US stocks go nowhere amid big rotation out of gold and into fake meat |
A sense of calm returned to US stocks on Tuesday and was only briefly interrupted by a warning from US President Donald Trump that he may not meet with his Chinese counterpart Xi Jinping later this month after all. The S&P 500 traded in its narrowest range in over a month to finish roughly flat, as did the Nasdaq 100. The Russell 2000, meanwhile, slumped about 0.5% on the session. Consumer discretionary was the best-performing S&P sector ETF, while utilities was at the bottom of the leaderboard. Stocks that moved higher: |
- As gold lost some of its shine, so did the shares of SPDR Gold Shares ETF, and miners such as Newmont Corp., Agnico Eagle, Wheaton Precious Metals, and Anglogold Ashanti.
- But those stocks could also be the victim of the general reversal of high-volatility momentum trades, which saw members of Goldman Sachs’ baskets of “high beta momentum longs” and “non-profitable tech” stocks tumble, including D-Wave Quantum, Planet Labs, and Navitas Semiconductor.
- Philip Morris sank on signs of cracks in its Zyn biz, despite an otherwise cheery earnings report.
- Google tumbled after OpenAI announced it will release a Chrome-competitor browser, “ChatGPT Atlas.”
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— Luke Kawa, Markets Editor & Toby Bochan, Managing Editor |
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Not so Gucci: Kering to sell its beauty arm to L’Oréal in a €4 billion cash deal |
The Gucci owner is looking to shrink its mountain of debt, while its star brand continues to slide in sales. Read more. |
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Traders are getting more and more pessimistic about the government shutdown ending any time soon |
The market expects the shutdown to last well into November. Read more. |
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Beyond Meat’s meme stock rally continued after Monday’s frenzied session broke its records for volumes, options traded, and one-day gains. The plant-based meat company’s trading activity is beyond any meme stock move we’ve seen this year. See the charts. |
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