AMD Rises To 1-Year Highs, Crude Eyes $68: What's Moving Markets Tuesday?

Risk appetite took a breather Tuesday, with major U.S. stock indices retreating modestly from record highs as investors braced for a pivotal stretch of earnings and macro events.

• MAGS ETF is up 50% since April’s tariff-driven low. Track it now here.

Roughly $19.5 trillion in market value — led by four Magnificent Seven names: Microsoft Corp. (NASDAQ:MSFT), Meta Platforms Inc. (NASDAQ:META), Apple Inc. (NASDAQ:AAPL), and Amazon.com Inc. (NASDAQ:AMZN) — is set to report earnings by Thursday after market close.

Meanwhile, the Federal Reserve is widely expected to keep rates steady at 4.25%-4.5% on Wednesday, though growing market chatter points to possible dissent in favor of early cuts.

A 90-day extension of the U.S.-China trade truce remains on the table, said U.S. Secretary of Commerce Howard Lutnick.

Attention will then shift to Thursday's heavy macro lineup, including second-quarter GDP growth estimates and June's PCE inflation data, followed by July's jobs report on Friday — key inputs for the Fed's next move.

By midday in New York, the S&P 500 slipped 0.1%, the Dow Jones Industrial Average declined 0.4%, and the Russell 2000 shed 0.7%. The Nasdaq 100 remained flat.

Advanced Micro Devices Inc. (NASDAQ:AMD) surged past $175, breaching a major technical level and marking highs not seen since July 2014, making it one of the day's top tech performers.

Shares of AMD have now rallied by 134% since April’s tariff-driven lows, outperforming NVIDIA Corp. (NASDAQ:NVDA)’s 105% gain during the same period.

The U.S. dollar extended its rally, on pace for a fourth consecutive gain after Monday's sharp move.

In commodities, oil prices stayed hot. WTI crude rose 1.6% to $67.75 per barrel, extending Monday's 2.4% jump and hitting a two-week high. Precious metals traded sideways as dollar strength continued to limit upside momentum.

Bitcoin (CRYPTO: BTC) edged down 1% to $117,000, logging a second straight daily decline.

Tuesday’s Performance In Major U.S. Indices, ETFs

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF (NYSE:VOO) was down 0.092% to $584.90.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) slipped 0.4% to $446.42.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) flattened at $567.97.
• The iShares Russell 2000 ETF (NYSE:IWM) fell 0.8% to $222.45.
• The Industrials Select Sector SPDR Fund (NYSE:XLI) underperformed, down 1.3%; the Real Estate Select Sector SPDR Fund (NYSE:XLRE) outperformed, up 1.3%.

Tuesday’s Stock Movers

• Novo Nordisk A/S (NYSE:NVO) plunged 22.5% after the Danish pharma giant slashed guidance on its blockbuster Wegovy weight-loss drug, while also announcing a new CEO.
• Sarepta Therapeutics Inc. (NASDAQ:SRPT) surged more than 20% after announcing that the U.S. Food and Drug Administration signaled it could resume shipments of Elevidys.

Stocks reacting to quarterly results included:

• Procter & Gamble Co (NYSE:PG) flat at 0.0%
• UnitedHealth Group Inc (NYSE:UNH) down 5.1%
• Merck & Co., Inc (NYSE:MRK) down 3.3%
• Boeing Co (NYSE:BA) down 3.0%
• Spotify Technology S.A. (NYSE:SPOT) down 11.8%
• American Tower Corp (NYSE:AMT) down 3.0%
• Royal Caribbean Cruises Ltd (NYSE:RCL) down 5.0%
• United Parcel Service, Inc (NYSE:UPS) down 9.7%
• Ecolab Inc (NYSE:ECL) down 4.7%
• PayPal Holdings, Inc (NASDAQ:PYPL) down 9.3%
• Johnson Controls International plc (NYSE:JCI) down 6.9%
• Norfolk Southern Corp (NYSE:NSC) down 3.5%
• Carrier Global Corp (NYSE:CARR) down 11.0%
• Corning Inc (NYSE:GLW) up 13.2%
• CBRE Group, Inc (NYSE:CBRE) up 9.1%
• Sysco Corp (NYSE:SYY) down 2.5%
• DTE Energy Co (NYSE:DTE) up 0.2%
• SoFi Technologies, Inc.(NASDAQ:SOFI) up 14.0%
• Hubbell Inc (NYSE:HUBB) down 2.6%
• Incyte Corp (NASDAQ:INCY) up 8.6%
• Stanley Black & Decker, Inc. (NYSE:SWK) down 8.4%
• PJT Partners Inc. (NYSE:PJT) down 2.0%
• Polaris Inc. (NYSE:PII) up 12.2%
• JetBlue Airways Corp (NASDAQ:JBLU) up 4.9%

Stocks scheduled to report earnings after Tuesday's close include BXP Inc (NYSE:BXP), Caesars Entertainment Inc. (NASDAQ:CZR), Electronic Arts Inc. (NASDAQ:EA), Essex Property Trust Inc. (NYSE:ESS), Exelixis Inc. (NASDAQ:EXEL), Mondelez International Inc. (NASDAQ:MDLZ), PPG Industries Inc. (NYSE:PPG), Regency Centers Corp. (NASDAQ:REG), Republic Services Inc. (NYSE:RSG), Starbucks Corp. (NASDAQ:SBUX), Seagate Technology Holdings PLC (NASDAQ:STX), Teradyne Inc. (NASDAQ:TER), Visa Inc. (NYSE:V), Booking Holdings Inc. (NASDAQ:BKNG), The Cheesecake Factory Inc. (NASDAQ:CAKE), Freshworks Inc. (NASDAQ:FRSH), Pebblebrook Hotel Trust (NYSE:PEB), Qorvo Inc. (NASDAQ:QRVO) and Red Rock Resorts Inc. (NASDAQ:RRR).

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