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Tuesday Market Falls After Hot Streak Ends, Inflation Numbers Tomorrow | Wall Street Today

Kevin Travers joined discussion · Nov 13, 2024 05:49

Tuesday Market Falls After Hot Streak Ends, Inflation Numbers Tomorrow | Wall Street Today

The market fell overall on Tuesday after hitting all-time highs. The Trump Trade stocks pulled back after their run, and Bitcoin, DJT, and Tesla pulled back.

Just past 4 pm ET, the $S&P 500 Index (.SPX.US)$ fell 0.29%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.86%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.09%.

MACRO

Federal Reserve Bank of Minneapolis President Neel Kashkari sees a resilient U.S. economy, progress on inflation, and interest rates continuing to come down, but it will depend on the data.

"We continued to be surprised by the resilience of the U.S. economy," Kashkari said at the Yahoo Finance Invest event in New York on Tuesday. "Right now, the fundamentals seem strong and I'm optimistic that's going to continue."

Speaking Tuesday, Fed Governor of New York Waller talked mostly about payment infrastructure and the role of government in new technology, but he did not mention monetary policy much.

In macroeconomics this week, look for Fed speakers finally taking to the airwaves to talk about monetary policy, a week after cutting rates by 25 bps. Powell will speak on Thursday. Also, watch for Producer Price Index inflation numbers on Thursday and Consumer Price Index inflation numbers on Wednesday.

SECTORS

Within industries, Tyson Foods leads the Farm Products industrial group higher, as tracked by moomoo.

$Crude Oil Futures(APR5) (CLmain.US)$ fell slightly, near year lows of $68/barrel.

$Bitcoin (BTC.CC)$ finally fell back 3%, after hitting $89.9k, Gold and silver fell $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.

MOOVERS

$Shopify (SHOP.US)$ shares climbed 25% after the Canadian e-commerce firm posted Q3 revenue grew more than expected and showed top-line forward guidance for the holiday season.

$Tyson Foods (TSN.US)$ climbed 8%-14% after the firm reported adjusted EPS of 92C, 23C over expectations. The chicken seller pulled revenue of $13.5B, $200M above estimates. It was the highest-advancing stock on the S&P 500.

$MARA Holdings (MARA.US)$ fell 6% after posting its Q3 earnings after the market closed Tuesday that came in at a loss 'below' estimates- the firm lost more than analysts had expected them too. The bitcoin mining firm said that, for the three months ending September 30, it lost 42C/share, a greater loss than nine analysts tracked by Yahoo Finance had predicted, with an average estimate of 25C. The firm pulled in $131M in revenue, below the $151M estimated by the same analysts, and pulled out with a total $172.22M loss for the quarter.

$Rocket (RKT.US)$ reported its quarterly earnings after the bell on Tuesday, with earnings in line but sales falling short of expectations. The stock fell 10%.

$Paymentus Holdings (PAY.US)$ rose more than 25% after hours Tuesday after the payment-technology firm beat analyst estimates for its Q3 revenues and earnings.

Word from the herd: Mooers, what are you watching? Seriously let me know I want to talk stocks with you!

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