The Dow Jones Industrial Average, S&P 500 and Nasdaq all fell Tuesday morning as oil prices jumped and Treasury yields rose, while Nvidia and Micron also declined. Medtronic hit a technical buy point and separately raised its profit outlook, and Chevron rallied 1.5%.
The Dow Jones Industrial Average retreated 0.4% Tuesday morning as oil prices surged and Treasury yields climbed. The S&P 500 pulled back around 0.6%, while the tech-heavy Nasdaq dropped 1%. Small caps fared no better, with the Russell 2000 giving up 0.8%.
Oil and yields pressure the market
West Texas Intermediate crude futures jumped roughly 3%, to around $88.25 a barrel. The 10-year Treasury yield edged up near 4.76%, and Bitcoin fell to roughly $78,300. Among exchange-traded funds, the Invesco QQQ Trust sank 1.3% as the SPDR S&P 500 ETF Trust relinquished 0.6% Tuesday morning.
Nvidia and Micron slide
Nvidia shares declined more than 1% premarket Tuesday, threatening to erase Monday's 1.5% gain and falling further below a 227.92 cup-with-handle entry. Micron stock dropped more than 2% Tuesday morning as the memory-chip maker tries to regain its 50-day moving average.
Inside the Dow industrials, Chevron rallied 1.5%, nearing a cup-with-handle entry at 208.98. Caterpillar and Amazon declined 1.5% and nearly 2%, respectively, in early trading.
Medtronic hits a buy point
Medtronic trimmed a larger gain to nearly 2% after hitting the 94.72 buy point of a stage-one cup-with-handle base, before slipping back below the entry point. The company reported fiscal first-quarter earnings of $1.45 per share on $9.756 billion in revenue, both topping estimates. It also raised its fiscal 2027 profit outlook to a range of $5.94 to $6 per share from a prior forecast of $5.90 to $6.
Robinhood Markets advanced 0.5% after Morgan Stanley upgraded the broker to overweight and raised its price target to 150 from 124. Robinhood stock traded around the 105 price level in recent action, roughly 32% off its 52-week high.
Source: Investor's Business Daily
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