Wall Street stock indexes edged down in morning trading ahead of testimony from Federal Reserve Chairman Jerome Powell that could offer clues about future rate increases. Here’s what we’re watching Tuesday:
- UBS cut its rating on shares of IBM to Sell and lowered its price target.
- Electric-truck maker Rivian’s chief operating officer left the company last month as the startup was ramping up production of its first three models.
The Rivian R1T all-electric truck in Times Square on listing day, Nov. 10, 2021.
Photo: Ann-Sophie Fjello-Jensen/Associated Press
- Tesla sold 70,847 China-made vehicles in December, the China Passenger Car Association said Tuesday.
- Zynga still has some zing in it. The game maker’s stock soared 41% on Monday after Take-Two Interactive said it would buy it, but Tuesday morning it was still inching up.
- Shares of Black Diamond Therapeutics jumped after the precision-oncology company received U.S. Food and Drug Administration approval for a study of its BDTX-1535 cancer therapy.
- Abercrombie & Fitch warned sales for the holiday quarter would fall short of its previous estimate due to inventory delays and increased Covid-19 restrictions.
- Health benefits company Accolade reported revenue for the recent quarter that more than doubled from a year prior.
- Albertsons posted better-than-expected third-quarter results and raised its guidance for adjusted earnings and sales growth for the full fiscal year.
Chart of the Day
- Investors are betting that looming interest-rate increases will fuel profits in financials and make the sector more attractive than tech, one of the main contributors to last year’s rally.
Write to James Willhite at [email protected]
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