Stocks fell for the second-straight session Tuesday with the Dow Jones Industrial Average retreating further from a key benchmark as investors await the Federal Reserve's next move. Meanwhile, several leading stocks saw big moves on earnings, including IBD 50 name Palantir Technologies, which tumbled on the stock market today.
The Dow came off the day's lows, but finished nearly 400 points lower, or 1%, after shedding 0.2% Monday. Blue chips ended their nine-day winning streak Monday as the 30-stock index tested its 50-day moving average, and ultimately fell below it by the close. The Dow is now even further from the 50-day line and the only one of the major indexes that failed to break above it with the recent upturn.
The S&P 500 ceded 0.8%, as the benchmark index held above its 50-day line. The S&P 500 also snapped a nine-day winning streak on Monday, and pulled back to around the 5,600 level.
The Nasdaq ended up surrendering 0.9%, but also managed to stay above its 50-day line. All three major indexes remain below their longer-term 200-day moving averages. In the small-caps market, the Russell 2000 slid 0.9%, dipping back below its 50-day line.
Volume Mixed; Oil, Bitcoin Rise
Preliminary data showed volume was slightly lower on the Nasdaq exchange, but markedly higher on the New York Stock Exchange, vs. Monday. On the Nasdaq exchange, falling stocks topped rising issues by nearly 3-to-2, while on the NYSE, losers beat gainers around 5-to-4.
Oil prices rose to near $59.10 a barrel. Bitcoin climbed above the $95,000 level. And the benchmark 10-year Treasury bond shed four basis points to 4.31% as the Fed policy meeting looms.
The Federal Open Market Committee began a two-day meeting Tuesday, with a policy update due Wednesday afternoon. Traders expect the central bank to leave its key rate unchanged. Investors will be listening for clues from Fed Chairman Jerome Powell's news conference Wednesday afternoon for any changes in his thoughts on how tariffs will affect inflation.
3:18 p.m. ET
Stock Market Today: Gold Stocks Shine
Gold stocks acted strongly as gold prices rose around 3%. Four gold names led the IBD Big Cap 20 Tuesday.
AngloGold Ashanti bolted nearly 4% higher and is on pace for three straight days of gains. The stock is extended after rebounding off its 10-week moving average.
Agnico-Eagle Mines advanced 3.4% and reclaimed its 21-day line. It is also extended from a bounce off its 10-week line.
Kinross Gold powered up 4% and is forming a new flat base. Shares are back near their recent high of 15.46, reached April 21.
Newmont gained 2.3% and is in a deep cup-with-handle base with a 57.16 buy point.
Outside of gold and IBD Big Cap 20 stocks, tobacco name Altria Group reached the 60.18 buy point of a V-shaped base, according to MarketSurge chart analysis. Altria stock is in a 5% buy zone up to 63.19. Shares are on pace for five straight weeks of gains.
Stocks Fall With Fed's Powell Due; Palantir Dives, Robinhood Rises
1:58 p.m. ET
CoreWeave Pops
IBD 50 and recent initial public offering CoreWeave trimmed larger earlier gains to less than 2%. The stock is climbing off April lows as it looks to build the right side of a cuplike base.
On Monday, CoreWeave announced it completed its acquisition of Weights & Biases, which operates an artificial intelligence developer platform. A player in artificial intelligence infrastructure, CoreWeave started trading on March 28.
Nvidia owns a 5% stake in CoreWeave. Nvidia stock pulled back 0.8% in light volume on the stock market today. Shares are testing their 50-day line, seeking support.
Another relatively new issue, UL Solutions, rocketed more than 13% higher after the product safety and certification company topped Q1 profit and revenue expectations.
"As we completed our first full year as a public company, I'm encouraged by the strong execution and outstanding results our team continued to deliver, with momentum once again across all segments, service offerings and regions," Chief Executive Jennifer Scanlon said in the earnings release. It also maintained its full-year 2025 outlook for mid single-digit organic revenue growth.
The MarketSurge Growth 250 stock is now extended from the buy zone of a long irregular base with a 29.23 buy point. UL Solutions reached a record high on the stock market today.
12:22 p.m. ET
Upwork Surges Higher
Upwork soared more than 19% in huge volume after the company topped first-quarter earnings and revenue expectations. It also raised its full-year profit outlook, and topped analyst forecasts in the process.
Shares reclaimed their 50-day line in earnest. But the stock has been an underperformer as seen in its declining 50-day line and Relative Strength Rating of 60. Upwork's work marketplace platform connects freelance workers with jobs.
TransDigm Group skidded nearly 6% in heavy trading, after the aerospace component maker missed fiscal second-quarter sales projections with higher earnings than views. It also announced CEO Kevin Stein, will retire effective Sept. 30. He will continue to serve as an advisor through March 31, to help in the transition and remain on the board.
Shares fell from the buy zone of a consolidation pattern with a 1,424.68 buy point. The stock tested and found support at its 21-day line and fell back below the 1,400 price level.
Neurocrine Biosciences surged nearly 10% in heavy volume following the biopharmaceutical company's better-than-expected first-quarter profit and sales results. It also reiterated its full-year 2025 sales outlook of $2.5 billion to $2.6 billion. Shares tested their 200-day line before finding resistance.
11:02 a.m. ET
Stock Market Today: Palantir Stock Tumbles
Palantir Technologies stock sank more than 12% in heavy volume after the company reported first-quarter earnings that were in line with views, with sales that beat forecasts late Monday. Its profit grew 63% on a 39% revenue boost, yet investors were looking for more.
A stock on Investor's Business Daily's Big Cap 20 and IBD Leaderboard watchlists, Palantir was in a cup base with a 125.41 buy point, according to MarketSurge pattern recognition. Shares, however, managed to find support at their 21-day exponential moving average.
The stock has outperformed, gaining roughly 63% so far this year. Its relative strength line has climbed to a new high with its IBD Relative Strength Rating a highest-possible 99.
Palantir stock's 21-day average true range is 8%. In the current, unpredictable market, IBD suggests stocks with ATRs of 3% or below.
Big Stock Movers: Food Delivery Name Dashes Lower
IBD 50 name DoorDash tumbled more than 7% after the food delivery provider missed first-quarter sales forecasts with higher profit than expected. It also announced that it would buy New York-based restaurant technology startup SevenRooms for $1.2 billion. This is in addition to the $3.86 billion it will spend to purchase U.K.-based food delivery company Deliveroo.
DoorDash stock fell from the buy zone of a double-bottom base and is back below a 201.03 buy point. It sank below its 21-day exponential line and was seeking support at its 50-day line.
Vertex Pharmaceuticals plunged more than 12% after the drugmaker missed first-quarter earnings and revenue projections. Shares fell below their 50-day and 200-day lines, triggering sell signals.
Hims & Hers Health bolted roughly 10% higher after the telehealth provider topped first-quarter profit and sales estimates. But the company gave a second-quarter revenue outlook that was below views.
Stock Market Today: BellRing Plummets, Berkshire Wavers
IBD 50 stock BellRing Brands skidded more than 15% in enormous volume and undercut its 50-day and 200-day moving averages. The move came after the nutritional products maker reported fiscal second-quarter profits that were in line with views, and higher sales than expected. But its fiscal 2025 net sales outlook came up lighter than estimates.
Warren Buffett's Berkshire Hathaway wavered after Monday's 5.1% drop. The sharp decline came on Saturday's surprise news its 60-year leader, Warren Buffett, will be stepping down as chief executive by year's end. Moreover, the company's first-quarter earnings dropped 14% while revenue was flat.
Shares undercut their 50-day line Monday after being extended from a cup base buy zone from a 491.67 buy point.
Follow Kimberley Koenig for more stock market news on X, the platform formerly known as Twitter, @IBD_KKoenig.
