During midday on Tuesday, the major indexes, including the Nasdaq, Dow Jones Industrial Average, and S&P 500, experienced further losses. Some notable movements in the stock market included Tesla (TSLA) declining while Eli Lilly (LLY) saw a significant increase.
The Dow Jones index dropped by 0.9%, which was equivalent to 333 points, and remained below its 21-day exponential moving average. Similarly, the S&P 500 and Nasdaq lost 0.7% and 0.9% respectively. Additionally, the S&P 500 and Nasdaq are currently testing their 50-day moving averages.
The small-cap Russell 2000 faced more significant losses compared to the major indexes, with a decrease of nearly 1.3%. In terms of trading volume, it decreased on the Nasdaq while it increased on the New York Stock Exchange in comparison to the previous session.
Amidst this, the energy sector fell by 1.6% as the West Texas Intermediate crude oil dropped by 1% to $81.80 a barrel. At the same time, the benchmark 10-year Treasury yield slightly increased to 4.66% after the employment cost index experienced a 1.2% rise in the first quarter, marking the fastest growth rate in a year and a half.
Apart from this, the Federal Reserve initiated a two-day meeting on Tuesday, attracting investors who are interested in potential signals regarding future rate cuts.
Some specific stock movements included PayPal Holdings (PYPL) breaking out of an undefined base but then reversing below the buy point. On the other hand, F5 (FFIV) experienced a significant drop due to lower-than-expected sales. Additionally, Eli Lilly reported better-than-expected earnings, causing its stock to surge.
Overall, the stock market experienced a mix of gains and losses, with various companies reacting differently to market conditions. Investors are closely monitoring these movements to make informed decisions regarding their portfolios.
