The election-fueled market rally took a breather, with major U.S. indexes falling at midday Tuesday as some of the big winners following Donald Trump’s victory in the U.S. presidential race lost ground.
Tesla (TSLA) shares, which had soared in anticipation of easing regulations and benefits from CEO Elon Musk’s ties to the incoming administration, fell for the first time since last Monday.
After hitting record highs on excitement about Trump’s call to make the U.S. the “crypto capital of the planet,” the price of Bitcoin pulled back, and other major cryptocurrencies traded lower. That drove down shares of crypto-related companies including Coinbase Global (COIN), Riot Platforms (RIOT), and Marathon Digital parent MARA Holdings (MARA).
Mosaic (MOS) shares slumped after the fertilizer maker missed profit and sales estimates as its business was hurt by recent hurricanes. Mosaic also announced the resignation of its CFO.
Tyson Foods (TSN) was the best-performing stock in the S&P 500 after the meat processor topped earnings estimates as higher beef and chicken prices boosted sales.
Shares of Shopify (SHOP) soared as the provider of online sales services for businesses also reported better-than-anticipated results as sales grew.
Nvidia (NVDA) shares gained as analysts from Melius and Mizuho raised their price targets for the artificial intelligence chipmaker's stock.
Oil futures rose and gold prices fell. The yield on the 10-year Treasury advanced. The U.S. dollar gained on the euro, pound, and yen.
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