Live Nation Stock Falls Amid Potential Antitrust Lawsuit

Major U.S. equities indexes were mixed on Tuesday as Federal Reserve Chair Jerome Powell suggested that investors may have to wait longer for interest rates to move lower.

After fluctuating above and below the flatline for much of the session, the S&P 500 closed the day with a loss of 0.2%. The Nasdaq followed a similar trajectory, finishing Tuesday down 0.1%, while Dow remained in positive territory for the full day and closed 0.2% higher.

Live Nation Entertainment (LYV) shares plunged 7.6%, marking the weakest performance on the S&P 500, following reports the U.S. Department of Justice is preparing to file an antitrust lawsuit against the firm. The agency reportedly believes the Ticketmaster parent’s domination in ticketing live events has damaged competition in the market.

Shares of Albemarle (ALB), the world’s largest lithium miner, fell 5.3% amid news that rival Piedmont Lithium (PLL) has received a mining permit from regulators in North Carolina to develop a large lithium deposit near Charlotte. According to reports, Albemarle is hiring personnel and acquiring land in a nearby county as it plans to reopen a shuttered mine in the area.

Northern Trust (NTRS) shares lost 5.0% after the asset and wealth management firm reported weaker-than-expected first-quarter revenue and profit. The company posted a loss from the sale of certain debt securities as it worked to restructure its portfolio, dragging on the quarterly results.

Shares of server and storage vendor Super Micro Computer (SMCI) logged the day’s best performance among S&P 500 stocks, soaring 10.6% after Loop Capital more than doubled its price target on the stock to $1,500. The analysts believe the stock’s recent inclusion on the S&P 500 could help justify its lofty valuation, while Super Micro Computer stands to benefit from demand for servers with artificial intelligence (AI) capabilities.

Globe Life (GL) shares added 7.5%, continuing to recover from huge losses posted last week when a short seller said it had taken a position in the stock and highlighted allegations of fraud. Although the insurer remains the subject of a federal probe into potential unethical activity, analysts expect the insurer to post year-over-year earnings growth when it releases quarterly results next week.

UnitedHealth Group (UNH) shares jumped 5.2% after the health insurance giant posted better-than-expected first-quarter results. The firm achieved strong quarterly results despite a $7 billion one-time charge surrounding the sale of its operations in Brazil and additional expenses related to a cyberattack earlier this year.