Major stock indexes were mixed Tuesday morning as investors digested earnings reports from several retailers and awaited results from technology companies after the closing bell.
The S&P 500 and Nasdaq Composite were up 0.3% and 0.7%, respectively, about 20 minutes after the open, while the Dow Jones Industrial Average was off 0.4%. Stocks started the week on a high note, with the Dow setting a record closing high on Monday and the S&P 500 finishing higher for the sixth straight day.
Retailers were among the big movers on Tuesday morning. Shares of Dick’s Sporting Goods (DKS) gained 7% in the opening minutes of trading but were near unchanged recently after the company reported strong quarterly results. Best Buy (BBY) and Kohl’s (KKS) were down 8% and 20%, respectively, after releasing their earnings reports. Kohl’s also announced late yesterday that CEO Tom Kingsbury is stepping down after less than two years in the role.
A slew of quarterly reports from notable tech companies is scheduled for later today, the last flurry of earnings news before the Thanksgiving holiday. Dell Technologies (DELL), CrowdStrike (CRWD), Workday (WDAY), and HP (HPQ) are all slated to release results.
Large-cap tech companies were higher across the board in early trading, led by shares of AI investor darling Nvidia (NVDA), which were up 1.5% after sliding more than 4% yesterday. Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOGL), Meta Platforms (META) and Tesla (TSLA) were also gaining ground.
Bitcoin (BTCUSD) was trading at around $93,200, sliding for the second straight day after hitting a record high of just below $100,000 on Friday.
Gold futures were up 0.5% at around $2,630 an ounce, recovering some of the previous session’s losses, while oil futures also tacked on about 0.5%.
The yield on 10-year Treasurys rose to 4.30%, after a big decline yesterday sent the yield to its lowest level since early November at 4.26%. Yields had been rising steadily for several weeks as market participants recalibrated their expectations about how aggressive the Federal Reserve would be in cutting interest rates.
Tesla Stock Price Levels to Watch as Rally Stalls
1 hr 28 min ago
Tesla (TSLA) shares were little changed early Tuesday after falling 4% yesterday amid uncertainty over new California electric vehicle (EV) tax credits and bearish commentary from analysts at UBS.
On Monday, California Governor Gavin Newsom said that the state would provide EV tax credits if the Trump administration removed them at the federal level. However, Newsom added that the rebates would promote innovation and competition in the zero emission vehicle (ZEV) market, suggesting that they would apply to smaller EV makers than Tesla.
Sentiment may have also taken a dent yesterday after UBS analyst Joseph Spak said in a research note that the stock’s recent post-election run up had been driven by “animal spirits,” rather than fundamental changes at the company.
Tesla shares have surged around 35% since election day, with investors betting that CEO Elon Musk’s close relationship with the President elect will benefit the automaker, possibly through eased self-driving regulations. The stock was up slightly at around $339 in recent premarket trading Tuesday.
The stock’s recent bullish price momentum may have temporarily hit the skids after the shares initially climbed to their highest level in more than two years on Monday before undergoing an intraday reversal to close near the day’s low.
Investors should watch key support levels on Tesla’s chart around $310 and $265, while watching a bullish bars pattern price target near $500.
Read the full technical analysis piece here.
Stock Futures Point to Mixed Open for Major Indexes
2 hr 10 min ago
Futures tied to the Dow Jones Industrial Average were down less than 0.1%.
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S&P 500 futures were up 0.3%.
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Nasdaq 100 futures were also up 0.3%.
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