PRISM Market Moves on Tuesday: Tesla Gains on Full Self Driving News; UPS Tumbles
US equities are trading higher on Tuesday at midday after stocks finished mostly lower in uneventful Monday trading. Big tech is largely higher, with Tesla ($TSLA) a notable gainer, and other outperformers include food, insurance, airlines, autos, retail, hotels/restaurants, and homebuilders. Rails, drug stores, pharma, banks, energy equipment and entertainment are underperforming. Treasuries are mostly weaker, the Dollar index is flat, Gold is up +0.1%, Bitcoin futures are down (1.2%) after an 11% gain on Monday, and WTI crude is off (0.2%).
Outperformers at midday are Krispy Kreme ($DNUT) which has soared +29.4% after the company announced an expanded national partnership with McDonald’s and said it will begin a phased rollout this year with nationwide availability expected by the end of 2026. Viking Therapeutics ($VKTX) has gained +26.2% after reporting positive data from its Phase 1 clinical trial of its GLP-1/GIP oral tablet, VK2735, for metabolic disorders such as obesity, and Tesla ($TSLA) is up +5.6% after CEO Elon Musk said all US cars that are capable of full self driving (FSD) will be enabled for a one-month trial this week.
The day’s decliners include United Parcel Service ($UPS) has fallen (3.8%) after the company reiterated its 2024 targets at analyst day and introduced new 2026 targets above consensus. Analysts were cautious about ‘overly aggressive’ guidance. Canada Goose ($GOOS) is down (3.6%) after announcing a ~17% reduction in its global corporate workforce, including changes to management organizational structure, and Lear Corp. ($LEA) has dropped (1.6%) after the company guided Q1 revenue growth to ~+2.5%, below expectations.
