US stocks paused before Wednesday’s Fed decision

On Tuesday, US stocks remained relatively unchanged as investors awaited the Federal Reserve’s decision scheduled for the following day. The S&P 500, Nasdaq 100, and Russell 2000 all saw a 0.1% decline during the trading session.

Among the sectors, Energy emerged as the top performer in the S&P 500 sector ETF, while utilities took the bottom spot in terms of performance. Steel Dynamics experienced a positive day with their shares rising by 6.2% after the company provided a strong guidance for Q3 earnings. On the flip side, Warner Bros. Discovery saw a 6.3% drop in their stock price following a downgrade from TD Cowen, expressing concerns over the recent takeover uncertainty.

In other news, Webtoon Entertainment witnessed a significant surge of 39% after Disney revealed its acquisition of a 2% stake in the popular digital comics platform. Tesla also had a good day with a 2.8% increase as new data highlighted its standing as a dominant force in the US EV sales market. CEO Elon Musk also made headlines by responding to a post on X with humorous remarks about his busy schedule at Tesla.

Meanwhile, Rivian’s stock rose by 5.2% after announcing the groundbreaking of their delayed $5 billion Georgia plant, with projections to manufacture 200,000 vehicles annually by 2028. Nio saw an 8.2% increase after receiving an upgrade from UBS to a “buy” rating, propelling the stock to its highest level since the previous October.

Plug Power experienced a 7.3% gain driven by bullish options activity, while Moderna ticked higher by 4% following positive phase 4 clinical trial results for its next COVID-19 vaccine. GameStop continued its winning streak with a 3.1% increase after a successful Q2 earnings report, and Oracle rose by 1.5% on news of its involvement in a potential deal for a US spin-off of TikTok.

On the downside, Dave & Buster’s plummeted nearly 17% after disappointing Q2 earnings, Rocket Lab shares dropped 12.6% due to a planned share offering of up to $750 million, and Hims & Hers fell by 5.7% following an FDA warning letter regarding the marketing of their weight-loss drugs. Delta Air Lines experienced a 1% decline after being ordered to dissolve its joint venture with Aeromexico by the Trump administration, and Ralph Lauren saw a minor drop of 2% before closing flat despite providing a positive revenue outlook. The luxury retailer also expressed concerns over potential impacts of tariffs and inflation on its margins.