The S&P 500 experienced a slight increase on Tuesday after a recent sell-off triggered by rising bond yields and concerns that the Federal Reserve may not reduce rates as significantly as anticipated by the investment community.
Eli Lilly saw a 5% surge in its stock price due to strong earnings driven by a successful performance of its weight loss drugs. Palantir Technologies also witnessed an 18% jump in its shares following an impressive revenue beat in the fourth quarter. Additionally, NXP Semiconductors recorded a more than 2% increase in its stock value on the back of better-than-expected financial results.
However, on Monday, the S&P 500 suffered a 0.32% decline, retracing from its recent record high. This setback followed Federal Reserve Chair Jerome Powell’s indication that a rate cut at the central bank’s upcoming March meeting is improbable. Powell’s statements, made during a segment on “60 Minutes” on Sunday, contributed to a 13-point increase in the 10-year Treasury yields on Monday, reaching 4.16%. Moreover, a series of recent economic data releases also contributed to the upward movement in yields.
Source (CNBC)
