Stock Market Today: Stocks Churn Ahead of April CPI Report
The major market indexes made modest moves Tuesday as investors awaited debt-ceiling updates and inflation data.
It was a relatively quiet session for the stock market Tuesday, with investors hesitant to make any big bets ahead of tomorrow's inflation data. But while price action in the major benchmarks was muted, several individual stocks made significant moves – including two electric vehicle (EV) stocks that sold off sharply after earnings.
The main indexes spent almost the entire day in negative territory. At the close, the Dow Jones Industrial Average was down 0.2% at 33,561, while the S&P 500 (-0.5% to 4,119) and the Nasdaq Composite (-0.6% to 12,179) also finished lower.
Market participants were mostly focused on what tomorrow morning's inflation data could mean for the Federal Reserve's future monetary plans. The next CPI report will be released ahead of tomorrow's opening bell, and economists are expecting the data to show consumer prices continued to rise at stubbornly high rates in April.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Investors also kept a cautious eye on Washington D.C., where President Joe Biden is scheduled to meet with congressional leaders over the debt ceiling. Treasury Secretary Janet Yellen recently said the U.S. could hit the federal borrowing limit as soon as June 1.
"No one is expecting any meaningful progress with President Biden's meeting with congressional leaders," says Edward Moya, senior market strategist at currency data provider OANDA. "The best-case scenario is that the White House meetings pave the way for lawmakers to agree upon a few hundred billion or more in spending cuts." However, Moya expects a deal will likely get done over the next few weeks.
EV stocks struggle, Palantir earnings impress
In single-stock news, Lucid Group (LCID, -5.6%) and Fisker (FSR, -7.1%) ended lower after both EV companies disclosed earnings. Lucid reported lower-than-expected first-quarter revenue on a wider-than-anticipated net loss. Fisker, meanwhile, slashed its 2023 production forecast, now expecting to deliver 32,000 to 36,000 vehicles compared to previous guidance of 42,400 cars.
On the other hand, Palantir Technologies (PLTR) surged 23.4% after the data analytics firm reported a first-quarter profit of 1 cent per share – beating the consensus estimate for a per-share loss of 1 cent. Revenue also came in higher than expected.
What's more, the company unveiled its "Artificial Intelligence Platform (AIP)," which it will begin offering to select customers later this month. "The goal of AIP is to blend the machine-learning technologies of existing PLTR technologies with large language models, coexisting in current PLTR platforms, helping businesses and governments make more data-driven decisions and further optimize processes," says BofA Securities analyst Mariana Perez Mora.
Where to find high yield in today's market
"It feels like most of the good news is in for the time being," says Louis Navellier, chairman and founder of Navellier & Associates. While there have been some disappointments along the way, corporate earnings have been better than most were expecting, Navellier says, while second-half earnings expectations don't necessarily reflect a looming recession.
And with several risks still to overcome – including uncertainty surrounding both regional bank stocks and the debt ceiling – the probability is high for additional upheaval in the market.
One way investors can help protect their portfolios from even more volatility is with income-producing assets. Kiplinger recently updated its annual feature on how to find high yields in today's market. Our guide highlights the best opportunities for investors across nine categories, including dividend stocks, real estate investment trusts (REITs) and mutual funds, among others.
-
What to Watch for When Refinancing Your Home MortgageA smart refinance can save you thousands, but only if you know how to avoid costly pitfalls, calculate true savings and choose the right loan for your goals.
-
The 10 Best Splurge Destinations for Retirees in 2026Come for the luxury vacation. Retire for the lifestyle (if the vacay goes well). What better way to test a location for retiring abroad?
-
Builders Are Offering Big Mortgage Incentives — What Homebuyers Should Watch ForBuilder credits and below-market mortgage rates can ease affordability pressures, but the savings often come with trade-offs buyers should understand before signing.
-
If You'd Put $1,000 Into Lowe's Stock 20 Years Ago, Here's What You'd Have TodayLowe's stock has delivered disappointing returns recently, but it's been a great holding for truly patient investors.
-
Stocks Extend Losing Streak After Fed Minutes: Stock Market TodayThe Santa Claus Rally is officially at risk after the S&P 500's third straight loss.
-
If You'd Put $1,000 Into 3M Stock 20 Years Ago, Here's What You'd Have TodayMMM stock has been a pit of despair for truly long-term shareholders.
-
These Were the Hottest S&P 500 Stocks of the YearAI winners lead the list of the S&P 500's top 25 stocks of 2025, but some of the names might surprise you.
-
If You'd Put $1,000 Into Coca-Cola Stock 20 Years Ago, Here's What You'd Have TodayEven with its reliable dividend growth and generous stock buybacks, Coca-Cola has underperformed the broad market in the long term.
-
If You Put $1,000 into Qualcomm Stock 20 Years Ago, Here's What You Would Have TodayQualcomm stock has been a big disappointment for truly long-term investors.
-
Stocks Retreat as Bubble Worries Ramp Up: Stock Market TodayValuation concerns took hold on Wall Street today, sending Palantir and its fellow tech stocks lower.
-
Amazon Surge Sends S&P 500, Nasdaq Higher to Start November: Stock Market TodayAmazon inked a $38 billion cloud deal with OpenAI, which sent the stock to the top of the Dow Jones on Monday.
