Major U.S. stock indexes were mixed Tuesday morning as market participants kept close tabs on testimony in Congress from Federal Reserve Chair Jerome Powell on the state of the economy and the outlook for interest rate cuts.
The S&P 500 and the Nasdaq Composite, which both hit record highs on Monday, were up 0.2% and 0.5%, respectively. The Dow Jones Industrial Average was down 0.4% early Tuesday.
Chipmakers were among the top gainers again Tuesday, with Nvidia (NVDA), Super Micro Computer (SMCI) and Micron (MU) all on the rise.
Stocks have been supported during their recent winning streak by optimism that the Fed could be poised to start cutting its benchmark interest rate, which is at a 23-year high, as soon as September. Powell could shed light on the timetable for rate cuts during his two days of testimony that kick off Tuesday morning.
Data releases in recent weeks showing that the economy is cooling and that inflation continues to moderate have raised expectations that the Fed—which has said it needs to be confident that price pressures have been tamed before easing policy—could soon be in a position to cut rates. Inflation data for June to be released later in the week will also be closely monitored.
The yield on 10-year Treasurys, which declined in recent weeks amid the rate-cut optimism, was up slightly at around 4.3% on Tuesday morning.
Helen of Troy Plunges as Company Cuts Guidance
56 minutes ago
Helen of Troy (HELE) shares crashed Tuesday after the consumer products maker reported weak quarterly earnings and slashed its guidance, as beauty and wellness product demand slumped.
The company behind brands including Revlon, Vicks, and OXO blamed the drop in revenue primarily on a decline in sales of hair appliances, prestige hair care products, and humidifiers, as well as lower replenishment orders from retail customers and the impact of technical issues at its Tennessee distribution center.
CEO Noel Geoffroy said Helen of Troy “battled an unusual number of internal and external challenges in the quarter.” Geoffroy warned that many of those challenges “became more pronounced toward the end of the first quarter and some continue to evolve.“
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Helen of Troy shares were down about 30%, trading at their lowest levels in nearly a deacde.
Intel Price Levels to Watch as Stock Continues to Rise
1 hr 23 min ago
Intel (INTC), which is on a four-session winning streak, continued to rise on Tuesday. The stock has surged on optimism the chipmaker stands to benefit from growing interest in artificial intelligence (AI) personal computers and other hardware trends related to the technology.
Despite the 50-day moving average (MA) crossing below the 200-day MA to form an ominous death cross in early May, Intel shares have traded within a narrow range with several volume spikes since that time.
On Monday, the chipmaker’s stock gapped above the trading range’s top trendline on the highest share turnover since June 21, indicating bullish conviction behind the breakout. Moreover, the relative strength index (RSI) has moved in overbought territory above the 70 thresholds, confirming strong price momentum.
Amid a continued move higher, investors should monitor these four key levels where the shares may encounter overhead resistance.
The first sits around $35.50, an area on the chart connecting prices near a minor countertrend retracement during the stock’s sharp downtrading move in April. If the stock breaks through this level, it may move up to retest a key horizontal line near $39 that links the prominent September 2023 swing high with the 200-day MA.
A close above this region could see the shares climb to around $42, where they would likely face sellers near a trendline connecting four price troughs between December 2023 and March this year. Finally, a longer-term rally may see the price revisit $45.50 near a horizontal line that connects several price peaks over a five-month period from November to April.
Stock Futures Point to Higher Open For Major Indexes
2 hr 56 min ago
Futures contracts connected to the Dow Jones Industrial Average were up 0.1%
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S&P 500 futures were up 0.2%
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Nasdaq 100 futures were up 0.3%.
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