The three major U.S. equities indexes closed lower on Tuesday. Russia’s incursion into two Ukrainian provinces received a quick response from the United States and the European Union, sending equities lower in Tuesday’s premarket and oil sharply higher. By the end of the day, the major indexes did manage to close off their intraday lows. The Dow closed down 1.42% on Tuesday, the S&P 500 closed down 1.01%, and the Nasdaq Composite closed down 1.23%. Among S&P 500 stocks, losers outnumbered winners by more than 3 to 1 in Tuesday trading. All 11 sectors closed lower with the biggest declines coming in consumer discretionary (down 2.9%), energy (down 1.6%), and materials (down 1.4%). Utilities posted the day’s smallest loss (down 0.1%%).
At around 7:00 a.m. ET Wednesday morning, S&P 500 futures traded up by about 0.50%, the Nasdaq traded up about 0.83%, and the Dow traded up by 0.43%.
Crude oil settled at $92.35 a barrel on Tuesday and traded down by about 1.1% in early morning trading Wednesday at $91.32. The 10-year Treasury note settled at 1.94% and the 2-year at 1.56% on Tuesday. The yield curve narrowed to 0.45 by the end of the day, down by about 3 basis points. The spread had narrowed further to around 0.36 in early trading Wednesday.
Here are the five S&P 500 stocks that closed with the largest gains on Tuesday: Kraft Heinz (up 5.04%), Medtronic (up 3.12%), Carrier Global (up 2.75%), PPL (up 2.72%) and Baxter International (up 2.56%).
Tuesday’s biggest losers among S&P 500 stocks were Home Depot (down 8.85%), Best Buy (down 7.33%), Tractor Supply (down 6.45%), Mohawk Industries (down 5.63%), and Discovery (down 5.55%).
Here are Wednesday’s premarket leaders and laggards. Not all are S&P 500 stocks.
Cadence Design Systems Inc. (NASDAQ: CDNS) traded up by about 9.5% at $148.00 in a 52-week range of $118.11 to $192.70. The chip design software firm announced a strategic partnership yesterday with France’s electronics and aviation firm Dassault Systèmes. The two plan to offer customers a way to “accelerate their end-to-end system development process while optimizing their design for performance, reliability, manufacturability, supply resilience, compliance and cost.”
Palo Alto Networks Inc. (NASDAQ: PANW) traded up by about 7.9% at $512.90 in a 52-week range of $311.56 to $572.67. The company beat estimates when it reported quarterly results last night and issued guidance that topped consensus estimates for its current quarter and the 2022 fiscal year.
Caesars Entertainment Inc. (NASDAQ: CZR) traded up about 4.5% at $80.00 in a 52-week range of $68.00 to $119.81. The company posted a per-share loss when it reported earnings last night but revenue was strongly up and the loss was 24% smaller than in the year-ago quarter.
Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) traded up about 4.3% at $628.82 in a 52-week range of $441.00 to $686.62. The company had no specific news.
Virgin Galactic Holdings Inc. (NYSE: SPCE) traded up about 4.2% at $8.15 in a 52-week range of $7.58 to $57.51. The company reported a smaller than expected loss last night and revenue far exceeded prior estimates.
Skillz Inc. (NYSE: SKLZ) traded up about 3.6% at $3.74 in a 52-week range of $3.51 to $36.50. The company reports quarterly results after markets close Wednesday.
Lowe’s Companies Inc. (NYSE: LOW) traded up about 2.5% at $220.00 in a 52-week range of $150.84 to $263.31. The home improvement giant reported quarterly results before markets opened Wednesday morning and beat estimates for both profits and revenue. The company also raised fiscal year 2023 guidance for profits, revenue, and same-store sales.
The TJX Companies Inc. (NYSE: TJX) traded down about 7% at $60.15 in a 52-week range of $61.15 to $77.35. The off-price retailer missed on revenues for the fourth quarter and issued only in-line guidance for the 2023 fiscal year. The miss was softened somewhat by the company’s stated intention to raise its dividend by 13% and to buy back $2.25 to $2.50 billion of its own stock.
Teladoc Health Inc. (NYSE: TDOC) traded down about 1.6% at $64.25 in a 52-week range of $63.25 to $261.40. When the telehealth company reported earnings last night, the loss per share of $0.07 was far better than the estimated loss of $0.47 and revenue topped analysts’ consensus estimate as well. But downside guidance for the current quarter and full-year guidance for fiscal 2022 was no better than inline. Not enough.
Mosaic Co. (NYSE: MOS) traded down about 5.2% at $41.90 in a 52-week range of $27.89 to $47.55. The fertilizer maker missed both profit and revenue estimates last night. Even a 33% increase in the dividend and a new $1 billion share buyback plan and some happy talk about strong future demand couldn’t salvage the big misses.
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