S&P 500 and Nasdaq Composite End Winning Streaks with Lower Closes

On Tuesday, the S&P 500 experienced significant movements, with some companies seeing notable declines while others enjoyed gains. Let’s take a closer look at the biggest movers in the S&P 500 on that day.

Decliners:
Several companies in the medical devices sector faced pressure following the release of a study showing the effectiveness of a diabetes drug from Eli Lilly. Insulet, a manufacturer of insulin pumps, saw its shares plummet by 6.9%, marking the weakest performance of any stock in the S&P 500. DexCom, known for its continuous glucose monitors, also experienced a decline of 6.2%.

The energy sector also took a hit as crude oil futures prices dropped due to easing tensions in the Middle East and sluggish economic growth in China. This downward trend affected oil and gas stocks, with companies like Valero Energy, Phillips 66, and Marathon Petroleum seeing declines of 4.7%, 4.2%, and 4.1%, respectively.

Boeing, the aircraft manufacturer, saw its shares decrease by 4.2% after announcing the grounding of its 777X test fleet. This decision came after an inspection revealed a failure in a key engine mounting structure, adding to a series of safety and production-related setbacks for the company.

Advancers:
On the other hand, Palo Alto Networks stood out as one of the top gainers in the S&P 500, with its shares surging by 7.2% after reporting better-than-expected sales and profits for its fiscal fourth quarter. Wall Street analysts raised their price targets on Palo Alto stock, praising the company’s ongoing efforts in platformization and success with artificial intelligence integration initiatives.

Darden Restaurants, the operator of popular chains like Olive Garden and Ruth’s Chris Steak House, saw its shares rise by 3.7% after Raymond James reaffirmed its “outperform” rating on the stock. The company’s plans to open new restaurants and the reinstatement of Olive Garden’s “Never Ending Pasta Bowl” promotion contributed to the positive sentiment.

PayPal Holdings also experienced a jump in its stock price, rising by 3.5% after analysts at JPMorgan reiterated their “overweight” rating on the payment provider’s stock. The expansion of PayPal’s partnership with Ayden and positive commentary from industry experts further boosted investor confidence.

In conclusion, the S&P 500 witnessed a mix of movements on Tuesday, with some companies facing challenges while others enjoyed significant gains. These fluctuations highlight the dynamic nature of the stock market and the importance of staying informed about the latest developments in various sectors.