Silver Jumps To $89 After Soft CPI, JPMorgan Falls 3%: What's Moving Markets Tuesday?

Wall Street traded timidly on Tuesday despite another benign inflation report that reinforced expectations for Federal Reserve rate cuts later this year, as a weaker-than-expected start to the earnings season kept investors cautious.

The Consumer Price Index rose 2.7% year over year in December, matching both the prior reading and economist estimates. Notably, core CPI came in at 2.6% year over year, slightly below expectations.

Supply concerns continued to push silver higher, with the grey metal jumping 4.5% to $89 an ounce — already up 22% since the start of the year in less than two weeks.

The S&P 500 flattened at 6,970 by midday trading in New York, remaining within striking distance of the record high of 6,986 hit a day earlier.

The Dow Jones Industrial Average fell 0.5% as financial stocks weighed on the blue-chip index. Tech stocks in the Nasdaq 100 edged up 0.1%, lifted by strength in semiconductors. The Russell 2000 gained 0.2%, with small caps eyeing their seventh positive session in the past eight.

Tuesday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF (NYSE:VOO) flattened at $638.46.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) moved 0.6% lower to $492.92.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) was steady $627.33.
• The iShares Russell 2000 ETF (NYSE:IWM) traded 0.1% up to $261.76.
• The Energy Select Sector SPDR Fund (NYSE:XLE) outperformed, up 1.5%; the Financial Select Sector SPDR Fund (NYSE:XLF) lagged, down 1.8%.

On the earnings front, shares of JPMorgan Chase & Co. (NYSE:JPM) fell more than 3% despite beating earnings estimates, as investors focused on weaker investment-banking fees and cautious commentary on loan growth.

Delta Air Lines Inc. (NYSE:DAL) slid over 4% after issuing soft forward guidance, citing cost pressures and normalization in post-pandemic travel demand. Airline stocks broadly underperformed on margin concerns.

Moderna Inc. (NASDAQ:MRNA) was the S&P 500's top performer, rallying 14% on the day after the company issued bullish growth forecasts in its vaccine business.

Intel Corp. (NASDAQ:INTC) climbed 7.7% to $47.50 after a KeyBanc upgrade from Sector Weight to Overweight with a $60 price target. Advanced Micro Devices Inc. (NASDAQ:AMD) jumped 6.5% after the same analyst upgraded the stock to Overweight and set a $270 price target.

The energy sector outperformed Tuesday, with broad-based gains across U.S. oil and gas stocks as crude rallied for a fourth straight session. West Texas Intermediate crude rose 2.7% to above $61 a barrel, hitting a three-month high.

Bitcoin (CRYPTO: BTC) also advanced 2.5% to above $93,000, eyeing a third consecutive session of gains.

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