The three major U.S. equities indexes posted small gains on Monday to break a four-day streak of losses. The Nasdaq closed up 0.49%, the Dow Jones industrials added 0.29% and the S&P 500 closed up 0.28%. Among S&P 500 stocks, winners outnumbered losers by slightly less than two to one. Eight of 11 sectors closed higher, led by consumer cyclicals (up 1.2%), communications services (0.7%) and energy (0.7%). The utilities (down 1.0%), consumer staples (0.3%) and health care (0.3%) sectors closed lower.
Crude oil settled at $83.31 on Monday and traded up about 0.5% in early morning trading Tuesday at $83.77. The 10-year/two-year U.S. Treasury note spread ended the day at 0.746%, essentially flat.
Here are the five S&P 500 stocks that closed with the biggest gains on Monday: Gap (up 7.94%), Bath & Body Works (5.90%), Generac Holdings (5.54%), Paycom (5.25%) and Caesars (5.25%).
Monday’s biggest losers among S&P 500 stocks were Signature Bank (down 3.73%), Dish Network (2.93%), Electronic Arts (2.74%), Netflix (2.60%) and Freeport-McMoRan (2.51%).
As of 7:00 a.m. ET Tuesday morning, S&P 500 futures were down about 1.31%, the Nasdaq down 1.86% and the Dow down about 0.74%.
The leading gainer among S&P 500 stocks in Tuesday’s premarket trading was Brown & Brown Inc. (NYSE: BRO), up more than 8% at $70.00. The insurance broker beat estimates when it reported quarterly results Monday afternoon.
International Business Machines Corp. (NYSE: IBM) traded up 1.85% at $131.20. The company hammered fourth-quarter estimates on both the top and bottom lines when it reported early Monday.
Nike Inc. (NYSE: NKE) traded up 1.23%. Wells Fargo analysts upgraded the stock from Equal Weight to Overweight Tuesday morning and maintained the $175 price target. The stock traded at around $146.90 in premarket action.
Investment management firm Invesco Ltd. (NYSE: IVZ) traded up 1.21% in Tuesday’s premarket. The company reported quarterly results in the morning that beat analysts’ consensus on both the top and bottom lines.
3M Co. (NYSE: MMM) traded up by 0.69% Tuesday. It was another company reporting results Tuesday morning that solidly beat estimates. Shares traded at around $174.00.
Stocks trading lower in Tuesday’s premarket session include Raytheon Technologies Inc. (NYSE: RTX), which was down 3.67% at $84.89. Earnings results reported first thing were mixed, and the defense giant issued downside guidance for the 2022 fiscal year.
Auto parts maker Aptiv PLC (NYSE: APTV) traded down about 2.9% Tuesday morning at $33.91. The company had no specific news. Shares have dropped about 20% since the beginning of the year.
Kroger Co. (NYSE: KR) closed up about 1.7% on Monday and traded down by about 2.6% in Tuesday’s premarket. Wells Fargo has downgraded the stock from Equal Weight to Underweight. The analysts maintained their $42 price target.
Global Payments Inc. (NYSE: GPN) traded down by about 2.42% Tuesday morning. The digital payments company had no specific news.
General Electric Co. (NYSE: GE) traded down by 2.32% in the premarket. The company reported mixed results, beating the earnings estimate but missing on revenue. Earnings guidance for 2022 came in a range of $2.80 to $3.50, less than the consensus estimate of $4.00.
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