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 Treasury bonds?+

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

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

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
$228.69
JPM
-6.97% (-$17.13)
JPMorgan Chase & Co.
8:40 PM
$450.66
QQQ
-5.35% (-$25.49)
Invesco QQQ Trust
8:40 PM
$531.62
META
-8.96% (-$52.31)
Meta, Inc.
8:40 PM
$22.65
GFI
-0.35% (-$0.08)
Gold Fields
8:40 PM
$55.58
NKE
-14.44% (-$9.38)
Nike, Inc.
8:40 PM
$48.33
NEM
-0.82% (-$0.40)
Newmont Corporation
8:40 PM
$355.91
HD
-4.04% (-$14.98)
The Home Depot, Inc.
8:40 PM
$36.97
AU
-1.68% (-$0.63)
AngloGold Ashanti
8:25 PM
$80.32
EFA
-2.10% (-$1.72)
iShares MSCI EAFE ETF
8:35 PM
$540.44
UNH
3.30% ($17.24)
UnitedHealth Group Incorporated
8:40 PM
$267.28
TSLA
-5.47% (-$15.48)
Tesla, Inc.
8:40 PM
$247.82
AXP
-9.97% (-$27.43)
American Express Company
8:40 PM
$5.49
CDE
-4.52% (-$0.26)
Coeur Mining
8:35 PM
$93.80
AMD
-8.90% (-$9.16)
Advanced Micro Devices, Inc.
8:40 PM
$88.84
DIS
-9.24% (-$9.04)
The Walt Disney Company
8:40 PM
$22.43
INTC
2.05% ($0.45)
Intel Corporation
8:40 PM
$794514.00
BRK-A
-1.51% (-$12170.00)
Berkshire Hathaway Inc.
8:35 PM
$2.92
BTG
0.00% (-$0.00)
B2Gold
8:40 PM
$150.72
GOOGL
-4.02% (-$6.32)
Alphabet Inc.
8:40 PM
$339.39
V
-2.00% (-$6.94)
Visa Inc.
8:40 PM
$511.23
GS
-9.21% (-$51.87)
The Goldman Sachs Group, Inc.
8:40 PM
$156.12
CVX
-6.22% (-$10.35)
Chevron Corporation
8:40 PM
$58.60
IAU
-0.59% (-$0.35)
iShares Gold Trust
8:40 PM
$139.74
MMM
-5.43% (-$8.02)
3M Company
8:40 PM
$7.39
MUX
-1.47% (-$0.11)
McEwen Mining
8:25 PM
$11.55
SILV
-0.86% (-$0.10)
SilverCrest Metals
12:00 PM
$112.43
XOM
-5.26% (-$6.24)
Exxon Mobil Corporation
8:40 PM
$373.11
MSFT
-2.36% (-$9.03)
Microsoft Corporation
8:40 PM
$26.87
AGI
1.36% ($0.36)
Alamos Gold
8:40 PM
$28.89
SLV
-6.08% (-$1.87)
iShares Silver Trust
8:40 PM
$10.08
SSRM
0.80% ($0.08)
SSR Mining
8:30 PM
$12.69
KGC
-1.25% (-$0.16)
Kinross Gold
8:40 PM
$137.23
ORCL
-5.92% (-$8.63)
Oracle Corporation
8:40 PM
$158.72
FNV
1.09% ($1.71)
Franco-Nevada
8:40 PM
$73.18
KO
2.59% ($1.85)
The Coca-Cola Company
8:40 PM
$203.19
AAPL
-9.25% (-$20.70)
Apple Inc.
8:40 PM
$536.70
SPY
-4.93% (-$27.82)
SPDR S&P 500 ETF Trust
8:40 PM
$178.41
AMZN
-8.98% (-$17.60)
Amazon.com, Inc.
8:40 PM
$263.96
VTI
-5.03% (-$13.99)
Vanguard Total Stock Market ETF
8:40 PM
$87.26
WMT
-2.79% (-$2.50)
Walmart Inc.
8:40 PM
$28.60
T
1.63% ($0.46)
AT&T Inc.
8:40 PM
$17.69
EGO
-1.28% (-$0.23)
Eldorado Gold
8:40 PM
$78.50
WPM
1.08% ($0.84)
Wheaton Precious Metals
8:40 PM
$201.64
ABBV
-1.73% (-$3.55)
AbbVie Inc.
8:40 PM
$24.42
PAAS
-5.97% (-$1.55)
Pan American Silver
8:40 PM
$172.39
PG
1.71% ($2.89)
The Procter & Gamble Company
8:40 PM
$318.27
MCD
2.15% ($6.69)
McDonald's Corporation
8:40 PM
$86.39
MRK
-0.24% (-$0.21)
Merck & Co., Inc.
8:40 PM
$19.38
GOLD
-0.15% (-$0.03)
Barrick Gold Corp.
8:40 PM
$5.35
HL
-4.80% (-$0.27)
Hecla Mining
8:35 PM
$44.63
VWO
-1.80% (-$0.82)
Vanguard FTSE Emerging Markets ETF
8:40 PM
$24.29
PFE
-1.66% (-$0.41)
Pfizer Inc.
8:40 PM
$45.62
VZ
1.97% ($0.88)
Verizon Communications Inc.
8:40 PM
$150.91
BA
-10.47% (-$17.65)
Boeing Company
8:40 PM
$167.27
RGLD
1.65% ($2.71)
Royal Gold Inc.
8:40 PM
$57.31
CSCO
-6.68% (-$4.10)
Cisco Systems, Inc.
8:40 PM
$189.65
IWM
-6.42% (-$13.01)
iShares Russell 2000 ETF
8:40 PM
$61.71
PYPL
-8.10% (-$5.44)
PayPal Holdings, Inc.
8:40 PM
$7.53
SAND
0.53% ($0.04)
Sandstorm Gold
8:20 PM
$45.72
GDX
-0.09% (-$0.04)
VanEck Gold Miners
8:40 PM
$286.42
GLD
-0.60% (-$1.74)
SPDR Gold Trust
8:40 PM
$6.44
AG
-3.74% (-$0.25)
First Majestic Silver
8:40 PM
$255.23
CRM
-6.01% (-$16.31)
Salesforce.com, inc.
8:40 PM
$206.68
HON
-4.31% (-$9.31)
Honeywell International Inc.
8:40 PM
$3.53
EXK
-5.87% (-$0.22)
Endeavour Silver
8:40 PM
$108.49
AEM
0.89% ($0.96)
Agnico Eagle Mines
8:35 PM
$159.82
JNJ
2.87% ($4.46)
Johnson & Johnson
8:40 PM
$530.55
MA
-3.07% (-$16.83)
Mastercard Incorporated
8:40 PM
$56.57
GDXJ
-0.28% (-$0.16)
VanEck Junior Gold Miners
8:40 PM
$101.80
NVDA
-7.81% (-$8.62)
NVIDIA Corporation
8:40 PM
$917.05
NFLX
-1.97% (-$18.47)
Netflix, Inc.
8:40 PM
$494.16
VOO
-4.77% (-$24.75)
Vanguard S&P 500 ETF
8:40 PM
$42.97
EEM
-2.12% (-$0.93)
iShares MSCI Emerging Markets ETF
8:40 PM
$50.08
VEA
-2.09% (-$1.07)
Vanguard FTSE Developed Markets ETF
8:40 PM
$47.69
XLF
-4.92% (-$2.47)
Financial Select Sector SPDR Fund
8:40 PM
$523.21
VFIAX
0.68% ($3.51)
Vanguard 500 Index Fund
8:00 PM
$197.53
FXAIX
0.68% ($1.33)
Fidelity 500 Index Fund
8:00 PM
$135.36
VTSAX
0.80% ($1.08)
Vanguard Total Stock Market Index Fund
8:00 PM
$264.07
DODGX
0.76% ($1.98)
Dodge & Cox Stock Fund
8:00 PM
$70.87
AGTHX
1.03% ($0.72)
American Funds Growth Fund of America
8:00 PM
$172.15
TRBCX
0.84% ($1.44)
T. Rowe Price Blue Chip Growth Fund
8:00 PM
$20.70
BECO
0.12% ($0.02)
BlackRock Future Climate and Sustainable Economy
8:00 PM
$61.54
GLDM
-0.53% (-$0.33)
SPDR Gold MiniShares
8:40 PM
$44.59
BITB
-5.79% (-$2.74)
Bitwise Bitcoin
8:40 PM
$64.76
GBTC
-5.74% (-$3.94)
Grayscale Bitcoin
8:40 PM
$88.02
VNQ
-3.41% (-$3.11)
Vanguard Real Estate
8:35 PM
$367.25
ADBE
-4.80% (-$18.53)
Adobe Inc.
8:40 PM
$111.85
ALTR
0.00% (-$0.00)
Altair Engineering Inc.
8:00 PM
$135.51
AMAT
-8.28% (-$12.24)
Applied Materials, Inc.
8:40 PM
$309.85
AMGN
1.36% ($4.15)
Amgen Inc.
8:40 PM
$130.71
BIIB
-0.46% (-$0.61)
Biogen Inc.
8:40 PM
$20.01
CECO
-6.28% (-$1.34)
CECO Environmental Corp.
8:30 PM
$224.02
CHKP
-1.75% (-$3.99)
Check Point Software Technologies Ltd.
8:15 PM
$94.77
CHRW
-7.83% (-$8.05)
C.H. Robinson Worldwide, Inc.
8:40 PM
$35.72
CMCSA
-2.43% (-$0.89)
Comcast Corporation
8:40 PM
$967.08
COST
0.21% ($2.00)
Costco Wholesale Corporation
8:40 PM
$204.85
CTAS
-1.83% (-$3.82)
Cintas Corporation
8:40 PM
$77.23
DELL
-18.99% (-$18.10)
Dell Technologies Inc. Class C
8:40 PM
$67.22
DLTR
-13.34% (-$10.35)
Dollar Tree, Inc.
8:40 PM
$66.36
EBAY
-1.57% (-$1.06)
eBay Inc.
8:35 PM
$110.66
EXPD
-9.21% (-$11.23)
Expeditors International of Washington, Inc.
8:20 PM
$78.01
FAST
0.00% (-$0.00)
Fastenal Company
8:40 PM
$29.32
FLEX
-13.93% (-$4.74)
Flex Ltd.
8:35 PM
$112.39
GILD
0.45% ($0.50)
Gilead Sciences, Inc.
8:40 PM
$22.36
GNTX
-4.93% (-$1.16)
Gentex Corporation
8:35 PM
$185.34
GRMN
-15.01% (-$32.73)
Garmin Ltd.
8:40 PM
$66.59
HSIC
-3.84% (-$2.66)
Henry Schein, Inc.
8:30 PM
$598.53
INTU
-3.60% (-$22.38)
Intuit Inc.
8:40 PM
$35.24
JNPR
-2.30% (-$0.83)
Juniper Networks, Inc.
8:40 PM
$620.82
KLAC
-9.53% (-$65.37)
KLA Corporation
8:40 PM
$109.45
LAMR
-5.60% (-$6.50)
Lamar Advertising Company
8:20 PM
$65.22
LRCX
-11.60% (-$8.56)
Lam Research Corporation
8:40 PM
$40.71
MCHP
-16.80% (-$8.22)
Microchip Technology Incorporated
8:40 PM
$24.40
MEDI
-2.89% (-$0.73)
Harbor
8:35 PM
$55.64
MRVL
-12.00% (-$7.59)
Marvell Technology, Inc.
8:40 PM
$81.61
NTAP
-9.81% (-$8.88)
NetApp, Inc.
8:35 PM
$153.53
PAYX
-0.91% (-$1.41)
Paychex, Inc.
8:20 PM
$92.36
PCAR
-6.79% (-$6.73)
PACCAR Inc.
8:40 PM
$31.21
PDCO
-0.22% (-$0.07)
Patterson Companies, Inc.
8:35 PM
$6.93
PTEN
-19.04% (-$1.63)
Patterson-UTI Energy, Inc.
8:30 PM
$139.42
QCOM
-9.51% (-$14.66)
QUALCOMM Incorporated
8:40 PM
$131.21
ROST
-0.88% (-$1.16)
Ross Stores, Inc.
8:40 PM
$41.92
RYAAY
-2.50% (-$1.08)
Ryanair Holdings plc
8:15 PM
$64.89
SANM
-0.22% (-$0.15)
Sanmina Corporation
6:26 PM
$75.90
SBUX
0.30% ($0.22)
Starbucks Corporation
6:26 PM
$554.84
SNPS
0.90% ($4.96)
Synopsys, Inc.
6:26 PM
$293.64
SPOT
-1.68% (-$5.02)
Spotify Technology S.A. Ordinary
6:26 PM
$16.33
TEVA
2.09% ($0.33)
Teva Pharmaceutical Industries Limited American Depositary
6:26 PM
$171.31
VRSN
0.90% ($1.52)
VeriSign, Inc.
6:26 PM
$231.27
VRTS
-1.39% (-$3.27)
Virtus Investment Partners, Inc.
6:26 PM
$28.00
XRAY
-0.71% (-$0.20)
DENTSPLY SIRONA Inc.
6:26 PM
$
BRK.B
% (-$)
Berkshire Hathaway Inc. New
$38.42
BAC
0.35% ($0.14)
Bank of America Corporation
6:26 PM
$151.37
PEP
1.51% ($2.25)
PepsiCo, Inc.
8:40 PM
$131.63
ABT
-0.23% (-$0.30)
Abbott Laboratories
8:40 PM
$470.03
TMO
-3.89% (-$19.03)
Thermo Fisher Scientific Inc
8:40 PM
$154.01
AVGO
-10.51% (-$18.08)
Broadcom Inc.
8:40 PM
$301.46
ACN
-4.70% (-$14.87)
Accenture plc
8:40 PM
$789.09
LLY
-3.56% (-$29.13)
Eli Lilly and Company
8:35 PM
$197.90
DHR
-3.54% (-$7.26)
Danaher Corporation
8:40 PM
$87.89
MDT
-1.09% (-$0.97)
Medtronic plc. Ordinary
8:35 PM
$72.14
NEE
2.36% ($1.66)
NextEra Energy, Inc.
8:40 PM
$164.20
TXN
-7.85% (-$13.99)
Texas Instruments Incorporated
8:40 PM
$467.22
LIN
-0.54% (-$2.52)
Linde plc
8:40 PM
$57.82
BMY
-2.99% (-$1.78)
Bristol-Myers Squibb Company
8:40 PM
$65.67
WFC
-9.12% (-$6.59)
Wells Fargo & Company
8:40 PM
$162.07
PM
3.78% ($5.90)
Philip Morris International Inc
8:40 PM
$223.97
UNP
-6.08% (-$14.49)
Union Pacific Corporation
8:40 PM
$243.49
IBM
-2.60% (-$6.49)
International Business Machines Corporation
8:40 PM
$107.93
MS
-9.51% (-$11.34)
Morgan Stanley
8:40 PM
$187.63
GE
-6.08% (-$12.14)
GE Aerospace
8:40 PM
$305.76
CAT
-8.64% (-$28.90)
Caterpillar, Inc.
8:40 PM
$887.65
BLK
-7.71% (-$74.19)
BlackRock, Inc.
8:40 PM
$57.89
MO
1.35% ($0.77)
Altria Group, Inc.
8:40 PM
$100.12
UPS
-9.15% (-$10.08)
United Parcel Service, Inc.
8:40 PM
$447.45
DE
-4.98% (-$23.45)
Deere & Company
8:35 PM
$63.05
C
-12.14% (-$8.71)
Citigroup, Inc.
8:40 PM
$454.78
LMT
0.42% ($1.91)
Lockheed Martin Corporation
8:40 PM
$130.23
RTX
-2.19% (-$2.92)
RTX Corporation
8:40 PM
$74.51
FIS
-1.62% (-$1.23)
Fidelity National Information Services, Inc.
8:35 PM
$494.61
ISRG
-2.45% (-$12.44)
Intuitive Surgical, Inc.
8:40 PM
$368.15
SYK
-2.47% (-$9.31)
Stryker Corporation
8:40 PM
$74.87
SCHW
-4.73% (-$3.72)
Charles Schwab Corporation (The)
8:40 PM
$338.45
CI
1.97% ($6.53)
The Cigna Group
8:35 PM
$484.01
VRTX
0.11% ($0.52)
Vertex Pharmaceuticals Incorporated
8:40 PM
$221.59
BDX
-2.13% (-$4.83)
Becton, Dickinson and Company
8:35 PM
$489.38
SPGI
-4.79% (-$24.60)
S&P Global Inc.
8:40 PM
$74.34
MU
-16.09% (-$14.26)
Micron Technology, Inc.
8:40 PM
$161.29
PNC
-8.88% (-$15.72)
PNC Financial Services Group, Inc.
8:35 PM
$9.54
F
-6.01% (-$0.61)
Ford Motor Company
8:40 PM
$94.28
TGT
-10.86% (-$11.49)
Target Corporation
8:40 PM
$305.39
ADP
-0.60% (-$1.84)
Automatic Data Processing, Inc.
8:40 PM
$58.19
EL
-15.37% (-$10.57)
Estee Lauder Companies, Inc.
8:40 PM
$222.52
LOW
-5.42% (-$12.76)
Lowe's Companies, Inc.
8:40 PM
$95.25
COP
-10.23% (-$10.85)
ConocoPhillips
8:40 PM
$302.46
CB
0.31% ($0.92)
Chubb Limited
8:35 PM
$67.90
MDLZ
2.68% ($1.77)
Mondelez International, Inc.
8:40 PM
$119.89
EOG
-7.76% (-$10.08)
EOG Resources, Inc.
8:35 PM
$125.43
TJX
0.40% ($0.50)
TJX Companies, Inc.
8:40 PM
$4450.53
BKNG
-5.09% (-$238.77)
Booking Holdings Inc.
8:35 PM
$86.20
AIG
-1.73% (-$1.52)
American International Group, Inc.
8:35 PM
$45.90
GM
-4.34% (-$2.08)
General Motors Company
8:40 PM
$38.71
DAL
-10.74% (-$4.66)
Delta Air Lines, Inc.
8:40 PM
$112.66
ZBH
0.14% ($0.16)
Zimmer Biomet Holdings, Inc.
8:35 PM
$96.00
CL
2.62% ($2.45)
Colgate-Palmolive Company
8:40 PM
$442.39
MCO
-6.05% (-$28.50)
Moody's Corporation
8:40 PM
$75.91
MET
-7.98% (-$6.58)
MetLife, Inc.
8:40 PM
$23.78
HPQ
-14.71% (-$4.10)
HP Inc.
8:40 PM
$38.94
FMC
-8.57% (-$3.65)
FMC Corporation
8:40 PM
$145.22
KMB
1.62% ($2.32)
Kimberly-Clark Corporation
8:35 PM
$47.57
ADM
-0.83% (-$0.40)
Archer-Daniels-Midland Company
8:35 PM
$94.41
DG
4.67% ($4.21)
Dollar General Corporation
8:40 PM
$265.48
HUM
-0.12% (-$0.32)
Humana Inc.
8:40 PM
$83.60
PLTR
-4.40% (-$3.85)
Palantir Technologies Inc.
8:40 PM