On Tuesday, the stock market showed a mixed performance, with investors closely watching upcoming inflation data and corporate earnings reports. One notable move was seen in Trump Media & Technology Group, which experienced a modest 0.8% increase after earlier declines. However, the stock had dropped around 26% over the past five days, leading to significant losses for Donald Trump, the company’s major stakeholder.
Meanwhile, Tesla’s stock closed up 2.3% following a 4.9% rise on Monday. The company reached a settlement with the family of a driver involved in a 2018 crash related to its Autopilot technology, just before the trial was set to begin.
In contrast, Tilray Brands saw a substantial decline of 20% after reporting a wider-than-expected loss for its fiscal third quarter and issuing disappointing guidance for the fiscal year.
On a positive note, Moderna emerged as the top performer in the S&P 500, rising 6.2%. This was attributed to news that Pfizer planned to seek FDA approval for its respiratory syncytial virus vaccine for all adults over 18, with Moderna expected to launch its own RSV shot later this year.
Nvidia, however, experienced a 2% decline as it pulled back from recent highs. Analysts predicted a sharper decline for the company, citing a potential shift in investment from major AI chip customers like Amazon and Microsoft towards in-house hardware.
Boeing’s shares fell by 1.9% after reporting a 54% decrease in 737 MAX jet deliveries compared to the previous year. This contributed to a total of 83 planes delivered in the first quarter, including 67 MAX jets.
BlackBerry’s stock rose by 7.6% following the announcement of a collaboration with Advanced Micro Devices (AMD) on robotics-focused hardware platforms. AMD shares also increased by 0.5%.
Neogen revised its fiscal-year revenue guidance downwards due to slower-than-expected recovery of order-fulfillment rates, resulting in a 9.3% decrease in its stock price.
Freeport McMoRan’s shares rose by 2.6% after receiving an upgrade to Buy from Neutral at BofA Securities, with a price target of $59.
Finally, Harmonic announced the conclusion of its review of its video business, stating that current market conditions did not support a transaction. Additionally, CEO Patrick Harshman announced his retirement, with Nimrod Ben-Natan set to succeed him. Shares fell by 15%.
These various movements underscore the dynamic nature of the stock market, with multiple factors influencing investor sentiment and stock performance on any given day.