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?+

What is the difference between fiscal policy and monetary policy?+

What are the main types of commodities?+

How can investors align their investments with the United Nations Sustainable Development Goals (SDGs)?+

What are the risks of economic policy and regulation for the economy?+

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

What are Treasury bonds?+

What are the main factors that drive oil prices?+

What is economic policy?+

Want financial news and market updates?

FREE Weekly Market Updates delivered to your inbox.

Market Watch
$332.38
JPM
-0.24% (-$0.80)
JPMorgan Chase & Co.
5:40 PM
$749.58
QQQ
1.02% ($7.55)
Invesco QQQ Trust
4:40 AM
$728.08
META
0.30% ($2.15)
Meta, Inc.
5:40 PM
$35.62
GFI
-0.47% (-$0.17)
Gold Fields
6:30 AM
$33.87
NKE
-3.64% (-$1.28)
Nike, Inc.
5:40 PM
$115.56
NEM
0.78% ($0.89)
Newmont Corporation
5:40 PM
$282.85
HD
0.14% ($0.39)
The Home Depot, Inc.
5:40 PM
$94.92
AU
0.76% ($0.72)
AngloGold Ashanti
5:40 PM
$103.96
EFA
1.11% ($1.14)
iShares MSCI EAFE ETF
4:45 AM
$371.90
UNH
1.83% ($6.70)
UnitedHealth Group Incorporated
4:45 AM
$370.59
TSLA
4.65% ($16.48)
Tesla, Inc.
3:25 PM
$302.78
AXP
0.23% ($0.69)
American Express Company
5:40 PM
$17.66
CDE
0.57% ($0.10)
Coeur Mining
5:40 PM
$633.91
AMD
2.95% ($18.18)
Advanced Micro Devices, Inc.
5:40 PM
$102.19
DIS
0.85% ($0.86)
The Walt Disney Company
5:40 PM
$119.33
INTC
-0.56% (-$0.67)
Intel Corporation
7:25 AM
$754790.00
BRK-A
0.41% ($3045.00)
Berkshire Hathaway Inc.
4:40 AM
$5.20
BTG
0.58% ($0.03)
B2Gold
4:45 AM
$343.50
GOOGL
1.56% ($5.26)
Alphabet Inc.
4:55 AM
$360.66
V
0.23% ($0.81)
Visa Inc.
5:40 PM
$902.56
GS
0.66% ($5.89)
The Goldman Sachs Group, Inc.
2:05 PM
$206.69
CVX
-0.20% (-$0.41)
Chevron Corporation
5:40 PM
$77.95
IAU
-0.66% (-$0.52)
iShares Gold Trust
4:45 AM
$161.89
MMM
-0.69% (-$1.13)
3M Company
4:40 AM
$17.74
MUX
0.45% ($0.08)
McEwen Mining
5:40 PM
$11.55
SILV
-0.86% (-$0.10)
SilverCrest Metals
12:00 PM
$164.01
XOM
0.12% ($0.19)
Exxon Mobil Corporation
5:00 PM
$517.53
MSFT
0.92% ($4.73)
Microsoft Corporation
5:40 PM
$32.46
AGI
1.79% ($0.57)
Alamos Gold
9:35 AM
$54.74
SLV
-0.51% (-$0.28)
iShares Silver Trust
5:40 PM
$33.27
SSRM
-0.45% (-$0.15)
SSR Mining
5:40 PM
$24.06
KGC
0.00% (-$0.00)
Kinross Gold
4:40 AM
$142.30
ORCL
3.06% ($4.23)
Oracle Corporation
5:40 PM
$239.30
FNV
1.49% ($3.51)
Franco-Nevada
5:40 PM
$85.65
KO
-0.52% (-$0.45)
The Coca-Cola Company
5:40 PM
$333.69
AAPL
1.02% ($3.37)
Apple Inc.
4:40 AM
$769.64
SPY
0.74% ($5.65)
SPDR S&P 500 ETF Trust
4:45 AM
$251.52
AMZN
1.33% ($3.29)
Amazon.com, Inc.
2:05 PM
$377.99
VTI
0.75% ($2.81)
Vanguard Total Stock Market ETF
5:40 PM
$104.26
WMT
0.00% (-$0.00)
Walmart Inc.
5:40 PM
$24.30
T
0.00% (-$0.00)
AT&T Inc.
4:40 AM
$38.12
EGO
1.36% ($0.51)
Eldorado Gold
4:50 AM
$136.28
WPM
2.14% ($2.86)
Wheaton Precious Metals
5:40 PM
$262.82
ABBV
1.11% ($2.89)
AbbVie Inc.
5:40 PM
$45.51
PAAS
1.18% ($0.53)
Pan American Silver
5:40 PM
$144.91
PG
0.67% ($0.96)
The Procter & Gamble Company
5:40 PM
$231.89
MCD
0.03% ($0.06)
McDonald's Corporation
4:40 AM
$144.30
MRK
0.34% ($0.49)
Merck & Co., Inc.
5:40 PM
$42.29
GOLD
0.48% ($0.20)
Barrick Gold Corp.
5:40 PM
$17.20
HL
1.18% ($0.20)
Hecla Mining
5:40 PM
$59.56
VWO
0.90% ($0.53)
Vanguard FTSE Emerging Markets ETF
4:50 AM
$27.80
PFE
-1.14% (-$0.32)
Pfizer Inc.
5:40 PM
$45.92
VZ
-0.13% (-$0.06)
Verizon Communications Inc.
5:40 PM
$193.56
BA
0.67% ($1.28)
Boeing Company
5:40 PM
$234.64
RGLD
1.20% ($2.79)
Royal Gold Inc.
2:05 PM
$112.20
CSCO
3.56% ($3.86)
Cisco Systems, Inc.
5:40 PM
$281.52
IWM
0.90% ($2.50)
iShares Russell 2000 ETF
4:40 AM
$52.80
PYPL
-0.49% (-$0.26)
PayPal Holdings, Inc.
5:40 PM
$11.56
SAND
-1.41% (-$0.17)
Sandstorm Gold
2:00 PM
$87.78
GDX
1.20% ($1.04)
VanEck Gold Miners
4:45 AM
$380.14
GLD
-0.68% (-$2.62)
SPDR Gold Trust
4:45 AM
$17.67
AG
0.06% ($0.01)
First Majestic Silver
4:40 AM
$234.69
CRM
-0.84% (-$2.00)
Salesforce.com, inc.
5:40 PM
$213.99
HON
0.09% ($0.19)
Honeywell International Inc.
5:40 PM
$8.60
EXK
0.47% ($0.04)
Endeavour Silver
5:40 PM
$183.69
AEM
1.72% ($3.10)
Agnico Eagle Mines
4:40 AM
$256.03
JNJ
-1.02% (-$2.63)
Johnson & Johnson
5:00 PM
$552.26
MA
0.41% ($2.26)
Mastercard Incorporated
5:40 PM
$113.65
GDXJ
1.06% ($1.19)
VanEck Junior Gold Miners
4:45 AM
$233.95
NVDA
1.34% ($3.09)
NVIDIA Corporation
7:45 AM
$67.06
NFLX
-1.16% (-$0.79)
Netflix, Inc.
4:40 AM
$707.54
VOO
0.74% ($5.19)
Vanguard S&P 500 ETF
5:40 PM
$67.67
EEM
1.29% ($0.86)
iShares MSCI Emerging Markets ETF
5:40 PM
$71.13
VEA
1.31% ($0.92)
Vanguard FTSE Developed Markets ETF
4:45 AM
$53.49
XLF
0.06% ($0.03)
Financial Select Sector SPDR Fund
4:40 AM
$712.69
VFIAX
0.74% ($5.26)
Vanguard 500 Index Fund
4:45 AM
$268.32
FXAIX
0.48% ($1.27)
Fidelity 500 Index Fund
4:50 AM
$183.99
VTSAX
0.76% ($1.38)
Vanguard Total Stock Market Index Fund
4:45 AM
$17.19
DODGX
0.35% ($0.06)
Dodge & Cox Stock Fund
4:50 AM
$89.48
AGTHX
1.04% ($0.92)
American Funds Growth Fund of America
4:50 AM
$220.85
TRBCX
1.21% ($2.64)
T. Rowe Price Blue Chip Growth Fund
4:50 AM
$20.70
BECO
0.12% ($0.02)
BlackRock Future Climate and Sustainable Economy
6:20 PM
$82.05
GLDM
-0.68% (-$0.56)
SPDR Gold MiniShares
4:40 AM
$45.75
BITB
-0.44% (-$0.20)
Bitwise Bitcoin
4:40 AM
$65.11
GBTC
-0.50% (-$0.33)
Grayscale Bitcoin
4:50 AM
$89.50
VNQ
0.37% ($0.33)
Vanguard Real Estate
5:40 PM
$237.69
ADBE
-1.49% (-$3.59)
Adobe Inc.
4:40 AM
$111.85
ALTR
0.00% (-$0.00)
Altair Engineering Inc.
8:00 AM
$540.04
AMAT
2.03% ($10.74)
Applied Materials, Inc.
4:40 AM
$403.04
AMGN
-1.04% (-$4.23)
Amgen Inc.
4:50 AM
$219.88
BIIB
-1.32% (-$2.94)
Biogen Inc.
5:40 PM
$73.66
CECO
2.49% ($1.79)
CECO Environmental Corp.
4:50 AM
$130.35
CHKP
-0.29% (-$0.38)
Check Point Software Technologies Ltd.
6:20 AM
$157.72
CHRW
2.99% ($4.58)
C.H. Robinson Worldwide, Inc.
4:40 PM
$21.57
CMCSA
-0.60% (-$0.13)
Comcast Corporation
4:45 AM
$920.65
COST
0.62% ($5.71)
Costco Wholesale Corporation
10:45 AM
$193.02
CTAS
-1.32% (-$2.58)
Cintas Corporation
5:40 PM
$562.52
DELL
3.84% ($20.78)
Dell Technologies Inc. Class C
11:55 AM
$112.16
DLTR
-1.98% (-$2.27)
Dollar Tree, Inc.
4:45 AM
$106.40
EBAY
0.48% ($0.51)
eBay Inc.
4:45 AM
$192.47
EXPD
2.52% ($4.73)
Expeditors International of Washington, Inc.
5:40 PM
$50.75
FAST
1.05% ($0.53)
Fastenal Company
4:40 AM
$116.61
FLEX
3.40% ($3.83)
Flex Ltd.
5:40 PM
$144.74
GILD
-1.87% (-$2.76)
Gilead Sciences, Inc.
4:55 AM
$22.08
GNTX
0.59% ($0.13)
Gentex Corporation
5:40 PM
$281.16
GRMN
-0.46% (-$1.30)
Garmin Ltd.
5:40 PM
$84.88
HSIC
-0.06% (-$0.05)
Henry Schein, Inc.
5:40 PM
$281.08
INTU
-0.60% (-$1.70)
Intuit Inc.
5:05 AM
$39.95
JNPR
0.05% ($0.02)
Juniper Networks, Inc.
12:00 AM
$206.89
KLAC
3.27% ($6.56)
KLA Corporation
4:50 AM
$144.12
LAMR
0.54% ($0.78)
Lamar Advertising Company
12:05 PM
$347.49
LRCX
2.17% ($7.39)
Lam Research Corporation
5:40 PM
$81.32
MCHP
3.59% ($2.82)
Microchip Technology Incorporated
6:15 AM
$32.43
MEDI
-0.09% (-$0.03)
Harbor
4:40 AM
$272.29
MRVL
1.57% ($4.21)
Marvell Technology, Inc.
5:40 PM
$226.27
NTAP
5.22% ($11.22)
NetApp, Inc.
6:35 AM
$98.94
PAYX
-1.88% (-$1.90)
Paychex, Inc.
7:45 AM
$109.68
PCAR
-0.24% (-$0.26)
PACCAR Inc.
4:50 AM
$31.33
PDCO
0.00% (-$0.00)
Patterson Companies, Inc.
12:00 AM
$11.21
PTEN
-0.80% (-$0.09)
Patterson-UTI Energy, Inc.
5:40 PM
$184.87
QCOM
1.53% ($2.78)
QUALCOMM Incorporated
4:40 AM
$228.54
ROST
-2.38% (-$5.56)
Ross Stores, Inc.
5:40 PM
$55.05
RYAAY
1.61% ($0.87)
Ryanair Holdings plc
5:40 PM
$116.75
SANM
0.73% ($0.85)
Sanmina Corporation
4:10 PM
$90.67
SBUX
-2.25% (-$2.09)
Starbucks Corporation
4:10 PM
$642.13
SNPS
-0.50% (-$3.22)
Synopsys, Inc.
4:10 PM
$638.00
SPOT
-1.92% (-$12.47)
Spotify Technology S.A. Ordinary
4:10 PM
$16.00
TEVA
-4.90% (-$0.83)
Teva Pharmaceutical Industries Limited American Depositary
4:10 PM
$265.79
VRSN
-0.45% (-$1.20)
VeriSign, Inc.
4:10 PM
$195.74
VRTS
-0.52% (-$1.02)
Virtus Investment Partners, Inc.
4:10 PM
$14.65
XRAY
-5.27% (-$0.82)
DENTSPLY SIRONA Inc.
4:10 PM
$
BRK.B
% (-$)
Berkshire Hathaway Inc. New
$47.51
BAC
-0.95% (-$0.45)
Bank of America Corporation
4:10 PM
$125.89
PEP
0.23% ($0.29)
PepsiCo, Inc.
4:40 AM
$97.50
ABT
0.84% ($0.81)
Abbott Laboratories
5:40 PM
$654.80
TMO
0.35% ($2.29)
Thermo Fisher Scientific Inc
5:40 PM
$355.14
AVGO
3.35% ($11.50)
Broadcom Inc.
5:40 PM
$198.90
ACN
-6.31% (-$13.40)
Accenture plc
5:40 PM
$1142.85
LLY
-0.61% (-$7.00)
Eli Lilly and Company
5:40 PM
$214.06
DHR
1.09% ($2.30)
Danaher Corporation
4:40 AM
$86.38
MDT
-0.07% (-$0.06)
Medtronic plc. Ordinary
4:40 AM
$76.83
NEE
0.63% ($0.48)
NextEra Energy, Inc.
5:40 PM
$293.80
TXN
4.44% ($12.49)
Texas Instruments Incorporated
4:50 AM
$479.48
LIN
2.14% ($10.03)
Linde plc
5:40 PM
$61.15
BMY
0.53% ($0.32)
Bristol-Myers Squibb Company
4:45 AM
$80.45
WFC
0.25% ($0.20)
Wells Fargo & Company
5:40 PM
$187.46
PM
0.47% ($0.88)
Philip Morris International Inc
5:40 AM
$278.28
UNP
2.15% ($5.86)
Union Pacific Corporation
5:40 PM
$222.64
IBM
-1.32% (-$2.98)
International Business Machines Corporation
4:45 AM
$190.31
MS
1.22% ($2.30)
Morgan Stanley
5:40 PM
$309.56
GE
-0.91% (-$2.83)
GE Aerospace
4:50 AM
$845.42
CAT
2.31% ($19.07)
Caterpillar, Inc.
5:00 AM
$1059.63
BLK
-0.44% (-$4.73)
BlackRock, Inc.
4:45 AM
$67.35
MO
0.60% ($0.40)
Altria Group, Inc.
4:45 AM
$93.02
UPS
-0.93% (-$0.87)
United Parcel Service, Inc.
2:00 PM
$687.00
DE
2.96% ($19.74)
Deere & Company
5:40 PM
$128.50
C
1.18% ($1.50)
Citigroup, Inc.
4:50 AM
$505.41
LMT
-0.02% (-$0.09)
Lockheed Martin Corporation
4:50 AM
$184.68
RTX
-0.18% (-$0.33)
RTX Corporation
4:45 AM
$32.44
FIS
-1.99% (-$0.66)
Fidelity National Information Services, Inc.
5:40 PM
$391.95
ISRG
-2.32% (-$9.29)
Intuitive Surgical, Inc.
5:40 PM
$275.43
SYK
0.90% ($2.47)
Stryker Corporation
4:50 AM
$96.70
SCHW
-1.70% (-$1.67)
Charles Schwab Corporation (The)
4:40 AM
$270.53
CI
0.96% ($2.57)
The Cigna Group
4:40 AM
$504.73
VRTX
-0.40% (-$2.01)
Vertex Pharmaceuticals Incorporated
5:40 PM
$176.80
BDX
-0.71% (-$1.27)
Becton, Dickinson and Company
4:50 AM
$386.27
SPGI
-0.49% (-$1.89)
S&P Global Inc.
12:05 PM
$1074.89
MU
-2.05% (-$22.50)
Micron Technology, Inc.
4:05 PM
$221.03
PNC
0.13% ($0.28)
PNC Financial Services Group, Inc.
9:45 AM
$12.10
F
-1.39% (-$0.17)
Ford Motor Company
5:40 PM
$156.00
TGT
-0.45% (-$0.70)
Target Corporation
5:40 PM
$257.68
ADP
-2.38% (-$6.28)
Automatic Data Processing, Inc.
4:40 AM
$91.97
EL
1.97% ($1.78)
Estee Lauder Companies, Inc.
7:45 AM
$180.80
LOW
-0.87% (-$1.58)
Lowe's Companies, Inc.
4:45 AM
$126.75
COP
-0.24% (-$0.31)
ConocoPhillips
5:40 PM
$330.89
CB
-0.12% (-$0.41)
Chubb Limited
2:05 PM
$58.19
MDLZ
0.74% ($0.43)
Mondelez International, Inc.
5:40 PM
$141.38
EOG
0.05% ($0.07)
EOG Resources, Inc.
5:40 PM
$132.68
TJX
-0.68% (-$0.91)
TJX Companies, Inc.
5:40 PM
$159.02
BKNG
-0.79% (-$1.26)
Booking Holdings Inc.
5:40 PM
$74.93
AIG
-0.66% (-$0.50)
American International Group, Inc.
6:15 AM
$78.27
GM
-1.31% (-$1.04)
General Motors Company
5:40 PM
$84.09
DAL
-0.05% (-$0.04)
Delta Air Lines, Inc.
4:45 AM
$88.29
ZBH
0.26% ($0.23)
Zimmer Biomet Holdings, Inc.
4:45 AM
$84.26
CL
-0.32% (-$0.27)
Colgate-Palmolive Company
4:45 AM
$441.36
MCO
-1.34% (-$6.00)
Moody's Corporation
5:40 PM
$94.43
MET
0.08% ($0.08)
MetLife, Inc.
5:40 PM
$32.12
HPQ
-0.09% (-$0.03)
HP Inc.
4:40 AM
$8.44
FMC
-1.40% (-$0.12)
FMC Corporation
5:40 PM
$94.36
KMB
0.02% ($0.02)
Kimberly-Clark Corporation
5:40 PM
$80.45
ADM
1.17% ($0.93)
Archer-Daniels-Midland Company
5:40 PM
$118.94
DG
0.01% ($0.01)
Dollar General Corporation
4:50 AM
$388.36
HUM
2.29% ($8.68)
Humana Inc.
5:40 PM
$188.75
PLTR
-0.68% (-$1.29)
Palantir Technologies Inc.
5:40 PM