On Tuesday, the stock market reacted to earnings reports from Home Depot (HD) and Walmart (WMT), causing the Dow Jones Industrial Average to drop. Additionally, stocks of artificial intelligence leaders Nvidia (NVDA) and Super Micro Computer (SMCI) declined.
Following the opening bell, the Dow Jones Industrial Average fell by 0.1%, while the S&P 500 dropped 0.7%. The tech-heavy Nasdaq composite was down 1.4% in morning trading. U.S. exchange traded funds, including the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) ETF and the SPDR S&P 500 ETF (SPY), also experienced declines.
Meanwhile, the 10-year Treasury yield decreased to 4.26%, and oil prices remained near recent highs at around $78.20 a barrel. Investors are eagerly awaiting the latest minutes from the Federal Reserve scheduled for release on Wednesday to gain insight into the future path of interest rates.
Stocks like Home Depot, Walmart, and Super Micro Computer experienced notable movements in the market. Home Depot saw a 2% decline despite reporting better-than-expected earnings, while Walmart rallied 5% following its earnings report. In addition, Nvidia, Palo Alto Networks, and MercadoLibre are among the companies set to report earnings this week.
Overall, the stock market saw a decline on Tuesday with major indices experiencing drops. It’s crucial for investors to closely monitor market conditions and make appropriate adjustments to their portfolios. Stocks like Birkenstock, Lennar, Toll Brothers, and UiPath are some of the top choices to watch in the current market rally. Additionally, other companies like Novo Nordisk (NVO), Merck (MRK), DraftKings (DKNG), and Spotify (SPOT) also present strong investment opportunities.
