US stocks in holding pattern ahead of Wednesday’s Fed decision
Major indexes closed down 0.1%.
US stocks did little of note on Tuesday, with traders seemingly content to sit on their hands ahead of the Federal Reserve decision tomorrow afternoon.
The S&P 500, Nasdaq 100, and Russell 2000 all declined 0.1% on the session.
Energy was the best-performing S&P 500 sector ETF, while utilities were at the bottom of the leaderboard.
Steel Dynamics was one of the bright spots, with shares up 6.2% after the company guided for better-than-expected Q3 earnings. Warner Bros. Discovery led declines, falling 6.3% after TD Cowen downgraded the stock from “buy” to “hold,” citing concerns over its recent takeover uncertainty. Elsewhere…
Webtoon Entertainment shares soared 39% after Disney said it’s buying a 2% stake and partnering with the popular digital comics platform.
Tesla rose 2.8% amid new data showing it continues to dominate in US EV sales and as CEO Elon Musk responded to a post on X with, “Daddy is very much home,” before detailing his packed Tesla schedule and involvement with the company.
Rivian shares jumped 5.2% after the EV maker broke ground on its delayed $5 billion Georgia plant, which it says will be able to produce 200,000 vehicles per year by 2028.
Nio climbed 8.2% following an upgrade from UBS to “buy” from “neutral.” The move propelled the stock to its highest level since last October.
Plug Power gained 7.3% after a wave of bullish options activity.
Moderna ticked higher by 4% after the biotech giant announced encouraging phase 4 clinical trial results for its next COVID-19 vaccine.
GameStop popped 3.1%, notching its longest winning streak since 2022, on the heels of the company’s stellar Q2 earnings report last week.
Oracle was up 1.5% after The Wall Street Journal reported that the cloud giant is part of an upcoming deal for a US spin-off of TikTok.
Dave & Buster’s tumbled nearly 17% after the arcade and restaurant chain’s disappointing Q2 earnings report, released after the bell on Monday.
Rocket Lab shares dropped 12.6% after the company announced an at-the-market share offering of up to $750 million in securities, hammering its stock price in early trading.
Hims & Hers fell 5.7% after the FDA posted a warning letter it sent the company over the marketing for its compounded weight-loss drugs.
Delta Air Lines shares dipped 1% after the Trump administration ordered the airline to dissolve its roughly 9-year-old joint venture with Aeromexico by January 1, 2026.
Ralph Lauren shares fell as much as 2% before closing roughly flat after the luxury retailer delivered a solid revenue outlook but warned that tariffs and inflation could squeeze margins.
