Closing Bell Movers: Alcoa slips 2% after Q1 revenue miss | Markets Insider
In the opening 90 minutes of the evening session, U.S. equity futures are roughly flat, with S&P 500 just above 5,300, Nasdaq 100 just shy of 18,400, and Dow Industrials below 39,900. WTI Crude Oil is up about 50c, rising above $63 per barrel for the first time in a week, while gold is setting up for a second session of gains above $3,360 after two days of consolidation.
Stocks faltered in today’s session, with Tech and Consumer Discretionary sectors performing the worst on the S&P 500 and Energy seen as the only gaining sector in the index. Chips were especially week, with AMD, Nvidia, and Applied Materials all falling by more than 5% following Nvidia’s disclosure last night of a $500B Q1 charge related to new China export rules. Fed Chair Powell’s testimony was also cautious on the economy but hawkish on rates, conveying to the administration that the Fed will be patient with rate cuts in the face of Trump’s pressure to cut even if the economy slows. CME’s Fed Watch tool repriced expectations of a June rate hold to 32% from 28%, though it is still pricing in above 50% chance of rates coming down by 100bps by the end of the year.
Check out this evening’s top movers from around Wall Street, compiled by The Fly.
HIGHER AFTER EARNINGS –
ALSO HIGHER –
DOWN AFTER EARNINGS –
ALSO LOWER –