Market Cautious Before Big AI, Gold and Eth Fly | Herd on Wall Street
Morning mooers! It is Tuesday, May 21, a balmy 80* in Jersey City. The market is open and trending lower after some all time highs, my name is Kevin Travers and here are stories moving the market today:
$XPeng (XPEV.US)$ climbed 17% after the firm's morning earnings report Tuesday included guidance for a rise in second-quarter vehicle deliveries and a narrowing first-quarter net loss.
$Keysight Technologies (KEYS.US)$ reported fiscal Q2 non-GAAP earnings late Monday of $1.41 per diluted share, down from $2.12 a year earlier. Analysts polled by Capital IQ expected $1.39. Tuesday, the stock fell 10%, the lowest decliner on the S&P 500.
$Lowe's Companies (LOW.US)$ reported gross margins in 1Q that were below consensus, sending the stock lower 2%.
$VinFast Auto (VFS.US)$ is facing charges in California's Superior Court for allegedly not paying rent for a store in Palo Alto, Reuters reported Tuesday citing a complaint filed by real estate services firm SPG Center LLC.
$Peloton Interactive (PTON.US)$ said late Monday it will issue convertible bonds as part of a debt swap, sending the fitness company's stock 13% lower Tuesday.
In sectors, Semiconductors were down. $NVIDIA (NVDA.US)$ shares are falling after a report suggesting $Amazon (AMZN.US)$ halted orders of the company's "superchip" in order to wait for updated models. The firm is the largest of the Semiconductor industry, due to report Wednesday; it's 1% stock decline pulling down the entire sector nearly a whole percent.
Gold and silver prices were still climbing after hitting records last week. Gold reached a new record high to 2,450.08, and traded +0.09% Tuesday. Silver traded +0.88%. $Crude Oil Futures( for JUL 4)fell.
Bitcoin climbed 1.45%, but the real news in crypto was Ethereum climbing 5% after rumblings in the industry that ETH ETFs would soon see approval, as investors hope for a price run up similar to Bitcoins before its own ETF acceptance.
As a general recap, the market is declining after some all time highs. Shortly after 10:30 AM EST, the The $S&P 500 Index traded flat. The $Dow Jones Industrial Average climbed about 0.10%, and the $Nasdaq Composite Index fell 0.15%. By direction, 5900 equities declined while 4600 climbed Tuesday.
This week in Macro, investors can expect the Federal Open Market Committee's meeting minutes, alongside a deluge of FOMC and Fed speeches. Monday Morning, Fed Vice Chair Jefferson said the economy is growing at a solid pace, and its too early to tell if the current disinflation slowdown will last longer.
Cleveland Fed President Loretta Mester on Monday suggested she was thinking about backing away from her prior expectation that the U.S. central bank will cut interest rates three times this year. As recently as early April, Mester had three rate cuts penciled in for 2024. Now, she has her doubts.
Last week, Wednesday CPI numbers for April came in right at expectations. Prices advanced 3.4%, and core prices advanced 3.6% in April compared to a year ago, and 0.3% month over month.
Tuesday morning, the $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ was 4.81, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ 4.4.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
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