Small-Cap Gains Resume Ahead of Major Tech Earnings; UPS Faces Worst Day Ever; Bitcoin Dips Below $66K: What Will Drive Markets Tuesday?

Small-Cap Gains Resume Ahead of Major Tech Earnings; UPS Faces Worst Day Ever; Bitcoin Dips Below $66K: What Will Drive Markets Tuesday?

Wall Street saw a mixed session on Tuesday, with small-cap stocks outperforming large-cap stocks as investors awaited major earnings reports from Alphabet Inc. (NASDAQ:BEAUTIFUL) (NASDAQ:GOOGLE) AND Tesla Inc. (NASDAQ:TSL), set to be released after closing.

The Russell 2000 Index, replicated by the iShares Russell 2000 ETF (London share:IWM), rose 0.8%, while the tech-heavy Nasdaq 100 fell 0.2%. This was the ninth time in the past 10 sessions that small caps have outperformed tech stocks. The S&P 500 and Dow Jones showed little movement.

Parcel Service United Parcel Service Inc. (London share:UPS) stood out among mega-cap stocks, falling 14% after missing earnings and revenue estimates for the previous quarter. The decline is set to be the shipping company’s worst one-day decline since it went public in 1999.

Both Treasury yields and the U.S. dollar remained steady ahead of a data-heavy week, with the Fed releasing its second-quarter GDP report on Thursday and its expected inflation report on Friday.

Gold rose 0.3% to $2,400 an ounce, while Bitcoin fell more than 2% to $65,800, marking its second consecutive session of losses.

Tuesday’s performance of major US indices and ETFs

Updated at 12:48 ET

Second Benzinga Pro data:

• THE SPDR S&P 500 ETF Trust (London share:TO SPY) remained unchanged at $554.92.

• THE SPDR Dow Jones industrial average (London share:DIAGRAM) fell 0.1% to $403.80.

• Heavy technology Invesco QQQ Trust (ARCA:QQQ) fell 0.2% to $481.52.

• At the industry level, the Financial Select sector SPDR Fund (London share:XLF) outperformed, up 0.4%, while the SPDR Energy Select Sector Fund (London share:XLE) lagged behind, down 1.4%.

Tuesday’s stock headlines

Stocks that responded to corporate earnings were:

• Anonymous society (NASDAQ:AGI), down more than 5%

• NXP Semiconductors NV (NASDAQ:NXPI) down more than 9%

• Company listed on the stock exchange in London, England, United Kingdom. (NASDAQ:GENERAL MEDICINE) down more than 17%

• The Coca-Cola Company (London share:KO), up 0.6%

• Freeport-McMoRan Inc. Limited Liability Company (London share:FCX Model), down 2%

• GE Aerospace (London share:GE), up more than 7%

• General Motors Company (London share:General manager), down more than 6%

• Kimberly Clark Company (London share:The KMB), down more than 4%

• Comcast Public Company (NASDAQ:CMCSA), down more than 2%

• MSCI Inc. (London share:MSCI), up more than 7%

• Lockheed Martin Corporation (London share:LMT), up more than 4%

• Philip Morris International Inc. (London share:Prime Minister), up 2%

• PulteGroup, Inc. (London share:PHM), down 0.5%

• Built-in search diagnostics (London share:DGX), down more than 4%

• Spotify SA Technology (London share:TO STAIN), up more than 10%

• Polaris Inc. (London share:Personal informations), down more than 2%.

The story continues

Those who reported after the shutdown included:

• Alphabet, Capital One Finance Company (London share:COF)

• Chubb Limited (London share:CB)

• Mattel, Inc. (NASDAQ:MAT)

• Packaging Company of America (London share:PACKAGE)

• Seagate Technology Holdings plc Public Company (NASDAQ:STX)

• Tesla

• Texas Instruments, Inc(NASDAQ:TXN)

• Visa Inc. (London share:AND).

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This article Small-Cap Stocks Resume Gains Ahead of Major Tech Earnings; UPS Faces Worst Day Ever; Bitcoin Dips Below $66K: What Will Drive Markets Tuesday? originally appeared on Benzinga.com

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