Small-cap rally resumes ahead of major tech earnings reports, UPS suffers worst day on record, Bitcoin drops below $66,000: What’s moving the markets on Tuesday?

Small-cap stocks outperformed larger ones on Wall Street on Tuesday as investors anticipated major earnings reports. Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) and Tesla Inc. (NASDAQ:TSLA), is expected to be released after the close of trading.

The Russell 2000 Index is iShares Russell 2000 ETF (NYSE:IWM) rose 0.8%, while the tech-heavy Nasdaq 100 fell 0.2%, marking the ninth time in the past 10 sessions that small caps have outperformed tech stocks. The S&P 500 and Dow Jones were little changed.

United Parcel Service Co., Ltd. UPS (NYSE:UPS) stood out among the large-cap stocks, plummeting 14% after last-quarter profit and revenue fell short of expectations. The drop is on track to be the shipping company’s worst one-day drop since it went public in 1999.

Both Treasury yields and the US dollar held steady ahead of a data-heavy week that includes the release of the second-quarter GDP report on Thursday and the Fed’s preferred inflation report on Friday.

Gold rose 0.3% to $2,400 an ounce, while Bitcoin fell more than 2% to $65,800, its second straight day of declines.

Tuesday’s performance of major U.S. stock indexes and ETFs

Updated 12:48 p.m.

According to data from Benzinga Pro:

• of SPDR S&P 500 ETF Trust (NYSE:SPY) was flat at $554.92.

• of SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.1% to $403.80.

• Technology-focused Invesco QQQ Trust (ARCA: QQQ) fell 0.2% to $481.52.

• By sector, Financial Select Sector SPDR Fund (NYSE:XLF) rose 0.4%. Energy Select Sector SPDR Fund (NYSE:XLE) struggled, dropping 1.4%.

Tuesday’s stock price trends

Stocks that reacted to corporate earnings are as follows:

• Agilysys Inc. (NASDAQ:AGYS), down more than 5%

• NXP Semiconductors NV (NASDAQ:NXPI) Falls by more than 9%

• Medpace Holdings, Inc. (NASDAQ:MEDP) Falls over 17%

• Coca-Cola (NYSE:KO), up 0.6%

• Freeport-McMoRan (NYSE:FCX), down 2%

• GE Aerospace (NYSE: GE), up more than 7%

• General Motors (NYSE:GM), down more than 6%

• Kimberly-Clark Corporation (NYSE:KMB), down more than 4%

• Comcast Corporation (NASDAQ:CMCSA), down more than 2%

• MSCI (NYSE:MSCI), up more than 7%

• Lockheed Martin (NYSE:LMT), up more than 4%

• Philip Morris International Inc. (NYSE:PM), up 2%

• Pulte Group Co., Ltd. (NYSE:PHM), down 0.5%

• Quest Diagnostics Inc. (NYSE:DGX), down more than 4%

• Spotify Technology SA (NYSE:SPOT), up more than 10%

• Polaris Co., Ltd. (NYSE:PII), down more than 2%.

The story continues

Companies reporting after the transaction close are:

• alphabet, Capital One Financial Corporation (NYSE:COF)

• Chubb Limited (NYSE:CB)

• Mattel Inc. (Nasdaq:MAT)

• Packaging Corporation of America (NYSE:PKG)

• Seagate Technology Holdings (Nasdaq:STX)

• Tesla

• Texas Instruments Incorporated(Nasdaq:TXN)

• Visa Inc. (NYSE:V).

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Image created using artificial intelligence via Midjourney.

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The article, “Small-cap rally resumes ahead of big tech earnings reports, UPS has worst day on record, Bitcoin drops below $66,000: What’s moving the markets on Tuesday?” originally appeared on Benzinga.com.

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