Wall Street was solidly higher Tuesday as technology shares led the advance and investors balanced a heavy earnings calendar with the start of the Federal Reserve’s two-day policy meeting.
Around midday, the Nasdaq Composite was up roughly 1.1%, the S&P 500 had gained approximately 0.6%, and the Dow Jones Industrial Average was modestly positive. The 10-year Treasury yield was near 4.99%. [fool.com]
Big Tech remained in focus ahead of several major earnings reports later this week, while individual companies were experiencing considerably larger moves beneath the major averages. [thestreet.com]
💎 Diamond of the Day: Royal Caribbean Group (RCL)
Royal Caribbean Group earns today’s Diamond after shares climbed approximately 7.6% around midday following better-than-expected third-quarter earnings and an increase in the company’s full-year guidance. [fool.com]
The positive reaction wasn’t limited to one cruise operator. Peers Norwegian Cruise Line and Carnival were also trading higher. [fool.com]
Why It Shined
- Royal Caribbean Group was up approximately 7.6% around midday. [fool.com]
- The company reported better-than-expected third-quarter earnings. [fool.com]
- Management raised full-year guidance. [fool.com]
- Other major cruise operators participated in Tuesday’s strength. [fool.com]
For one day at least, Royal Caribbean Group appears to have found some smooth sailing on Wall Street.
🐕 Dog of the Day: Boeing (BA)
Boeing earns today’s Dog after shares fell nearly 10% around midday, making the aerospace giant one of the day’s largest S&P 500 decliners. [thestreet.com], [cot-trading.com]
The move comes on the same day Boeing was scheduled to report third-quarter earnings, putting the company firmly in investors’ focus. [cot-trading.com]
Why It Barked
- Boeing was down approximately 9.4% to 9.7% around midday. [cot-trading.com], [thestreet.com]
- Trading volume had reached approximately 22.4 million shares in the market-mover data reviewed. [cot-trading.com]
- Boeing ranked among the largest decliners while the broader S&P 500 was advancing. [cot-trading.com], [fool.com]
Today’s Takeaway: Look Beneath the Indexes
Today’s market provides another good example of why the major averages don’t always tell the full story.
Technology was helping push the Nasdaq Composite and S&P 500 higher, while Royal Caribbean Group was enjoying a sizeable earnings-driven rally. At the same time, Boeing was falling nearly 10%. [fool.com], [thestreet.com]
And the next potential catalyst is already approaching: the Federal Reserve began its two-day meeting Tuesday, while several major technology companies are scheduled to report results this week. [fool.com], [thestreet.com]
For today, however, the story is simple: Royal Caribbean Group found smooth sailing while Boeing encountered some turbulence.
Important Disclosure
This commentary is provided solely for informational and educational purposes and should not be considered a recommendation or solicitation to buy, sell or hold any security, sector or investment strategy. The “Diamond” and “Dog” designations reflect notable intraday market performance and/or publicly reported developments and are not intended as investment recommendations or assessments of future performance. Earnings results, company guidance and analyst expectations may change or be revised. Intraday prices and market conditions may change materially before the close. Past performance does not guarantee future results. Investing involves risk, including possible loss of principal.