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Traders work on the New York Stock Exchange floor on November 12, 2024 in New York City.
Source: NYSE
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Here’s what CNBC TV’s producers were watching during Tuesday’s modest market decline and what’s on the radar for the next session.
CNBC hosts Delivering Alpha on Wednesday
- Key stock pickers include Nelson Peltz, David Einhorn and Jagdeep Singh Bachher, chief investment officer and vice president of investments at the University of California. We’ll also hear from Gerry Cardinale of RedBird Capital, who is appearing with Ben Affleck. Watch CNBC TV in the afternoon.
Follow the activists
- Elliott Management and ValueAct both made big moves Tuesday.
- We’ll continue following Elliott’s Honeywell investment and ValueAct’s Meta Platforms’ buy-in on Wednesday.
- Honeywell was up 3.85% on Tuesday. The stock hit a new high, and it is up 14% in November.
- Meta Platforms was up about 0.3%. The stock is 3% from the October high but up 65% so far this year.
The markets
- The S&P 500 fell for the first time since last week’s election, snapping a five-day string of gains. It dropped about 0.3%. It is up 3.5% in a week, and the index is up nearly 5% in November.
- The Nasdaq Composite also fell for the first time since the election, declining less than 0.1%. It is up nearly 6.6% in November, and it has gained 4.6% in a week.
- The Dow Jones Industrial Average lost nearly 1%. It is still up 5% in November, and it’s up 4% in a week.
- The Russell 2000 lost almost 2% Tuesday.
- Within the Nasdaq 100, 27 of the stocks have an relative strength index reading over 70. This generally means they’ve had a big run and are considered overbought, but that doesn’t mean they’re in for an immediate drop. Zoom Video is at the top of the list with a relative strength index of 87.58. The stock is up 15.5% in November.
CyberArk Software
- The cyber defense stock reports numbers in the morning before the bell.
- The stock is up 11% since last reporting three months ago.
- CyberArk is 2.55% from the October 18 high.
Tencent
- The stock took a beating Tuesday, down about 5.5%.
- The company reports results Wednesday before the bell. It is down 17% in three months.
- Tencent is 31% from the May high.
The 10-year Treasury
- The 10-year Treasury yield was by far the most searched stock on CNBC.com on Tuesday.
- Surely people search for it for different reasons.
- The yield is 4.43% on Tuesday night.
- The iShares 7-10 Year Treasury Bond ETF (IEF) is down 2.62% in a month. The yield is 3.51%.