S&P 500 Movers on Tuesday

Gainers

• Health insurance firms enjoyed a strong day on the stock market after industry giant UnitedHealth Group (UNH) 澳洲幸运5官方开奖结果体彩网:beatܫ second-quarter pro𒐪fit estimates, driven by increased revenue from its Optum health care unit. UnitedHealth shares added 6.5% following the strong results. Peers also posted gains, with shares of Molina Healthcare (MOH) jumping 8.2% to notch Tuesday's top performance in the S&P 500.
• Firmer confidence that lower interest rates are on the horizon helped lift shares of companies in the housing industry, with the promise of lower interest rates 澳洲幸运5官方开奖结果体彩网:boding well for future homebu꧙ying activit🃏y. Shares of construction materials provider Builders FirstSource (BLDR) soared 8.0%. Shares of home builders also moved higher, with Pultegroup (PHM), D.R. Horton (DHI), and Lennar (LEN) all up more than 6.5%.

• Warner Bros Discovery (WBD) shares jumped 7.6% after Bank of America pointed to numerous strategic options for the media conglomerate to create more value for its shareholders. Possible moves mentioned by the analysts include spinning off studio assets into a standalone company or merging its streaming services with another entity.

Decliners

• Shares of Match Group (MTCH), which operates Tinder and other online dating platforms, surged 7.5% amid news that 澳洲幸运5官方开奖结果体彩网:activist hedge fund Starboard Value has 澳洲幸运5官方开奖结果体彩网:acquired a stake worth approximately 6.6% of the company. In a letter to Match executives, Starboard stressed the need for improved margins and discussed the possibility of pursuing a sale to bring the company private.
  
• Charles Schwab (SCHW) shares plummeted 10.2%, suffering the heaviest losses of any S&P 500 component. CEO Walt Bettinger said the financial services firm will 澳洲幸运5官方开奖结果体彩网:downsize its bank to attempt to maintain profitability. According to reports, the firm plans to streamline its use of capital by relying on off-balance sheet deals with outside partners to hold customer deposits.
• Other stocks in the financial services industry came under pressure following the warning from Schwab. Shares of Raymond James Financial (RJF) and Ameriprise Financial (AMP) fell 6.3% and 3.8%, respectively.
• Progressive (PGR) shares slipped 3.2% after the property and casualty insurer reported mixed quarterly results, with 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) exceeding estimates but revenue falling slightly short of expectations. Following the earnings release, Morgan Stanley maintained its "overweight" rating on Progressive stock, highlighting strong underwriting profitability, but analysts noted lower-than-expected personal auto policies in force (PIF) as a potential area of concern.

-澳洲幸运5官方开奖结果体彩网:Michael Bromberg

Gold Prices Hit Record High on Rate-Cut Hopes

Gold prices hit a 澳洲幸运5官方开奖结果体彩网:record high Tuesday as investors looked a🎐hea🍬d to the possibility of interest-rates cuts starting this fall. 

The spot price of gold reached $2,465.65 an ounce, a record high, by Tuesday afternoon, according to LSEG data going back to 1968, per CNBC.  澳洲幸运5官方开奖结果体彩网:Gold futures wer🐠e recently up 1.7% to about $2🌳,470 an ounce.

Attention to gold has ratcheted higher in recent weeks after 澳洲幸运5官方开💮奖结果体彩网:cooler-than-expected inflation in June fueled e🌞xpectations that the Federal Reserve would lower its benchmark interest rate in September. 

The prospect of lower interest rates is sometimes seen as bullish for gold since the precious metal, which doesn't pay a dividend, can appear more attractive relative to other assets, like Treasurys, in such an environment. Investors may also be turning to 澳洲幸运5官方开奖结果体彩网:gold as a hedge against economic and geopolitical uncওertainty.

-澳洲幸运5官方开奖结果体彩网:Andrew Kessel

Match Leads S&P 500 Gainers as Starboard Takes Stake

Shares of Match Group (MTCH) jumped Tuesday 澳洲幸运5官方开奖结果体彩网:on the news that 澳洲幸运5官方开奖结果体彩网:activist hedge fund Starboard Value has taken a significant stake in the online dating giant 📖aꦛnd is already pushing for changes.

Match operates its namesake service along with several other popular platforms including Tinder, Hinge, OkCupid, and others.

 Starboard has recently purchased shares amounting to about 6.6% of the company, which makes the firm the third-largest shareholder, Starboard said in a letter to Match leadership included in a Monday 澳洲幸运5官方开奖结果体彩网:Securities and Exchange Commission (🥀ꦉSEC) filing.

Match shares were up 8𝔍% Tuesday afternoon, making them the top gainer on the S&Pﷺ 500.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

Bank of America Jumps on Earnings Beat

Bank of America (BAC) shares jumped more than 5% as 澳洲幸运5官方开奖结果体彩网:second-quarter 𒁏revenue and profit beat estimatܫes.

The bank reported net income of $6.9 billion, or 83 cents per share, below last year's marks but still better than analysts had estimated. Revenue also beat estimates as it grew about 1% year-over-year to $25.4 billion. Bank of America credited higher fees, along with improved sales and trading revenue.

However, 澳洲幸运5官方开奖结果体彩网:net interest income (NII) dropped 3% to $13.7 billion, narrowly below the number analysts were looking for. Bank of America continued a trend of lower NII that started in 澳洲幸运5官方开奖结果体彩网:last week's bank earnings as greater deposit cost♔s offset the benefꦐit of higher interest rates.

Bank of America's rivals 澳洲幸运5官方开奖结果体彩网:JPMorgan Chase (JPM), 澳洲幸运5官方开奖结果体彩网:Goldman Sachs (GS), 澳洲幸运5官方开奖结果体彩网:Wells Fargo (WFC), and 澳洲幸运5官方开奖结果体彩网:Citigroup (C) in recent days also reported higher second-quarter revenue from their investm💜ent banking activities.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

Traders Now Pricing in 100% Chance of Fed Rate Cut in September

Market participants are 澳洲幸运5官方开奖结果体彩网:increasingly convinced that the Federal Reserve will start cutting its benchmark interest rate in September, with more cuts to follow before the end of the year, even as Fed officials say they need to see more economic data before adjusting policy𓃲.

According to the CMꩲE Group’s FedWatch tool, which forecasts rate movements based on fed funds futures trading dat🐭a, traders are pricing in a 100% chance that the Federal Reserve will cut its influential fed funds rate in September.1

 That's up from the 73% likelihood priced in just a week ago.

Market participants are also pricing in a high probability that once the Fed makes its first move in September it will continue cutting at the November and December meetings of the policy-setting 澳洲幸运5官方开奖结果体彩网:Federal Open Market Committee. ♔Traders predict there's a roughly 60% chance the fed funds rate will be 50 basis points lower than its current rate in November and 75 basis points lower in December.

The increased expectations follow a number of data releases that have shown 澳洲幸运5官方开奖结果体彩网:inflation is moderating&nb༺sp;and economic activity is slowing, an indication that the Fed's two-year campaign of high interest rates is having its intended effect.

Fed officials have acknowledged the progress in the 澳洲幸运5官方开奖结果体彩网:fight against inflation, but have said they will be reliant on economic data to give them more confidence that i🐭n🧜flation is moving toward their annual goal of 2%.

-澳洲幸运5官方开奖结果体彩网:Taylor Tompkins

UnitedHealth Leads Dow Gainers After Earnings

UnitedHealth Group (UNH) shares advanced Tuesday after the big health insurance provider posted 澳洲幸运5官方开奖结果体彩网:better-than-expected profit🐲 on higher revenue from its Optum health care unit, while adding that the costs associated with a February cyberattack would be greater than previously estimated.

The company reported second-quarter adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $6.80, more than anticipated. Revenue was up 6.4% year-over-year t𒐪o $98.9 billion, in line 𒆙with forecasts.

UnitedHealth aꦕffirmed its full-year adjusted EPS outlook of $27.50 to $28.00 that it gave last November, even though the negative impact of the hack would be $0.60 to $0.70 per share.

UnitedHealth shares were up 5% about an hour into Tuesday's session.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

DJIA Levels to Watch as Index Hits Record Highs

The Dow Jones Industrial Average gained more than 300 poinꦜts in early trading Tuesday, after finishing at its first recor💙d high in two months the previous session.

On Monday, the index br♊oke out from an ascending triangle, a chart pattern that indicates a continuation🔴 of the uptrend.

The m💜easuring principle projects a shorter-term price target of 43,500, while a bars pattern 🌜forecasts a longer-term price target of around 46,615.

During retracements, the DJIA may find support near the ascending triangle's upper and lower trendlines at 40,000 and 39,300, respectively.

Read our 澳洲幸运5官方开奖结果体彩网:technical analysis here.

-澳洲幸运5官方开奖结果体彩网:Timothy Smith

Stock Futures Point to Higher Open

Futures tied to the Dow Jones Industrial Average were up 0.1🤡%.

S&P 500 futures gained 0.2%.

Nasdaq 100 futures also rose 0.2%.