Stock Market Today: S&P 500, Dow Extend Losing Streaks
Reddit stock continued to charge higher and has now nearly doubled in price since last week's IPO.
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Stocks opened higher Tuesday as investors took in a handful of economic reports and some big price swings from several stocks. Today's upside stalled near the close, but all three main indexes are comfortably on track to close out Q1 with major gains.
Tuesday's economic calendar had several notable reports on it. The Census Bureau, for one, said durable goods orders rose 1.4% from January to February, snapping two straight months of declines. Economists were anticipating a 1% increase.
Separately, data from The Conference Board showed its Consumer Confidence Survey slipped to 104.7 in March from February's 104.8, falling short of economists' estimate for a modest increase.
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"Consumers' assessment of the present situation improved in March, but they also became more pessimistic about the future," said Dana Peterson, chief economist at The Conference Board, adding that the U.S. political environment and rising food and gas prices were consumers' main concerns.
Krispy Kreme and McDonald's team up
In single-stock news, Krispy Kreme (DNUT) shares soared nearly 40% (39.4%, to be exact) after the doughnut maker announced a major partnership with blue chip fast-food giant McDonald's (MCD, -0.03%). Following a successful trial run at select locations, Krispy Kreme will soon "provide fresh doughnuts daily at McDonald's restaurants nationwide."
To celebrate the news, Krispy Kreme is giving away one free glazed doughnut to anyone who visits one of its locations today between 5 pm and 9 pm.
"Krispy Kreme's iconic brand, refreshed strategy, and local/global expansion opportunities position the company well over the next few years," wrote Truist Securities analyst Bill Chappell in a recent note. Still, the analyst has a Hold rating on the consumer staples stock, saying the popularity of weight-loss drugs could create headwinds in the near term.
Chappell is hardly alone in his neutral outlook. Of the nine analysts covering DNUT tracked by S&P Global Market Intelligence, one says it's a Strong Buy, two have it at Buy and six call it a Hold. This works out to a consensus Hold recommendation.
Reddit continues post-IPO rally
Trump Media & Technology Group (DJT) was another big gainer Tuesday after the media company that owns Truth Social and was founded by former President Donald Trump merged Monday with special purpose acquisition company (SPAC) Digital World Acquisition. DJT stock finished the day up 16.1%.
Elsewhere, Reddit (RDDT) shares jumped 9.1% after options became available to trade on the social media stock Monday. Last week, the company priced its initial public offering (IPO) at $34 per share and closed 72% above here in its market debut. Shares have now almost doubled from this offering price, putting RDDT on track to be one of the biggest IPOs of the year.
New Street Research analyst Dan Salmon initiated coverage on Reddit stock today with a Neutral rating, which is the equivalent of a Hold. The analyst anticipates more volatility for the stock over the next several months, though an "emergence of data licensing revenue" brings the potential for more upside.
As for the main indexes, the Nasdaq Composite closed down 0.4% at 16,315. The S&P 500 (-0.3% to 5,203) and the Dow Jones Industrial Average (-0.08% to 39,282) also slipped, bringing their daily losing streaks to three.
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