Important points
Major U.S. indexes were down as of midday on Tuesday as some of the big winners lost ground in the wake of Donald Trump’s victory in the U.S. presidential election, ending the election-fueled market rally.
Tesla (TSLA) stock, which had soared on expectations of deregulation and benefits from CEO Elon Musk’s ties to the incoming administration, fell for the first time since last Monday.
After hitting a record high on excitement over President Trump’s call to make the United States the “crypto capital of the planet,” Bitcoin’s price has slumped, and other major cryptocurrencies have also fallen. This caused the stock prices of crypto companies such as Coinbase Global (COIN), Riot Platforms (RIOT), and MARA Holdings (MARA), the parent company of Marathon Digital, to fall.
Mosaic (MOS) stock fell after the fertilizer maker’s results were hit by recent hurricanes, with earnings and sales falling short of expectations. Mosaic also announced the resignation of its CFO.
Tyson Foods (TSN) was the best-performing stock in the S&P 500, beating earnings expectations for meat processors as higher beef and chicken prices boosted sales.
The stock price of Shopify (SHOP), which provides online sales services for businesses, also soared after the company reported better-than-expected results as sales increased.
Nvidia (NVDA) stock rose after analysts at Melius and Mizuho raised their price targets on the artificial intelligence chip maker.
Oil futures rose and gold prices fell. 10-year government bond yields rose. The US dollar strengthened against the euro, pound and yen.
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