Wall Street Today | Market Closes Lower, Freshly Listed Stocks Flourish
RECAP
Freshly listed stocks traded higher Tuesday, but the entire market seemed to pull back in the final hour of trading. Indexes swung from a 0.20% climb to a fall of the same amount.
With preliminary closing figures, $S&P 500 Index (.SPX.US)$ fell 0.28%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.08%, and the $Nasdaq Composite Index (.IXIC.US)$ and the fell 0.42%.
MACRO
Durable Goods Climb As Investors Await CPI
According to macroeconomic data, durable goods orders rebounded by 1.4% in the past month, compared to an expected gain of 1%.
Orders plunged in January because of a seasonal decline in Boeing airplane contracts. If transportation is excluded, orders for manufactured goods advanced 0.5%, the government said.
Meanwhile, a key measure of business investment, known as core orders, increased 0.7%. Taken together, these figures suggest U.S. manufacturers might be reviving after a few years of malaise.
The figures could suggest that U.S. manufacturers have picked up after years of slowdown. Economist Ali Jaffery of CIBC Economics told MarketWatch, "Restrictive monetary policy continues to weigh on tangible investment.”
SECTORS
Oil Prices Remain Steady as Investors Weigh Supply Outlook
Oil futures settled modestly lower on Tuesday after snapping a three-day losing streak in the previous session, buoyed by continued attacks by Ukraine on Russian refineries.
On Monday, Moscow ordered companies to rein in oil output in the second quarter to ensure they meet a production target of 9 million barrels per day by the end of June, in line with its pledges to OPEC+, according to Reuters.
Moscow's commitment to production cuts comes as India, which together with China has recently been the most important buyer of Russian oil, is seen having difficulties continuing to purchase large quantities from Russia due to a tightening of U.S. sanctions against the Russian tanker fleet, Barbara Lambrecht, commodity strategist at Commerzbank, said in a note.
COMPANIES
Freshly Listed Faces Move Shares
$Trump Media & Technology (DJT.US)$ climbed a startling 60% intraday as the newly relisted stock drew retail attention.
Tesla Climbs on X Post
$Tesla (TSLA.US)$ was up over 5% Tuesday morning after Elon Musk promised a one-month free 'full self-driving' trial to all Tesla cars in the US this week.
UPS falls, Forward-Looking Statements Look
$United Parcel Service (UPS.US)$ was the biggest decliner in the S&P 500, down 8%. The mailing service released its updated three-year plan.
Reddit Stock Charges Higher 10%, Even as It Picks up a Neutral Rating
$Reddit (RDDT.US)$'s stock is continuing its sharp ascent in Tuesday trading, even as an analyst took a sidelined stance on the social-media name.
Gamestop Earnings Disappoint During the Holiday Quarter
$GameStop (GME.US)$ reported quarterly earnings of $0.22 per share, which missed the analyst consensus estimate of $0.29 by 24.14 percent.
Source: Bloomberg, Dow Jones, CNBC, Reuters
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Tonyco Turbo Wealth 6813 : Why? They are hemorraging money ( hence going public ), very unstable leaders, questionable actions from leaders. Maybe if they rework their API subscription.
All they have going for them is user data and AI training. Once the AI are all upskilled this wont be needed anymore.
I would recommend getting out until it stabilises.
152402601 Tonyco : $Tesla (TSLA.US)$ j