U.S. stock futures traded mostly flat on Tuesday as investors remained cautious ahead of remarks from Federal Reserve officials regarding potential future interest rate cuts.
Here are some of the biggest news impacting U.S. stocks today:
Nasdaq Hits Record High
The Nasdaq Composite hit a new record on Monday, driven by gains in tech companies like Nvidia.
The tech-heavy index climbed 0.65%, while the S&P 500 saw a modest rise of 0.09%. Conversely, the Dow Jones Industrial Average fell by 0.49%, weighed down by losses from JPMorgan Chase.
Nvidia's stock rose more than 2%, bolstered by optimistic analyst calls ahead of its earnings report later this week.
Lowe's Beats Earnings Expectations
On Tuesday, Lowe's (NYSE: LOW) reported earnings that surpassed Wall Street's expectations for both revenue and profit.
Despite a decline in sales of high-priced items by DIY customers, Lowe's maintained its full-year guidance. The company expects comparable sales to decrease by 2% to 3% compared to last year. While Lowe's attracts fewer professional customers than its competitor, Home Depot, it is actively working to win them over.
These professional customers, such as painters and contractors, provide a steadier source of business even when DIY customers reduce their spending.
Bitcoin and Ether Surge
Bitcoin (CRYPTO: BTCUSD) experienced a significant price increase on Tuesday, following a rally in Ethereum (CRYPTO: ETHUSD). This surge came after reports indicated progress towards the approval of spot-Ether exchange-traded funds (ETFs) in the U.S. markets.
Bitcoin's price rose by 5.8% in the past 24 hours, reaching $70,987.1 by early morning Eastern Time. However, Ether was the standout performer, jumping 17% to a one-and-a-half-month high of $3,656.01.
Premarket Movers:
| Company | Stock Change | Reason |
|---|---|---|
| Lowe’s (NYSE:LOW) | +2.1% | Reported first-quarter net sales that topped expectations, driven by online offerings and services for professionals. |
| Palo Alto Networks (NASDAQ:PANW) | -8% | Disappointed elevated expectations with latest billings forecast; facing weak spending by clients due to uncertain economic environment. |
| Macy’s (NYSE:M) | +3.9% | First-quarter earnings topped expectations; raised full-year earnings expectations amid early signs of turnaround momentum. |
| Nvidia (NASDAQ:NVDA) | +0.6% | Continued positive tone with investors expecting another strong earnings display from the AI chip titan. |
| Xpeng (NYSE:XPEV) | +5.4% | Reported better-than-expected first-quarter numbers despite a competitive market. |
| Peloton (NASDAQ:PTON) | -3.1% | Launched a $1 billion loan to refinance existing debt. |
| Zoom (NASDAQ:ZM) | -2.9% | Unveiled a broadly cautious outlook for current quarter and fiscal year. |
| AstraZeneca (NASDAQ:AZN) | +1.1% | Expects $80 billion in total revenue by the beginning of the next decade, after sales of $45.8 billion in 2023. |
