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Stock Market Today: Mixed Indexes Ahead of Tesla and Alphabet Results

Posted on by darion

  • The index ended the day lower on Wednesday as investors braced for results from Tesla and Alphabet.
  • All eyes are on the automaker to find out if it has managed to overcome the headwinds it faced earlier this year.
  • Later this week, GDP and inflation data could also impact markets.

U.S. stocks were little changed on Tuesday as investors prepared for highly anticipated earnings reports.

After the close of trading, Tesla and Alphabet will release their second-quarter results.

Investors will be watching the automaker closely to see if its results have improved since the start of the year. Tesla was hammered by a series of headwinds in the first quarter, but investors have since become bullish on the flagship electric vehicle maker.

Both companies were the first of the Seven Great Technology Stocks to report their earnings.

If they deliver, it could restore momentum to the tech rally. The stock market is fresh off a winning rally on Monday that saw the Nasdaq 100 and S&P 500 rise more than 1%.

Among the notable stock market moves Tuesday, music streaming service Spotify surged 14% on record profits, while missed forecasts from UPS sent shares down nearly 12%.

Otherwise, GDP and inflation data from this week could also weigh on markets this week. Personal consumption expenditures, the Federal Reserve’s preferred measure of inflation, are due out on Friday.

The drop in temperatures seen last month is likely to continue, according to Bill Adams, chief economist at Comerica.

“The Fed’s preferred measure of inflation is expected to decline slightly in the June release, in line with slower CPI inflation this month. As with CPI, both overall PCE inflation and core PCE inflation excluding food and energy likely slowed this month,” he said.

This is what the US indices looked like at the close of the session on Tuesday at 4:00 p.m.:

Here’s what else is happening:

For commodities, bonds and cryptocurrencies:

  • West Texas Intermediate crude fell 1.3% to $77.33 a barrel. Brent crude, the international benchmark, fell 1.19% to $81.48 a barrel.
  • Gold gained 0.46% to $2,409.1 an ounce.
  • The yield on the 10-year Treasury note fell one basis point to 4.242%.
  • Bitcoin fell 2.32% to $65,987.