Stock market today: Stocks trade mixed as investors get ready for Tesla and Alphabet earnings
- Stock were mixed early Tuesday as investors awaited earnings from big companies.
- Markets are getting ready to pick through results from Tesla and Alphabet after the closing bell.
US stock moves were muted on Tuesday, with investors getting ready to go over earnings results from Tesla and Google parent Alphabet after the closing bell.
Tesla and Alphabet are the first of the Magnificent Seven tech cohort to post second-quarter results.
Anticipation is especially high for the electric vehicle maker, with bulls expecting a turnaround in its performance after a tough start to the year. Many are betting that the company's biggest headwinds have subsided, and are looking forward to updates on its full self-driving and Robotaxi technologies.
Meanwhile, the stock market is coming off a winning session on Monday, with both the Nasdaq 100 and S&P 500 notching gains of over 1%. The small-cap Russell 2000 also continued its rally, rising 1.7%.
Later in the week, investors will be digesting second-quarter GDP data. It's expected to come in at 1.5% annualized, according to Comerica's chief economist Bill Adams.
"Growth has downshifted since the turn of the year after 3.8% annualized in the second half of 2023," he wrote. "This reflects headwinds from high interest rates, cooler spending from low- and moderate-income Americans, and a larger trade deficit."
Also on investor's minds will be the Federal Reserve's preferred inflation gauge, the personal consumption expenditures index, which is likely to show inflation continues to cool, Adams said.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:
- S&P 500: 5,571.96, up 0.14%
- Dow Jones Industrial Average: 40,409.46, down 0.01% (-5.98 points)
- Nasdaq composite: 18,053.65, up 0.26%
Here's what else is happening:
- Evictions are up 35% in some pandemic boom towns as rents soar, research group reports.
- This 'old school' corner of the market is discounted and faces a big spending boom, Bank of America said.
- These key metrics will help investors determine how sustainable the small-cap rally really is, Bank of America reported.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil was down 0.94% to $77.66 a barrel. Brent crude, the international benchmark, declined 0.85% to $81.7 a barrel.
- Gold inched 0.35% up to $2,406.43 per ounce.
- The 10-year Treasury yield dropped three basis points to 4.228%.
- Bitcoin fell 1.8% to $66,497.