rate cuts and the impact of the Federal Reserve maintaining interest rates at historic highs, earnings have yielded an above-average beat, bolstering recent stock market advancements.

Housing Stocks and Fed Rate Cuts

Housing stocks were under pressure on Tuesday as hopes for Federal Reserve rate cuts starting next month began to wane. Companies like Toll Brothers (TOL), D.R. Horton (DHI), and Lennar (LEN) each saw a drop of more than 1% in afternoon trading.

Fed Chair’s Statements

Investors were busy digesting remarks from several Federal Reserve officials regarding potential interest rate cuts, as well as absorbing a new wave of quarterly results.

Fed Chair Jerome Powell reiterated on Sunday that the chances of the Fed initiating a process of interest rate cuts next month were slim. Despite the average rate on a 30-year mortgage remaining above 6.6%, Powell stated that these costs are part of the journey back to price stability.

Market Snapshot

The Dow Jones Industrial Average made gains Tuesday morning, while Palantir Technologies (PLTR) enjoyed a surge thanks to its robust artificial intelligence business positively influencing the company’s quarterly results. Meanwhile, Tesla shares rebounded after an analyst downgrade.

Following the opening bell, the Dow Jones Industrial Average rose 0.4%, the S&P 500 increased 0.3%, and the tech-heavy Nasdaq Composite climbed 0.2%. In the realm of U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) gained 0.2%, and the SPDR S&P 500 ETF (SPY) was up 0.3%.

Spotlight on Alibaba, Walt Disney, TotalEnergies, and Uber Technologies

In the world of earnings reports, investors are keenly awaiting results from several industry giants today. Alibaba Group Holding Limited, with a market cap of $191.48 billion, is anticipated to share its latest financials. The e-commerce titan has been navigating through regulatory hurdles in its home country of China, making this report particularly significant for market watchers.

Similarly, The Walt Disney Company, with a market capitalization of $176.9 billion, is slated to release its earnings report. As the entertainment industry continues to recover from pandemic-related disruptions, analysts will be eager to see how Disney’s diverse portfolio, especially its streaming services, have performed.

TotalEnergies SE, a French multinational integrated oil and gas company valued at $167.28 billion, is also on deck to reveal its quarterly results. With fluctuating energy prices and the global push toward renewable energy sources, the company’s performance and future strategies will be under scrutiny.

Finally, Uber Technologies, Inc., with a market cap of $141.97 billion, will disclose its financials. As the ride-hailing and food delivery service continues to adapt to changing consumer behaviors and regulatory landscapes, investors will be closely monitoring its growth trajectory and profitability.

These earnings reports will offer valuable insights into the health and future prospects of these key players across various sectors. Stay tuned for further updates.

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Author

  • Zahari Rangelov

    Zahari Rangelov is an experienced professional Forex trader and trading mentor with knowledge in technical and fundamental analysis, medium-term trading strategies, risk management and diversification. He has been involved in the foreign exchange markets since 2005, when he opened his first live account in 2007. Currently, Zahari is the Head of Sales & Business Development at TraderFactor's London branch. He provides lectures during webinars and seminars for traders on topics such as; Psychology of market participants’ moods, Investments & speculation with different financial instruments and Automated Expert Advisors & signal providers. Zahari’s success lies in his application of research-backed techniques and practices that have helped him become a successful forex trader, a mentor to many traders, and a respected authority figure within the trading community.