Tech Slides, Chinese Stocks Rebound, New York Community Bancorp Tumbles: What's Driving Markets Tuesday?

At noon trading in New York, major equity indices on Wall Street remain directionless as traders evaluate the future course of monetary policy ahead of several speeches by Federal Reserve officials in the days ahead.

The Nasdaq 100 was 0.6% lower, on track for a second negative session, as investors took some profit following the impressive surge in artificial intelligence-related and semiconductor stocks.

The iShares Semiconductor ETF SOXX is down nearly 2% on its worst-performing day since early January.

Treasury yields slightly pulled back from the recent sharp surge observed over the past few days. As a response, bonds rose, with the iShares 20+ Year Treasury Bond ETF TLT up 0.9%.

Chinese stocks made headlines as they rallied after Beijing pledged support from the government and agency officials. The iShares China Large-Cap ETF FXI rallied over 5% on its strongest day since July 2023.

Concerns within the regional banking industry persist as a result of Secretary Janet Yellen‘s remarks at Capitol Hill Tuesday, where she expressed apprehension about commercial real estate loans and the concentration of certain institutions. New York Community Bancorp NYCB experienced a sharp decline of 17%, hitting its lowest point since June 2024.

Tuesday's Performance In Major Indices, ETFs

The SPDR S&P 500 ETF Trust SPY was flat at $492.58, the SPDR Dow Jones Industrial Average DIA rose 0.1% to $384.11 and the tech-heavy Invesco QQQ Trust QQQ fell 0.5% to $426.37, according to Benzinga Pro data.

Sector-wise, the Materials SPDR Select Sector Fund XLB outperformed, up 1.8%. The sector laggard was the Technology SPDR Select Sector Fund XLK, down 0.7%.

Tuesday’s Stock Movers

• Palantir Technologies Inc. PLTR rallied 27% after reporting better-than-expected results last quarter.
• Other companies reacting to earnings were Eli Lilly Company LLY, down 0.7%, UBS Group AG UBS, down 5.5%, Spotify Technology S.A. SPOT, up 4%, BP p.l.c. BP, up 5.9%, FMC Corp. FMC, down 11%, Coherent Corp. COHR, up 20%, GE Healthcare Technologies Inc. GEHC, up 13% and Crown Holdings Inc. CCK, down 14%.
• Companies reporting after the close include: Snap Inc. SNAP Amgen Inc. (NASDAQ: AMGN), Gilead Sciences Inc. GILD, Chipotle Mexican Grill Inc. CMG, Edwards Lifesciences Corporation EW, Ford Motor Co. F and Fortinet Inc. FTNT

Read now: Yellen Expresses Concerns Over Commercial Real Estate, Stablecoin Risks, Praises US Economic Strength: ‘Headed In Right Direction’

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