US stocks fell again in afternoon trading on Tuesday as investors weighed fresh consumer confidence data ahead of the Federal Reserve's upcoming policy decision on Wednesday.
The benchmark S&P 500 (^GSPC) traded flat while the Dow Jones Industrial Average (^DJI) declined 0.1%. The tech-heavy Nasdaq Composite (^IXIC) led the afternoon's decline, down around 0.2%. Tech giant Apple is set to report quarterly results on Thursday.
The 10-year Treasury yield (^TNX) slid about 1 basis point to trade near 4.86%. So far this year, yields have rallied with the 10-year climbing 10 basis points or more for six consecutive months, the the longest streak on record.
2 days ago
Alexandra Canal
Pinterest, Nvidia, Pfizer: Stocks trending in afternoon trading
Pinterest (PINS): The stock surged nearly 20% on Tuesday after the company reported third quarter results that topped analyst estimates. Pinterest reported revenue of $763.2 million, higher than the estimated $744.1 million, amid a surge in monthly active users, which came in at 482 million versus the 473.46 million that was expected.
Nvidia (NVDA): Shares fell more than 2% after the Wall Street Journal reported the chipmaker could lose out on up to $5 billion in orders to China after the US imposed control restrictions on advanced AI chip exports.
Pfizer (PFE): Shares slipped more than 1% after the pharmaceutical giant posted its first quarterly loss since 2019. Pfizer incurred a $5.6 billion non-cash write-off in the third quarter due to declining demand for its COVID-19 products as pandemic concerns ease.
Caterpillar (CAT): Shares fell 6% after the machine maker's third quarter report signaled a waning in demand, despite easily beating earnings expectations. The company said it expects fourth quarter operating margin to be less than the previous quarter.
Jetblue (JBLU), Spirit Airlines (SAVE): JetBlue saw shares fall more than 10% after the airliner posted a wider-than-expected loss in the third quarter, in addition to reducing its full-year guidance. The disappointing results come the same day the antitrust trial of JetBlue's contested $3.8 billion acquisition of Spirit Airlines kicked off. Shares of Spirit fell about 13%.
