Stocks were poised for another day of losses on Tuesday, paring gains after a five-week winning streak as investors continue to adjust their expectations over the pathway for interest rates.
The
S&P 500
hit a yearly high last Friday, helped by bets that the Federal Reserve will cut rates multiple times next year and a corresponding slide in Treasury yields. But the recent rally in stocks is now on pause, as investors digest the rapid shift in rate expectations and look ahead to key economic indicators in the coming days that will inform Fed policy.
The U.S. jobs report for November looms as the major catalyst on Friday, but Tuesday will see the release of the JOLTs job openings report for October.
Here are stocks making moves Tuesday:
Palantir
shares fell 1.5% in premarket trading, extending losses after a 9.2% slide on Monday after analysts sounded the alarm on how data ownership concerns from customers—namely, the U.S. Army—could limit gains from future contracts. Palantir’s four-year, $458 million contract for the Army Data Platform is set to end within weeks.
Take-Two Interactive Software
stock tumbled 5.5% after the owner of Rockstar Games released the trailer for Grand Theft Auto VI, the next installment of one of the most successful videogame franchises in history, after a version was leaked on social media. Take-Two said the latest Grand Theft Auto would be launched in 2025—following some speculation it could come next year.
Nokia
shares dropped 6.4% after
AT&T
said it would work with rival
Ericsson
to launch commercial-scale open radio access network (Open RAN) deployment across the U.S. Nokia said revenue in its mobile networks division is expected to decrease across the next two to three years, with
AT&T
accounting for 5% to 8% of net sales in that business so far this year. Ericsson stock gained 3.8%.
Coinbase Global
shares slid 4.2% after the cryptocurrency broker’s stock popped 5.5% in Monday trading amid a surge in the price of tokens, with
Bitcoin
up more than 10% across the past five days to a 20-month high. Coinbase often trades in step with the largest crypto, but there are signs that investor interest in digital assets remains at depressed levels, with trading volumes—key to the broker’s business—historically low.
GitLab
stock soared 15% after the software-development group posted its first-ever profit on an adjusted operating metric. The company reported third-quarter results ahead of analyst expectations late Monday, adding that its artificial intelligence capabilities were making software engineers more productive.
Write to Jack Denton at [email protected]
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