Stock Market Update: Tuesday's Market Moves and Key Events (April 16th, 2024)

Stock Market Update: Tuesday's Market Moves and Key Events (April 16th, 2024)

The Dow Jones Industrial Average eked out a gain Tuesday, after a rollercoaster of a session. Treasury yields weighed on the market, while oil prices edged lower. In the latest batch of earnings, UnitedHealth Group posted strong results despite a messy quarter. And Bank of America topped expectations but reported big paper losses on a key portion of its bond portfolio. After the bell, earnings from United Airlines are scheduled to land. Boeing is just one of its issues.

Key Events

  • The Dow Jones Industrial Average snapped its losing streak on a mixed day for the broader market in the face of rising bond yields.
  • The Dow rose 64 points, or 0.2%. It had fallen in six straight sessions.
  • The S&P 500 fell 0.2%.
  • The Nasdaq Composite fell 0.1%.
  • The 2-year Treasury yield rose to 4.961% and briefly crossed 5%.
  • The 10-year yield was up to 4.657%.
  • Rising yields have weighed on stocks as traders increasingly bet the Federal Reserve will need to keep interest rates steady for the near future.
  • Federal Reserve Chair Jerome Powell said as much during a discussion on Tuesday when he noted recent data has shown a lack of further progress in reaching the central bank’s 2% inflation goal.
  • “The recent data have clearly not given us greater confidence, and instead indicate that it’s likely to take longer than expected to achieve that confidence,” Powell said.
  • Markets waffled up and down following Powell’s comments.
  • Fed-fund futures put odds of a June rate cut at 16.9% from 21.3% on Monday, according to the CME FedWatch Tool.
  • Markets are also watching to see how Israel responds to Iran’s missile and drone attacks from over the weekend.
  • “The uncertainty is gonna live with the markets now for a bit, so we're just going to have to deal with this,” Sevens Report Research’s Tom Essaye told Barron’s. “The best scenario is that it doesn't get worse.”
  • Treasury yields rise for the second consecutive day, after U.S. March industrial production met expectations and Fed Chair Powell said it may take longer than expected to cut interest rates.
  • The 10-year gains 0.030 percentage point to 4.657% and the two-year gains 0.026 p.p. to 4.961%.
  • Their inverted spread is the narrowest since February.
  • Odds that the Fed will keep rates at current levels three meetings from now, in July, rise on the CME's FedWatch to 54% from 25% a week ago, right before the March CPI surprise.
  • Fed governor Bowman has a fireside chat tomorrow at 7:15 pm E.T. in Washington, D.C.
  • Crude oil futures settle slightly lower in rangebound trade with concerns over tension in the Middle East simmering in the background.
  • Focus will turn to Wednesday's EIA inventories report, which is expected to show crude stocks up by 600,000 barrels at 457.9 million barrels, according to a Wall Street Journal survey of analysts.
  • Draws of 1 million barrels and 400,000 barrels, respectively, are seen for gasoline and distillates.
  • WTI for May delivery settles down 0.1% at $85.36, and June Brent slips 0.1% to $90.02.

FAQ's

What is a stock market index?+

How does oil investing work?+

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What is the role of commodities in the industrial sector?+

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6:26 PM
$
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% (-$)
Berkshire Hathaway Inc. New
$38.42
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0.35% ($0.14)
Bank of America Corporation
6:26 PM
$134.84
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-5.22% (-$7.42)
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-0.05% (-$0.06)
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$420.20
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-2.65% (-$11.45)
Thermo Fisher Scientific Inc
6:20 PM
$188.44
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6.52% ($11.53)
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6:20 PM
$290.62
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0.85% ($2.46)
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6:20 PM
$856.88
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3.31% ($27.46)
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6:20 PM
$84.21
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0.55% ($0.46)
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6:20 PM
$65.85
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-2.11% (-$1.42)
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6:20 PM
$162.50
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6.80% ($10.35)
Texas Instruments Incorporated
6:20 PM
$447.63
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-0.13% (-$0.58)
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$48.57
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0.08% ($0.04)
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$69.55
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2.37% ($1.61)
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$169.36
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0.75% ($1.25)
Philip Morris International Inc
6:20 PM
$214.11
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Union Pacific Corporation
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International Business Machines Corporation
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Morgan Stanley
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1.49% ($2.89)
GE Aerospace
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3.73% ($11.04)
Caterpillar, Inc.
6:20 PM
$911.29
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2.10% ($18.75)
BlackRock, Inc.
6:20 PM
$58.69
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0.22% ($0.13)
Altria Group, Inc.
6:20 PM
$98.60
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1.43% ($1.39)
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6:20 PM
$464.92
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1.86% ($8.48)
Deere & Company
6:20 PM
$67.84
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2.32% ($1.54)
Citigroup, Inc.
6:20 PM
$465.17
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0.35% ($1.62)
Lockheed Martin Corporation
6:20 PM
$121.51
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1.03% ($1.24)
RTX Corporation
6:20 PM
$80.39
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1.24% ($0.98)
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6:20 PM
$510.77
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4.68% ($22.84)
Intuitive Surgical, Inc.
6:20 PM
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Stryker Corporation
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$79.17
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Charles Schwab Corporation (The)
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The Cigna Group
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$490.02
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Vertex Pharmaceuticals Incorporated
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$203.75
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Becton, Dickinson and Company
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$478.84
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1.83% ($8.61)
S&P Global Inc.
6:20 PM
$77.08
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5.69% ($4.15)
Micron Technology, Inc.
6:20 PM
$159.68
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1.44% ($2.27)
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6:20 PM
$10.04
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Ford Motor Company
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Target Corporation
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Automatic Data Processing, Inc.
6:20 PM
$58.59
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2.32% ($1.33)
Estee Lauder Companies, Inc.
6:20 PM
$221.47
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1.70% ($3.71)
Lowe's Companies, Inc.
6:20 PM
$91.79
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ConocoPhillips
6:20 PM
$281.76
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Chubb Limited
6:20 PM
$65.94
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Mondelez International, Inc.
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$113.33
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1.58% ($1.76)
EOG Resources, Inc.
6:20 PM
$126.55
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0.84% ($1.05)
TJX Companies, Inc.
6:20 PM
$4814.62
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1.77% ($83.59)
Booking Holdings Inc.
6:20 PM
$82.59
AIG
1.15% ($0.94)
American International Group, Inc.
6:20 PM
$46.89
GM
2.29% ($1.05)
General Motors Company
6:20 PM
$42.03
DAL
1.53% ($0.63)
Delta Air Lines, Inc.
6:20 PM
$101.00
ZBH
1.55% ($1.55)
Zimmer Biomet Holdings, Inc.
6:20 PM
$92.84
CL
-1.12% (-$1.05)
Colgate-Palmolive Company
6:20 PM
$440.18
MCO
2.19% ($9.42)
Moody's Corporation
6:20 PM
$75.65
MET
1.90% ($1.41)
MetLife, Inc.
6:20 PM
$25.18
HPQ
2.23% ($0.55)
HP Inc.
6:20 PM
$40.46
FMC
2.90% ($1.14)
FMC Corporation
6:20 PM
$132.37
KMB
-0.77% (-$1.03)
Kimberly-Clark Corporation
6:20 PM
$48.58
ADM
0.96% ($0.46)
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6:20 PM
$93.50
DG
-2.02% (-$1.93)
Dollar General Corporation
6:20 PM
$265.89
HUM
0.87% ($2.29)
Humana Inc.
6:20 PM
$107.35
PLTR
6.48% ($6.53)
Palantir Technologies Inc.
6:20 PM