Major indexes came off the day's lows at the closing bell Tuesday as the Federal Reserve meeting started and earnings season kicked into high gear. The Dow Jones Industrial Average rose and the Nasdaq composite pared some of its steeper losses. But the S&P 500 failed to reclaim a critical level of support on the stock market today
The Dow ended the day 0.5% higher, even though blue-chip components Merck and Procter & Gamble plunged. But the tech-heavy Nasdaq wasn't as fortunate, as it dropped 1.3% to finish the session.
Meanwhile, the benchmark S&P 500 pared losses but still ended the day 0.5% lower and just below its 50-day moving average, a key threshold.
Volume on the New York Stock Exchange and on the Nasdaq was higher compared with the same time on Monday. Advancers beat decliners on the NYSE, but the opposite was true on the Nasdaq.
The small-cap Russell 2000 reversed and made a 0.6% gain, while the Innovator IBD 50 exchange traded fund traded 0.8% lower. The ETF now sits well below its 50-day moving average.
Meanwhile, the Fed meeting started Tuesday, and a new statement on rate policy is expected Wednesday. The CME FedWatch tool puts the chances of a rate cut Wednesday at 4.1%, but it sees nearly a 90% chance for a quarter-point cut at the Fed's September meeting. Investors are sure to focus on Fed Chief Jerome Powell's remarks Wednesday for cues about September.
Elsewhere, Microsoft was due to report earnings after the market close. Also reporting: Arista Networks, First Solar and Pinterest.
3:17 p.m. ET
Tesla Dives On Recall
Tesla fell more than 4% in the stock market after news that the company is recalling 1.8 million vehicles. According to MarketWatch, the National Highway Traffic Safety Administration observed in a notice that the software in some vehicles may fail to detect an unlatched hood that can increase the risk of a crash.
2:02 p.m. ET
Lattice Falls On Results
Lattice Semiconductor fell 7% after reporting second-quarter results. The maker of integrated circuits reported a decline in sales and earnings for the third quarter in a row late Monday. Shares are below the 50-day moving average which has been sloping downward — a sign of weak chart action.
11:52 a.m. ET
Stock Market Today: Ryan, F5 Break Out; Ecolab, Corning Slip
Ryan Specialty Holdings broke out from a flat base's buy point of 61.29 while F5 broke out at a buy point of 196.35. F5 gapped up after the company late Monday reported June-quarter sales and earnings that topped views. The company also raised its outlook.
Ecolab and Corning fell below the 50-day moving average after their second-quarter results. Ecolab reported second-quarter results that missed sales estimates, according to FactSet. Corning's results were above estimates.
Chipmaker Amkor gapped below its 50-day moving average and is also falling below the 200-day line as it makes a sell signal. The stock slid despite that second-quarter results beat views.
Aerospace play Woodward fell to test the 200-day moving average after results late Monday beat profit estimates but sales came up short of expectations, according to FactSet.
10:40 a.m. ET
Magnificent Seven Earnings Due This Week
Earnings from four of the Magnificent Seven stocks are due this week, starting with Microsoft reporting after the close on the stock market today.
Meta Platforms earnings are due Wednesday, then Apple and Amazon.com on Thursday.
In economic news today, job openings rose to 8.18 million in June from 8.14 million in May. Economists had expected 8 million.
In housing data, the Case-Shiller home price index for May rose 0.3% vs. estimates of a 0.5% increase, according to Econoday. The Federal Housing Financial Agency's House Price Index was unchanged vs. the consensus of 0.3%, also for May.
The yield on the benchmark 10-year Treasury note fell 4 basis points to 4.13%.
Futures Fall On Microsoft After Nvidia Sell-Off
Dow Jones Stocks: Merck, P&G Tumble
Earnings shook pharmaceutical leader Merck. The stock plummeted below the 50-day moving average, which had been a line of resistance since late June.
Procter & Gamble dropped from an all-time high after the company's fiscal fourth-quarter report. The stock is seeing its worst day since March 2020, when it fell 7.6%, according to Dow Jones Market Data. Shares sliced through the 50-day moving average in the stock market today.
Also in the Dow, Microsoft was up 0.3% while Apple rose 0.4%. Microsoft is well below the 50-day moving average but Apple is above its 50-day line.
Financial stocks fared better. Goldman Sachs and JPMorgan Chase rose roughly 2%.
Stock Market Today: Howmet, PayPal Move On Earnings
Howmet Aerospace, PayPal, Sprouts Farmers Market and Pfizer were earnings movers in the early going.
Pfizer reversed higher and is near the top of a buy zone from a 29.73 buy point after the drugmaker reported second quarter results before the bell. Sales and earnings beat estimates while guidance also came in above views.
Aircraft engine components supplier Howmet rose after a 52% increase in earnings. It is the top performer in the S&P 500 today. Shares are breaking out from a buy point of 85.52 while the relative strength line is also at a new high.
PayPal gapped up above its 50-day moving average after earnings and sales beat estimates. Sprouts Farmers Market gapped up 11% on the stock market today after the supermarket chain beat earnings estimates and raised its outlook.
Please follow VRamakrishnan on X/Twitter for more news on the stock market today.
