Tech Slides, Chinese Stocks Rebound, New York Community Bancorp Tumbles: What's Driving Markets Tuesday?

Author: Piero Cingari | February 06, 2024 03:24pm

At noon trading in New York, major equity indices on Wall Street remain directionless as traders evaluate the future course of monetary policy ahead of several speeches by Federal Reserve officials in the days ahead.

The Nasdaq 100 was 0.6% lower, on track for a second negative session, as investors took some profit following the impressive surge in artificial intelligence-related and semiconductor stocks.

The iShares Semiconductor ETF (NASDAQ:SOXX) is down nearly 2% on its worst-performing day since early January.

Treasury yields slightly pulled back from the recent sharp surge observed over the past few days. As a response, bonds rose, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) up 0.9%.

Chinese stocks made headlines as they rallied after Beijing pledged support from the government and agency officials. The iShares China Large-Cap ETF (NYSE:FXI) rallied over 5% on its strongest day since July 2023.

Concerns within the regional banking industry persist as a result of Secretary Janet Yellen‘s remarks at Capitol Hill Tuesday, where she expressed apprehension about commercial real estate loans and the concentration of certain institutions. New York Community Bancorp (NYSE:NYCB) experienced a sharp decline of 17%, hitting its lowest point since June 2024.

Tuesday's Performance In Major Indices, ETFs

Major Indices & ETFs	Price	%
Russell 2000	1,944.63	0.4%
Dow Jones	38,428.27	0.1%
S&P 500	4,941.75	0.0%
Nasdaq 100	17,513.72	-0.6%

The SPDR S&P 500 ETF Trust (NYSE:SPY) was flat at $492.58, the SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.1% to $384.11 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) fell 0.5% to $426.37, according to Benzinga Pro data.

Sector-wise, the Materials SPDR Select Sector Fund (NYSE:XLB) outperformed, up 1.8%. The sector laggard was the Technology SPDR Select Sector Fund (NYSE:XLK), down 0.7%.

Tuesday’s Stock Movers

• Palantir Technologies Inc. (NYSE:PLTR) rallied 27% after reporting better-than-expected results last quarter.
• Other companies reacting to earnings were Eli Lilly Company (NYSE:LLY), down 0.7%, UBS Group AG (NYSE:UBS), down 5.5%, Spotify Technology S.A. (NYSE:SPOT), up 4%, BP p.l.c. (NYSE:BP), up 5.9%, FMC Corp. (NYSE:FMC), down 11%, Coherent Corp. (NYSE:COHR), up 20%, GE Healthcare Technologies Inc. (NASDAQ:GEHC), up 13% and Crown Holdings Inc. (NYSE:CCK), down 14%.
• Companies reporting after the close include: Snap Inc. (NASDAQ: SNAP, Amgen Inc. (NASDAQ: AMGN), Gilead Sciences Inc. (NASDAQ:GILD), Chipotle Mexican Grill Inc. (NYSE:CMG), Edwards Lifesciences Corporation (NYSE:EW), Ford Motor Co. (NYSE:F) and Fortinet Inc. (NASDAQ:FTNT)

Read now: Yellen Expresses Concerns Over Commercial Real Estate, Stablecoin Risks, Praises US Economic Strength: ‘Headed In Right Direction’

Photo via Shutterstock.

Posted In: AMGN BP CCK CMG COHR DIA EW F FMC FTNT FXI GEHC GILD LLY NYCB PLTR QQQ SOXX SPOT SPY