U.S. stocks slipped on Tuesday, giving up modest gains late in the session to send the Dow and S&P 500 to their third straight decline, as investors awaited economic data in a holiday-shortened week to gauge the Federal Reserve's policy path.
Market Snapshot
The Dow Jones Industrial Average fell 31.31 points, or 0.08%, to 39,282.33, the S&P 500 lost 14.61 points, or 0.28%, to 5,203.58 and the Nasdaq Composite slid 68.77 points, or 0.42%, to 16,315.70.
Market Movers
GameStop — The video game retailer tumbled 15% after reporting shrinking revenue compared with the same period a year ago. GameStop posted $1.79 billion in the fourth quarter, lower than the $2.23 billion seen in the comparable three-month period in the year before. But the company reported 22 cents in adjusted earnings per share, higher than the 16 cents per share figure seen a year ago.
Trump Media & Technology Group — Shares of former President Donald Trump’s social media company surged 16% after it began trading on the Nasdaq. Trump Media completed its merger with shell company Digital World Acquisition Corp. on Monday.
Reddit — Reddit popped about 9% as investors continued buying up the social media stock following its Thursday debut on the New York Stock Exchange. The stock rallied 30% on Monday.
Krispy Kreme — Krispy Kreme popped 39% and notched its best day on record. McDonald’s plans to sell the company’s doughnuts at its restaurants nationwide by the end of 2026, with the initial rollout beginning later this year. McDonald’s shares were little changed.
McCormick — The stock jumped 10% after the spice maker topped earnings and revenue expectations for its fiscal first quarter. McCormick’s adjusted earnings per share were 63 cents, compared to the 58 cents consensus estimate, according to FactSet. Revenue came in at $1.6 billion versus the $1.55 billion expected.
Viking Therapeutics — The biotechnology stock rallied nearly 17% after the company announced that its experimental weight loss drug showed promising results in a small trial. Viking Therapeutics said the pill will move to the next stage of development this year.
Seagate Technology — The data storage stock added 7.4% on the heels of a Morgan Stanley upgrade to overweight from equal weight. Morgan Stanley said the company has better earnings power from generative artificial intelligence and other drivers.
Micron Technology — The memory chipmaker added 1.4% after Mizuho Securities reiterated its buy rating and upped its price target on the stock. The firm cited a strong AI opportunity that could contribute to stronger sales in late 2024 and 2025.
UPS — Shares of the delivery stock fell more than 8% as Wall Street digested a long-term forecast update. UPS said it expected revenue to potentially reach $114 billion in 2026 after shrinking last year, but Wall Street analysts raised questions about the pricing used in the forecast.
Canada Goose — The luxury coat and parka maker slipped about 7% after announcing it plans to cut 17% of its global corporate workforce as it looks to trim costs and consumers cut back on discretionary spending.
Super Micro Computer — The stock slipped 1.7%. Earlier in the session, Super Micro Computer built on gains form Monday after JPMorgan initiated coverage of the stock with an overweight rating. The firm named the server and storage solutions provider a leader of the growing AI compute market that it said is “still in its infancy.”
Direct Digital — Shares plummeted 44% after the advertising platform provider posted a net loss of $1.2 million in its fourth quarter. That compares to net income of $1.4 million in the year-ago period. Revenue came in at $41 million in the fourth quarter, topping last year’s $30.7 million.
Concentrix — The customer experience technology platform tumbled about 3% following its fiscal first-quarter earnings report. Concentrix posted $2.57 in adjusted earnings per share on $2.4 billion in revenue. In the same quarter a year ago, the company reported $2.59 in earnings per share and $1.64 billion in revenue. Concentrix also reaffirmed full-year guidance for this year.
nCino — The cloud software stock advanced 11% following results for the fourth quarter that blew past what was seen a year ago. Revenue came in at $123.7 million, reflecting a 13% increase from a year earlier.
Market News
Apple Announces Its Annual Developers Conference Is Set for June 10
Apple announced its annual Worldwide Developer Conference will kick off on June 10, when the company is expected to show off its latest AI advancements.
The conference, which is widely anticipated each year as a major showcase for Apple software news, will run Monday, June 10 through Friday, June 14.
Although last year’s WWDC focused on the unveiling of the Vision Pro mixed reality headset, which launched in stores in February, this year is expected to turn to Apple’s AI efforts. The company is reportedly interested in licensing and building Google’s Gemini AI engine, which includes chatbots and other AI tools, into upcoming iPhones and its iOS 18 features.