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US stocks trade mixed as traders weigh earnings from major retailers

May 19, 2020, 19:55 IST
Business Insider
Reuters
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US stocks traded mixed on Tuesday as investors weighed earnings reports from major retailers and a continued oil-price rally.

Walmart shares climbed roughly 2% after its first-quarter report showed online sales surged 74%. Home Depot didn't fare as well, with shares falling nearly 3% after the company missed quarterly profit expectations.

Meanwhile, oil continued its climb higher as contracts for June delivery approach expiration. West Texas Intermediate crude jumped as much as 5.1%, to $33.44 per barrel. International benchmark Brent crude gained 2.7%, to $35.76, at intraday highs.

Here's where US indexes stood at 9:40 a.m. ET Tuesday:

Read more: BANK OF AMERICA: 5 main themes will shape the post-coronavirus investing landscape. Here are strategies for playing the winners and losers of each.

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The uptick in oil sharply contrasts with the commodity's last expiration-date moves. Contracts for May delivery famously plummeted below $0 per barrel on April 20 before expiring the following session. The commodity market has since rebounded as producers slash pumping activity and demand creeps back in recovering regions.

The S&P 500 is hot off its best single-day session since April 6 after positive phase-one trial results from Moderna's coronavirus vaccine sent stocks soaring through Monday's session.

Investors will be watching Federal Reserve chair Jerome Powell's morning Senate testimony for clues on how the central bank may issue additional monetary aid. Powell warned in a "60 Minutes" interview aired Sunday that a full economic recovery might not arrive until the end of 2021, but reiterated that the Fed will do everything in its power to avoid a complete financial-system collapse.

Now read more markets coverage from Markets Insider and Business Insider:

Moderna will spike another 25% from current levels after encouraging progress on coronavirus vaccine, Goldman says

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Fed's Powell says an economic recovery could take until the end of 2021 — but doesn't see a full-blown depression taking hold

A BlackRock money manager overseeing the top healthcare fund of the past 20 years pinpoints 3 growth areas she's betting on — and one she's avoiding amid the coronavirus recovery

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