Stocks were mixed on Tuesday, with investors awaiting more corporate earnings results from major companies and a Federal Reserve monetary policy decision on Wednesday.
The S&P 500 reversed earlier gains to trade lower after the blue-chip index rose to an all-time high during Monday’s regular trading day. The Dow ticked up, while the Nasdaq also slipped. Shares of Tesla (TSLA) fell after the company’s first-quarter sales results missed estimates, though earnings and automobile gross margins exceeded expectations in the report delivered Monday evening.
Earnings results will pick up on Tuesday with companies including Microsoft (MSFT), Alphabet (GOOGL) and Starbucks (SBUX) poised to report results. The Big Tech names reporting Tuesday and later this week especially are set to be closely watched, with these stocks having largely underperformed against the broader market for the year-to-date as 2020’s tech and growth-led rally cooled and investors turned instead to cyclical and value shares.