Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average snapped its six-day win streak Tuesday as stocks ended lower after a strong opening.
- Beyond Meat (BYND) - Get Beyond Meat Inc. Report tumbled after analysts at JPMorgan cut their rating on the stock amid concerns for its $10 billion valuation. Beyond Meat is Real Money's Stock of the Day.
- Apple (AAPL) - Get Apple Inc. Report shares rose after its key iPhone assembler said it can make the tech giant's flagship product outside of China, easing concerns that tariffs might disrupt its supply chain.
Wall Street Overview
Stocks ended lower Tuesday after climbing earlier in the day, snapping the Dow Jones Industrial Average's six-day wining streak.
Wall Street had risen earlier in the day on continued hopes for near-term rate cuts from the Federal Reserve and fresh stimulus measures from China designed to support the world's second-largest economy.
The Dow Jones Industrial Average fell 14 points, or 0.05%, to end at 26,049, the S&P 500 slipped 0.03%, and the Nasdaq fell 0.01%.
The Dow's biggest laggards were United Technologies (UTX) - Get n.a. Report , down 3.9%, Walt Disney (DIS) - Get The Walt Disney Company Report , down 1.4%, and Boeing (BA) - Get The Boeing Company Report , down 1.2%, after the planemaker reported a 56% drop in May deliveries due in part to a decline in its formerly top-selling 737 MAX jets.
Commerce Secretary Wilbur Ross told CNBC that the U.S. and China will successfully negotiate a trade deal. President Trump said Monday that he would place additional tariffs on Chinese goods if President Xi Jinping does not meet with him at the G-20 meeting later this month. Ross said trade deals aren't made at summits.
On Tuesday, Trump said he's personally holding up a trade deal with China and that he won't complete the agreement unless Beijing returns to terms negotiated earlier in the year, Bloomberg reported.
Larry Kudlow, director of the National Economic Council, said Tuesday on CNBC that the U.S. economy will continue to grow at a strong pace through the rest of 2019 even if the U.S. and China don't reach a trade deal.
In economic news, the U.S. Bureau of Labor Statistics said that the Producer Price Index ticked up 0.1% on a seasonally adjusted basis in May, matching expectations. This rise follows a 0.2% increase in April. Since inflation doesn't appear to a threat, economists believe this could increase the likelihood of a rate cut from the U.S. central bank should the economy get any weaker.
Shares of Beyond Meat (BYND) - Get Beyond Meat Inc. Report tumbled 25% to $126.04 after analysts at JPMorgan cut their rating on the stock to neutral from overweight amid concerns for its $10 billion valuation. Beyond Meat is Real Money's Stock of the Day.
Apple (AAPL) - Get Apple Inc. Report shares rose about 1.2% to $194.81 after the tech giant's key iPhone assembler said it can make Apple's flagship product outside of China, easing concerns that tariffs might disrupt its supply chain.
Shares of Intel (INTC) - Get Intel Corporation Report rose slightly to $46.85 after the chipmaker agreed to buy startup Barefoot Networks in a bid to keep up with Broadcom (AVGO) - Get Broadcom Inc. Report in cloud computing technology offerings.
A federal judge is close to a issuing a ruling that would block CVS Health's (CVS) - Get CVS Health Corporation Report $69 billion acquisition of Aetna, the New York Post reported on Tuesday. Shares dropped 1.9% to $53.95.
Tesla (TSLA) - Get Tesla Inc. Report shares rose nearly 2% to $217.10 ahead of the company's annual meeting following a bullish call from Baird analyst Ben Kallo who believes that the selloff the electric carmaker experienced before its rally last week was overblown.
CEO Elon Musk will lead Tesla's annual meeting Tuesday in Mountain View, Calif., at 5:30 p.m. ET.