Small-Cap Gains Resume Ahead Of Major Tech Earnings; UPS Faces Worst Day Ever, Bitcoin Dips Below $66,000: What's Driving Markets Tuesday?

On Tuesday, Wall Street saw a mixed session, with small-cap stocks outperforming large caps as investors anticipated key earnings reports from Alphabet Inc. GOOG GOOGL and Tesla Inc. TSLA, set to be released after the close.

The Russell 2000 index, as replicated by the iShares Russell 2000 ETF IWM, climbed 0.8%, while the tech-heavy Nasdaq 100 dipped 0.2%. This marked the ninth time in the last 10 sessions that small caps have outperformed tech stocks. The S&P 500 and the Dow Jones showed little movement.

United Parcel Service Inc. UPS stood out among the mega-cap stocks, plunging 14% after missing earnings and revenue estimates for the previous quarter. This decline is poised to be the worst one-day drop for the shipping company since it went public in 1999.

Both Treasury yields and the U.S. dollar remained stable ahead of a data-heavy week, featuring the Q2 GDP report on Thursday and the Fed’s favored inflation report on Friday.

Gold inched up 0.3%, reaching $2,400 per ounce, while Bitcoin dropped over 2% to $65,800, marking its second straight session of losses.

Tuesday’s Performance In Major US Indices, ETFs

Major Indices	Price	1-day %chg
Russell 2000	2,243.00	0.8%
S&P 500	5,568.86	0.1%
Dow Jones	40,386.54	-0.1%
Nasdaq 100	19,778.53	-0.2%

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY was flat at $554.92.
• The SPDR Dow Jones Industrial Average DIA edged down 0.1% to $403.80.
• The tech-heavy Invesco QQQ Trust (ARCA: QQQ) fell 0.2% to $481.52.
• Sector-wise, the Financials Select Sector SPDR Fund XLF outperformed, up by 0.4%, while the Energy Select Sector SPDR Fund XLE lagged, down 1.4%.

Tuesday’s Stock Movers

Stocks reacting to company earnings were:

• Agilysys, Inc. AGYS, down over 5%
• NXP Semiconductors N.V. NXPI down over 9%
• Medpace Holdings, Inc. MEDP down over 17%
• Coca-Cola Company KO, up 0.6%
• Freeport-McMoRan Inc. FCX, down 2%
• GE Aerospace GE, up over 7%
• General Motors Company GM, down over 6%
• Kimberly-Clark Corporation KMB, down over 4%
• Comcast Corp. CMCSA, down over 2%
• MSCI Inc. MSCI, up over 7%
• Lockheed Martin Corporation LMT, up over 4%
• Philip Morris International Inc. PM, up 2%
• PulteGroup, Inc. PHM, down 0.5%
• Quest Diagnostics Incorporated DGX, down over 4%
• Spotify Technology S.A. SPOT, up over 10%
• Polaris Inc. PII, down over 2%.

Those reporting after the close include:

• Alphabet, Capital One Financial Corporation COF
• Chubb Limited CB
• Mattel, Inc. MAT
• Packaging Corporation of America PKG
• Seagate Technology Holdings plc STX
• Tesla
• Texas Instruments, Inc. TXN
• Visa Inc. V.

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Image created using artificial intelligence via Midjourney.