Small-Cap Gains Resume Ahead Of Major Tech Earnings; UPS Faces Worst Day Ever, Bitcoin Dips

On Tuesday, Wall Street saw a mixed session, with small-cap stocks outperforming large caps as investors anticipated key earnings reports from Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) and Tesla Inc. (NASDAQ:TSLA), set to be released after the close.

The Russell 2000 index, as replicated by the iShares Russell 2000 ETF (NYSE:IWM), climbed 0.8%, while the tech-heavy Nasdaq 100 dipped 0.2%. This marked the ninth time in the last 10 sessions that small caps have outperformed tech stocks. The S&P 500 and the Dow Jones showed little movement.

United Parcel Service Inc. (NYSE:UPS) stood out among the mega-cap stocks, plunging 14% after missing earnings and revenue estimates for the previous quarter. This decline is poised to be the worst one-day drop for the shipping company since it went public in 1999.

Both Treasury yields and the U.S. dollar remained stable ahead of a data-heavy week, featuring the Q2 GDP report on Thursday and the Fed’s favored inflation report on Friday.

Gold inched up 0.3%, reaching $2,400 per ounce, while Bitcoin dropped over 2% to $65,800, marking its second straight session of losses.

Tuesday’s Performance In Major US Indices, ETFs

Updated at 12:48 p.m. ET

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust (NYSE:SPY) was flat at $554.92.

• The SPDR Dow Jones Industrial Average (NYSE:DIA) edged down 0.1% to $403.80.

• The tech-heavy Invesco QQQ Trust (ARCA: QQQ) fell 0.2% to $481.52.

• Sector-wise, the Financials Select Sector SPDR Fund (NYSE:XLF) outperformed, up by 0.4%, while the Energy Select Sector SPDR Fund (NYSE:XLE) lagged, down 1.4%.

Tuesday’s Stock Movers

Stocks reacting to company earnings were:

• Agilysys, Inc. (NASDAQ:AGYS), down over 5%

• NXP Semiconductors N.V. (NASDAQ:NXPI) down over 9%

• Medpace Holdings, Inc. (NASDAQ:MEDP) down over 17%

• Coca-Cola Company (NYSE:KO), up 0.6%

• Freeport-McMoRan Inc. (NYSE:FCX), down 2%

• GE Aerospace (NYSE:GE), up over 7%

• General Motors Company (NYSE:GM), down over 6%

• Kimberly-Clark Corporation (NYSE:KMB), down over 4%

• Comcast Corp. (NASDAQ:CMCSA), down over 2%

• MSCI Inc. (NYSE:MSCI), up over 7%

• Lockheed Martin Corporation (NYSE:LMT), up over 4%

• Philip Morris International Inc. (NYSE:PM), up 2%

• PulteGroup, Inc. (NYSE:PHM), down 0.5%

• Quest Diagnostics Incorporated (NYSE:DGX), down over 4%

• Spotify Technology S.A. (NYSE:SPOT), up over 10%

• Polaris Inc. (NYSE:PII), down over 2%.

Story continues

Those reporting after the close include:

• Alphabet, Capital One Financial Corporation (NYSE:COF)

• Chubb Limited (NYSE:CB)

• Mattel, Inc. (NASDAQ:MAT)

• Packaging Corporation of America (NYSE:PKG)

• Seagate Technology Holdings plc (NASDAQ:STX)

• Tesla

• Texas Instruments, Inc. (NASDAQ:TXN)

• Visa Inc. (NYSE:V).

Read Next:

Image created using artificial intelligence via Midjourney.

“ACTIVE INVESTORS’ SECRET WEAPON” Supercharge Your Stock Market Game with the #1 “news & everything else” trading tool: Benzinga Pro – Click here to start Your 14-Day Trial Now!

Get the latest stock analysis from Benzinga?

This article Small-Cap Gains Resume Ahead Of Major Tech Earnings; UPS Faces Worst Day Ever, Bitcoin Dips Below $66,000: What’s Driving Markets Tuesday? originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.