U.S. stocks were mixed Tuesday, after the S&P 500 and Nasdaq closed at record highs Monday on the back of a continued AI-driven rally in tech stocks.
The S&P 500 rose 0.1%, while the Nasdaq Composite and the Dow Jones Industrial Average dropped 0.1%.
Treasury yields fell after data showed U.S. retail sales barely rose in May, with the modest rebound even softer than expected. April’s data was revised lower. Both are signs of weakening consumer spending which had stayed strong since the pandemic recovery..
A slew of officials from the Federal Reserve are speaking today and may give further clues on the central bank’s policy. The Fed has forecast one interest rate cut this year.
Shares of chipmaker Broadcom (AVGO), which have been gaining since last week’s stock split announcement, fell.
Other AI-related tech stocks rose, however. Chipmakers Taiwan Semiconductor Manufacturing Company (TSM), Micron Technology (MU), and Qualcomm (QCOM) and server maker Super Micro Computer (SMCI) extended gains from Monday. AI star Nvidia (NVDA) also went up.
Lennar (LEN) shares fell after the homebuilder’s delivery forecast outweighed quarterly results that came in ahead of Wall Street expectations.
Philip Morris Dips After Suspending Online Zyn Sales
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Shares of Philip Morris International (PM) fell Tuesday morning after the maker of Marlboro cigarettes said it had halted sales of Zyn nicotine pouches on its website as it complies with a subpoena related to the sale of flavored nicotine products in Washington, D.C.
“Our preliminary investigation indicates that there have been sales of flavored nicotine pouch products in D.C., predominantly related to certain online sales platforms and some independent retailers,” the company said in a statement on Monday evening.
The company said sales on Zyn.com have accounted for a small percentage of total Zyn sales. Although, it added, a “material liability is reasonably possible” if D.C.’s investigation has an unfavorable outcome.
Zyn nicotine pouches have been a boon for Philip Morris since 2022, when it acquired the brand’s owner Swedish Match.
Zyn sales increased nearly 80% in the first quarter of this year, far outpacing Philip Morris’s overall growth of about 10%. Zyn and Philip Morris’s other oral smoke-free products accounted for 74% of the category in the quarter.
Philip Morris shares were down nearly 1% Tuesday morning, and have gained more than 7% so far this year.
Lennar Stock Drops After Home Deliveries Forecast Falls Short of Estimates
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Lennar (LEN) shares dropped Monday after the homebuilder’s delivery forecast outweighed quarterly results that came in ahead of Wall Street expectations.
The Florida-based company, which constructs residential homes nationwide, forecasts fiscal third-quarter home deliveries of between 20,500 and 21,000, with the 20,750 midpoint of that projection below analysts’ consensus view of 20,917 units. This closely watched metric indicates demand for new homes remains subdued amid mortgage rates sitting near a 20-year high.
However, the homebuilder still logged a strong last quarter. For the three-month period ending May 31, Lennar reported a profit of $3.45 per share, comfortably ahead of expectations of $3.33 a share. Revenue in the period of $8.77 billion grew 9% from a year earlier and topped the $8.48 billion expected by analysts.3
The company said new orders increased 19% in the quarter, while reporting a backlog of 17,873 homes totalling $8.2 billion.
Lennar shares have consolidated within a trading range since early February, helping to establish respected support and resistance areas. More recently, the stock has fallen to the lower portion of the range with the price sitting just below the 50-day moving average, indicating apprehension among market participants ahead of the homebuilder’s quarterly results.
Amid anticipated weakness post earnings, investors should keep an eye on the $150 level as an area where the price may find buying interest from the trading range’s lower trendline. However, it’s also worth pointing out that the stock’s twin peaks between April and May could signal a possible double top if the shares break down below the trading range’s lower trendline, which also acts as the pattern’s neckline. Such a move could see the stock revisit lower support around $133 near the prominent July 2023 swing high.
Lennar shares fell around 3% Monday, amounting a 2% gain for 2024.
La-Z-Boy Stock Jumps on Strong Earnings, Upbeat Outlook—Watch This Price Level
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Shares in furniture maker La-Z-Boy (LZB) jumped after the company eased investors’ fears over slowing consumer spending and a sluggish housing market by announcing quarterly results and forward sales guidance that came in above analysts’ expectations.
For the quarter ending April 27, the Monroe, Michigan-based company posted adjusted earnings of 95 cents per share, handily topping the consensus estimate of 70 cents a share. Revenue in the period fell 1% to $554 million, but easily surpassed expectations of $516.4 million.
Turning to forward guidance, La-Z-Boy said it sees current-quarter net sales of $475 million to $495 million, with the $485 million midpoint of that forecast beating estimates of $476 million.
La-Z-Boy shares have traded within a broad rising wedge since early last year, with the 200-day moving average sitting just above the pattern’s lower trendline to provide additional support during pullbacks. Leading into the company’s quarterly results, the stock formed a piercing pattern near the wedge’s lower trendline on above-average volume, indicating a potential reversal back to the upside. Indeed, the shares sit positioned to open sharply higher on Tuesday morning.
Looking ahead, investors should monitor the $41 level, an area on the chart where the price may encounter selling pressure near the rising wedge’s top trendline. A volume-backed breakout above this key level could see an acceleration of the longer-term uptrend.
La-Z-Boy shares surged 18% bringing their year-to-date gain to almost 10%.
Stock Futures Mixed
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Dow futures were down 0.1% in premarket trading Tuesday.
S&P futures were flat.
Nasdaq futures were up 0.2%.
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