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

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Salesforce.com, inc.
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Honeywell International Inc.
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Fastenal Company
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Henry Schein, Inc.
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Intuit Inc.
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Harbor
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Marvell Technology, Inc.
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NetApp, Inc.
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Paychex, Inc.
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PACCAR Inc.
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0.00% (-$0.00)
Patterson Companies, Inc.
12:00 AM
$10.73
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0.52% ($0.06)
Patterson-UTI Energy, Inc.
8:45 AM
$167.98
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QUALCOMM Incorporated
8:45 AM
$233.06
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Ross Stores, Inc.
8:45 AM
$58.08
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0.35% ($0.20)
Ryanair Holdings plc
8:45 AM
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0.73% ($0.85)
Sanmina Corporation
4:10 PM
$90.67
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Starbucks Corporation
4:10 PM
$642.13
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Synopsys, Inc.
4:10 PM
$638.00
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-1.92% (-$12.47)
Spotify Technology S.A. Ordinary
4:10 PM
$16.00
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Teva Pharmaceutical Industries Limited American Depositary
4:10 PM
$265.79
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VeriSign, Inc.
4:10 PM
$195.74
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-0.52% (-$1.02)
Virtus Investment Partners, Inc.
4:10 PM
$14.65
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-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
$144.46
PEP
1.55% ($2.21)
PepsiCo, Inc.
8:45 AM
$108.74
ABT
1.39% ($1.49)
Abbott Laboratories
8:45 AM
$695.76
TMO
-0.53% (-$3.68)
Thermo Fisher Scientific Inc
8:45 AM
$340.63
AVGO
-6.51% (-$23.73)
Broadcom Inc.
8:45 AM
$253.73
ACN
1.51% ($3.78)
Accenture plc
8:45 AM
$1437.13
LLY
0.81% ($11.57)
Eli Lilly and Company
8:45 AM
$231.21
DHR
-0.41% (-$0.96)
Danaher Corporation
8:45 AM
$103.03
MDT
2.02% ($2.04)
Medtronic plc. Ordinary
8:45 AM
$84.76
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-0.62% (-$0.53)
NextEra Energy, Inc.
8:45 AM
$297.52
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-4.79% (-$14.96)
Texas Instruments Incorporated
8:45 AM
$524.79
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0.44% ($2.30)
Linde plc
8:45 AM
$62.26
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Bristol-Myers Squibb Company
8:45 AM
$86.11
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0.40% ($0.35)
Wells Fargo & Company
8:45 AM
$198.24
PM
0.81% ($1.58)
Philip Morris International Inc
8:45 AM
$306.23
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0.67% ($2.03)
Union Pacific Corporation
8:45 AM
$246.10
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0.58% ($1.43)
International Business Machines Corporation
8:45 AM
$188.70
MS
-0.25% (-$0.47)
Morgan Stanley
8:45 AM
$330.99
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0.04% ($0.13)
GE Aerospace
8:45 AM
$592.72
CAT
-2.08% (-$12.56)
Caterpillar, Inc.
8:45 AM
$1220.06
BLK
0.28% ($3.45)
BlackRock, Inc.
8:45 AM
$78.56
MO
0.82% ($0.64)
Altria Group, Inc.
8:45 AM
$111.91
UPS
1.39% ($1.53)
United Parcel Service, Inc.
8:45 AM
$672.96
DE
-0.86% (-$5.83)
Deere & Company
8:45 AM
$123.54
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-0.42% (-$0.52)
Citigroup, Inc.
8:45 AM
$594.67
LMT
-1.56% (-$9.42)
Lockheed Martin Corporation
8:45 AM
$197.64
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-0.36% (-$0.72)
RTX Corporation
8:45 AM
$28.86
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1.78% ($0.50)
Fidelity National Information Services, Inc.
8:45 AM
$445.98
ISRG
1.39% ($6.09)
Intuitive Surgical, Inc.
8:45 AM
$313.73
SYK
0.43% ($1.34)
Stryker Corporation
8:45 AM
$91.57
SCHW
0.18% ($0.17)
Charles Schwab Corporation (The)
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$294.55
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-0.58% (-$1.72)
The Cigna Group
8:45 AM
$538.03
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-0.85% (-$4.59)
Vertex Pharmaceuticals Incorporated
8:45 AM
$219.14
BDX
1.59% ($3.43)
Becton, Dickinson and Company
8:45 AM
$473.79
SPGI
1.13% ($5.28)
S&P Global Inc.
8:45 AM
$760.52
MU
-4.75% (-$37.92)
Micron Technology, Inc.
8:45 AM
$231.41
PNC
0.16% ($0.38)
PNC Financial Services Group, Inc.
8:45 AM
$11.94
F
0.38% ($0.05)
Ford Motor Company
8:45 AM
$160.10
TGT
-0.49% (-$0.79)
Target Corporation
8:45 AM
$309.76
ADP
0.60% ($1.84)
Automatic Data Processing, Inc.
8:45 AM
$111.73
EL
1.10% ($1.22)
Estee Lauder Companies, Inc.
8:45 AM
$226.50
LOW
-0.42% (-$0.96)
Lowe's Companies, Inc.
8:45 AM
$141.80
COP
1.25% ($1.74)
ConocoPhillips
8:45 AM
$377.30
CB
1.49% ($5.54)
Chubb Limited
8:45 AM
$67.51
MDLZ
1.43% ($0.95)
Mondelez International, Inc.
8:45 AM
$157.30
EOG
1.08% ($1.68)
EOG Resources, Inc.
8:45 AM
$134.23
TJX
-1.29% (-$1.75)
TJX Companies, Inc.
8:45 AM
$161.03
BKNG
-0.11% (-$0.17)
Booking Holdings Inc.
8:45 AM
$83.25
AIG
0.82% ($0.68)
American International Group, Inc.
8:45 AM
$86.64
GM
0.46% ($0.39)
General Motors Company
8:45 AM
$86.64
DAL
0.10% ($0.09)
Delta Air Lines, Inc.
8:45 AM
$104.01
ZBH
-0.53% (-$0.55)
Zimmer Biomet Holdings, Inc.
8:45 AM
$99.29
CL
1.42% ($1.39)
Colgate-Palmolive Company
8:45 AM
$510.86
MCO
0.85% ($4.30)
Moody's Corporation
8:45 AM
$101.89
MET
0.02% ($0.02)
MetLife, Inc.
8:45 AM
$28.75
HPQ
-0.43% (-$0.13)
HP Inc.
8:45 AM
$5.09
FMC
0.49% ($0.03)
FMC Corporation
8:45 AM
$108.80
KMB
1.50% ($1.61)
Kimberly-Clark Corporation
8:45 AM
$71.21
ADM
0.34% ($0.24)
Archer-Daniels-Midland Company
8:45 AM
$134.06
DG
-0.41% (-$0.55)
Dollar General Corporation
8:45 AM
$442.16
HUM
-0.34% (-$1.52)
Humana Inc.
8:45 AM
$167.07
PLTR
-2.63% (-$4.51)
Palantir Technologies Inc.
8:45 AM