Stocks experienced a downturn on Tuesday as the Federal Reserve commenced its two-day monetary policy session. Wall Street widely anticipates the central bank to maintain steady interest rates. The debut of Instacart CART +12.33% on the trading floor also caught investors' attention. Here's a recap of the stock movements on Tuesday:
Starbucks witnessed a 2% drop due to concerns about potential economic headwinds in China affecting consumer spending, while Disney shares slid by 3.3% upon the company's revelation of significantly increased investments in its parks and cruises.
Super Micro Computer shares saw a 1.6% boost after Barclays initiated an overweight rating, citing potential benefits from the emerging artificial investment trend. In contrast, Deere stocks decreased by nearly 3% following Evercore's downgrade due to anticipated revenue shortfalls and cuts in agriculture production. Meanwhile, shares of Planet Fitness took a hit of 4.2% after JPMorgan's downgrade, primarily due to the unexpected departure of its CEO, Chris Rondeau, and potential macroeconomic uncertainties.
Newly public semiconductor company Arm Holdings experienced a 5.4% decline, with Redburn Atlantic Equities starting its coverage by deeming the company overvalued. Array Technologies, on the other hand, surged by 4.3% as Bank of America labeled it a ādiamond in the rough.ā Rocket Lab shares plummeted by 7.4% after its first failed launch in over two years. In the banking sector, Lazard's stocks declined by 1.2% post a Goldman Sachs downgrade, while Royal Caribbean's shares rose by 2.4% after positive forward-looking trends were highlighted by Truist. Lastly, Rackspace Technology experienced a significant surge of around 36% after Raymond James upgraded its rating, commending the company's management strategy.
