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The reversion to the mean we saw during today’s pre-market remained throughout today’s trading session. After seeing the blue-chip Dow rise in each of the last five days, today it gave back -299 points, -0.76%. Meanwhile, both the S&P 500 and Nasdaq were in for the first time in four sessions, +0.39% and +1.26%, respectively — and led by NVIDIA’s (NVDA - Free Report) reversal from yesterday: dropping -6.6% Monday and +6.7% Tuesday. The small-cap Russell 2000 dropped -0.41% today.
Ahead of the open, we saw a moderate slowing in housing prices. The Case-Shiller survey for April showed slight drops in growth from the previous month, but still growth among all 20 cities indexed. After the open, Consumer Confidence for June came in a smidge higher than expectations to +100.4 from a slight downward adjustment of +101.3 for May. Both of these metrics demonstrate a further dwindling of key economic components, continuing toward a “soft landing.”
Aside from NVIDIA’s big day, Carnival Cruise Lines (CCL - Free Report) grew +8.7% today. This came after the Miami-based specialty travel company outperformed estimates on both top and bottom lines in its Q2 report out this morning. Demand and pricing both reached record highs, with an Occupancy Rate over +100%. In fact, 2025 bookings have already surpassed 2024, and the company has raised its full-year guidance. Carnival was once cruise line that has yet to fully bounce back from its steep drop during the Covid years. For more on CCL’s earnings, click here.
FedEx (FDX - Free Report) is out with fiscal Q4 results this afternoon. After today’s close, shares of the delivery and logistics major ramped up +8% immediately, and are up +16% at this hour. Earnings of $5.41 per share outpaced the Zacks consensus by 7 cents, on in-line revenues for the quarter at $22.1 billion. Cost-cutting has led FedEx to expect to save $2.2 billion this year, and the company reported $5.2 billion in capex spending. The stock has experienced some volatility over the past year, and is now back up trading near $300 per share.
If you think that’s impressive, check Rivian (RIVN - Free Report) shares today. With an announcement that Volkswagen will be investing $5 billion into the Southern California-based EV maker over the next three years (which will by that time result in VW owning between 10-15% of Rivian stock), shares have shot up +35% this afternoon. Rivian had been slogging through a tough 2024 so far, but are now back up to trading levels not seen since January. The company and VW will also engage in an EV software joint venture going forward.
Image: Bigstock
Big Jumps for RIVN, CCL, FDX and NVDA Today
Tuesday, June 25th, 2024
The reversion to the mean we saw during today’s pre-market remained throughout today’s trading session. After seeing the blue-chip Dow rise in each of the last five days, today it gave back -299 points, -0.76%. Meanwhile, both the S&P 500 and Nasdaq were in for the first time in four sessions, +0.39% and +1.26%, respectively — and led by NVIDIA’s (NVDA - Free Report) reversal from yesterday: dropping -6.6% Monday and +6.7% Tuesday. The small-cap Russell 2000 dropped -0.41% today.
Ahead of the open, we saw a moderate slowing in housing prices. The Case-Shiller survey for April showed slight drops in growth from the previous month, but still growth among all 20 cities indexed. After the open, Consumer Confidence for June came in a smidge higher than expectations to +100.4 from a slight downward adjustment of +101.3 for May. Both of these metrics demonstrate a further dwindling of key economic components, continuing toward a “soft landing.”
Aside from NVIDIA’s big day, Carnival Cruise Lines (CCL - Free Report) grew +8.7% today. This came after the Miami-based specialty travel company outperformed estimates on both top and bottom lines in its Q2 report out this morning. Demand and pricing both reached record highs, with an Occupancy Rate over +100%. In fact, 2025 bookings have already surpassed 2024, and the company has raised its full-year guidance. Carnival was once cruise line that has yet to fully bounce back from its steep drop during the Covid years. For more on CCL’s earnings, click here.
FedEx (FDX - Free Report) is out with fiscal Q4 results this afternoon. After today’s close, shares of the delivery and logistics major ramped up +8% immediately, and are up +16% at this hour. Earnings of $5.41 per share outpaced the Zacks consensus by 7 cents, on in-line revenues for the quarter at $22.1 billion. Cost-cutting has led FedEx to expect to save $2.2 billion this year, and the company reported $5.2 billion in capex spending. The stock has experienced some volatility over the past year, and is now back up trading near $300 per share.
If you think that’s impressive, check Rivian (RIVN - Free Report) shares today. With an announcement that Volkswagen will be investing $5 billion into the Southern California-based EV maker over the next three years (which will by that time result in VW owning between 10-15% of Rivian stock), shares have shot up +35% this afternoon. Rivian had been slogging through a tough 2024 so far, but are now back up to trading levels not seen since January. The company and VW will also engage in an EV software joint venture going forward.
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