Stock markets in the United States opened mixed on Tuesday after Monday’s strong day of growth. The S&P500 index, which broadly describes the market, was up 0.02 percent, the technology-driven Nasdaq was up 0.01 percent, and the Dow Jones was down 0.19 percent.
The S&P500 index has risen for eight consecutive trading days before Tuesday. If the index were to extend the rise to nine days, it would be CNBC:n according to this is the longest streak since 2004.
Pharmaceutical company Eli Lilly was up 3.3 percent at $952.60 moments after trading began. According to preliminary studies, the company’s well-known slimming drug reduces the risk of developing type 2 diabetes by 94 percent.
Information security company Palo Alto was up 6.4 percent at $365.36. On Monday, the company published its fourth-quarter results, which exceeded analysts’ forecasts. Earnings per share were $1.51, compared to expectations of $1.41. Revenue was $2.2 billion, while analysts were expecting $2.16 billion.
Electric car manufacturer Tesla was up 1.4 percent at $225.84. The EU Commission said on Tuesday that the planned import duties for Tesla cars imported from China will be reduced to 9 percent, while the original plan was for an import duty of 20.8 percent. At the same time, the commission said it would lower import duties on electric cars imported from China by other manufacturers.
Shopping chain Lowe´s reports a mixed second quarter result from an investor perspective. The company’s earnings of $4.10 per share beat analysts’ expectations of $3.97 per share, but revenue of $23.59 billion missed expectations. At the same time, the company lowered its guidance for the end of the year. On Tuesday, the company’s share was down 0.6 percent at $241.74.
The price of gold was on the rise on Tuesday. The spot price of gold was around $2,525 per ounce on Tuesday. This is yet another record price, the previous record was broken last Friday.
Jackson Hole conference and meeting minutes
Markets are looking forward to the annual Jackson Hole conference of central bankers starting on Thursday. The head of the Fed Jerome Powellin is scheduled to speak to the media on Friday. Investors are hoping to get clarity on the central bank’s future interest rate policy as recession worries subside in the market.
On Wednesday, the meeting minutes of the central bank Fed’s July interest rate meeting will be published.