Key Takeaways
- The S&P 500 and Nasdaq added to their all-time highs at midday as Fed Chair Jerome Powell told Congress economic growth could be hurt by keeping interest rates high for too long.
- Nvidia’s stock rose. Its price target was raised by KeyBanc, which doesn’t see any pullback in demand for the company’s chips.
- Helen of Troy posted worse-than-expected results and cut its outlook on slowing demand for beauty and wellness products. Its shares plummeted.
The record-setting pace for the S&P 500 and Nasdaq continued around midday Tuesday as Federal Reserve Chair Jerome Powell told Congress leaving interest rates high for too long could hurt economic growth. The Dow ticked lower.
Nvidia (NVDA) shares advanced as KeyBanc raised its price target on the shares, with the analysts arguing there’s no sign of a demand pause for its artificial intelligence (AI) chips. Shares of Chemours (CC) rose after an upgrade from UBS, which said the chemical company’s stock could outperform because of higher prices and sales of refrigerants. The rally in Tesla (TSLA) shares continued into a 10th straight day.
Helen of Troy (HELE) shares plunged after the company behind a wide range of consumer products missed profit and sales estimates and cut its guidance on falling demand for its beauty and wellness products. BP’s (BP) American Depositary Receipts (ADRs) slid after the British oil producer said it would take an up to $2 billion impairment charge and warned that lower refining margins would hurt earnings.
Pfizer’s (PFE) shares declined. The pharmaceutical firm’s chief scientist who helped develop its COVID-19 vaccine stepped down.
Oil futures lost ground, while gold was about flat. The yield on the 10-year Treasury note climbed. The U.S. dollar was up versus the euro, pound, and yen. Prices for most major cryptocurrencies were higher.
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