S&P 500 slips, on pace to snap 6-day winning streak: Live updates

Shares of UnitedHealth and Humana were positive on Tuesday, extending their recent rallies.

UnitedHealth was last 1% higher, while Humana added nearly 2%.

The two stocks were both on pace to break a 5-week losing streak, if they can keep holding onto gains over the next few days. Shares of UnitedHealth and Humana are respectively 10% and 6% higher on the week.

— Bertha Coombs, Lisa Kailai Han

Shares of D-Wave Quantum soared roughly 25% during midday trading Tuesday after the company announced the debut of its latest quantum computing system. The quantum computer, known as Advantage2, is D-Wave’s sixth iteration and most advanced system.

Shares of D-Wave have skyrocketed this year, boasting a roughly 99% year-to-date gain. Other quantum computing stocks, such as Rigetti Computing, Quantum Computing and IonQ, have popped over the last month but are still posting double-digit losses for the year.

— Pia Singh

15 stocks in the S&P 500 traded at new 52-week highs on Tuesday.

Of these names, 11 tickers reached new all-time highs, including the following:

• The TJX Companies trading at all-time highs back to IPO in 1987
• Monster Beverage (formerly Hansen Natural) trading at all-time high levels back to its listing on the NASDAQ in 1992
• Cardinal Health trading at all-time highs back to its IPO in 1983
• Quest Diagnostics trading at all-time high levels back to its spin-off from Corning in 1996
• McKesson trading all-time highs back through our history to 1983
• Axon Enterprise trading at all-time highs back to when TASER began trading in May, 2001
• GE Vernova trading at all-time highs back to its spin-off from GE in Apr, 2024
• Howmet Aerospace trading at all-time highs back to its Alcoa spinoff in Nov, 2016
• Rollins Inc trading all-time highs back to when it began trading on the NYSE in 1968
• Uber trading at all-time highs back to its IPO in May, 2019
• International Business Machines trading at all-time highs back to when it began publicly trading on the NYSE in Jan, 1962

— Lisa Kailai Han

Germany’s DAX index touched an all-time high Tuesday, Spain’s IBEX rose to its highest since early 2008, Greek stocks hit their highest since 2010 and the Euro STOXX 600 Banks index climbed to its highest since late 2008, one day after the European Union and United Kingdom reached a landmark economic agreement resetting relations in the wake of Brexit in 2020.

British officials said the ageement — covering security, energy, trade and travel — with the EU marked a “new chapter” in the two sides relationship. The iShares MSCI United Kingdom ETF climbed to a 10-year high.

“The great gift of yesterday’s highly imperfect, slightly concocted, framework deal between Europe and the UK at yesterday’s summit in London will be a new sense of Confidence – the secret ingredient X which can move … slowing, tired economies back into the fast lane,” wrote Bill Blain of Wind Shift Capital in his “Morning Porridge” newsletter. “A new deal with Europe should kick start both the UK and European economies.”

— Scott Schnipper, Gina Francolla

Shares of Moderna and Pfizer rose Tuesday after the Food and Drug Administration gave new regulatory guidance for future Covid-19 vaccine boosters, which sets stricter approval standards for healthy Americans. 

The FDA recommended different standards of evidence for approval based on patients’ risk of getting severely sick from Covid, according to a paper published Tuesday in the New England Journal of Medicine.

Moderna shares jumped 8.8%, while Pfizer added 1.9%.

— Pia Singh, Annika Kim Constantino

The market recovery seems to be in full force, according to UBS.

The S&P 500 ultimately edged higher on Monday, despite Moody’s downgrading the U.S. federal debt to Aa1 from Aaa on Friday.

“Early-day market movements on Monday indicate that this rally continues to have legs as investors look for buying opportunities. While equities and bonds initially fell at market open on news of the U.S. Treasuries credit downgrade by Moody’s, price action bounced as the morning progressed,” wrote UBS’ Jason Draho. “Indeed, markets appear to be set in a healing mode as summer approaches.”

— Lisa Kailai Han

UBS recommends staying invested going forward, even in the face of ongoing uncertainty.

“We expect volatility ahead as investors contend with uncertainty on several fronts,” the bank wrote in a Tuesday note. “Still, we recommend staying invested, along with various strategies to manage volatility, as we expect the S&P 500 to edge higher over the next 12 months and the 10-year Treasury yield to fall.”

UBS added that that besides stocks, investors should consider buying bonds, golds and hedge fund for diversification.

— Lisa Kailai Han

Tesla CEO Elon Musk has committed to leading the electric-vehicle maker for the next five years.

“Yes, no doubt about that at all,” Musk said in an interview at Bloomberg’s Qatar Economic Forum in Doha.

Musk’s comments come as some investors have questioned his commitment to Tesla, as he has dedicated much of his time in recent months to advising President Donald Trump and leading the Department of Government Efficiency.

Tesla shares were up less than 1% Tuesday morning.

— Ashley Capoot, Spencer Kimball

Correction: The Qatar Economic Forum was held in Doha. A previous version of this post misidentified the city.

Check out some of the companies making headlines in premarket trading.

• Viking Holdings — Shares of the cruise line fell 5.6% despite first-quarter results coming in better than expected. Viking lost 24 cents per share, excluding items, on revenue of $897.1 million. Analysts polled by FactSet expected a loss of 29 cents per share on revenue of $841.2 million.

• Hewlett Packard Enterprise — The cloud tech stock gained advanced 3% following an upgrade to outperform from Evercore ISI, with analyst Amit Daryanani labeling its risk-to-reward skew as an attractive entry point for investors.

Read the full list here.

— Brian Evans

We could just be at the beginning of a structural shift in global equity flows, according to HSBC.

“In many ways, the current muddle-through scenario – marked by wavering tariffs and shifting policy signals – might be the environment most likely to trigger a rotation in global equities,” wrote HSBC strategist Alastair Pinder in a Tuesday note. “If conditions were as dire as markets feared following ‘Liberation Day,’ the damage would have hit risk assets broadly. Instead, what we’re seeing is a more nuanced backdrop: the U.S. no longer looks as exceptional, while other economies across the world are ramping up stimulus.”

The strategist added that he has begun to see signs of global investors reallocating their flows towards European equities.

“Our model, which uses higher-frequency flow data into select non-U.S. domiciled or sold ETFs and mutual funds, estimates that from April through 9 May foreign investors pulled cUSD30bn from U.S. equities. Interestingly, there is evidence European equities are benefiting, with substantial inflows of USD35bn year-to-date, especially into Germany,” he added.

— Lisa Kailai Han

Following JPMorgan‘s Investor day, Bank of America reiterated its bullish stance on the bank stock.

“Investor day provided plenty for the Street to like, with management laser focused on optimizing ROE by efficiently growing the business, while ensuring ROE resiliency by undertaking investments to ensure sustained growth,” wrote analyst Ebrahim Poonawala. “Beyond the superior execution, we view the stock as offering an attractive risk/reward to gain exposure to several secular themes including private credit, wealth management, payments/digitization, AI led efficiency gains, and unlocking earnings from a shift to a balanced regulatory backdrop.”

Poonawala was assured by CEO Jamie Dimon suggesting that he is unlikely to step down as CEO in the near term, which the analyst said removed the “single biggest idiosyncratic risk factor debated by investors.” Meanwhile, management seemed open to potential M&A activity as a way to deploy its excess capital.

Poonawala’s price target of $300 is roughly 13% above where shares of JPMorgan closed on Monday.

— Lisa Kailai Han

Home Depot shares climbed more than 1% after the company maintained its full-year guidance.

The home improvement retailer expects total sales to grow 2.8% in 2025. Comparable store sales are forecast to expand by about 1%.

CFO Richard McPhail also said the company won’t hike prices due to tariffs.

— Fred Imbert

Barclays’ trading desk highlighted two takeaways from Monday’s market comeback:

1. “The market is still deeply wedded to the tension between fiscal (positive via stocks) and the payback. … However, even if there is an appetite to gravitate towards ’round’ numbers … the fact is that yields have not really moved enough locally for them to matter for equities near term.”
2. Investors are not done taking on risk. “Although it is hard to claim that ‘systematics’ are responsible for the morning squeeze (or retail for that matter), we should nonetheless respect that there are several verticals of investor that are insufficiently risked into a market that is now +110bps YTD (SPX).”

— Fred Imbert

One outlier to this trend is Apple, which is down about 1.8% month to date.

— Jesse Pound

Friday’s credit downgrade of the U.S. by Moody’s Ratings comes at what was already a “tough time” for the Treasury market, according to a strategist for Capital Economics.

“The decision by Moody’s to downgrade the U.S. government’s credit rating highlights that there are several potential storm clouds on the horizon for Treasuries,” wrote Thomas Mathews, head of markets for Asia Pacific.

Sentiment toward the safe-haven status of Treasuries “has arguably deteriorated a bit of late, and the Moody’s downgrade comes at a slightly more fragile time for the U.S. bond market,” than was the case when Standard & Poor’s downgraded U.S. debt in 2011, Mathews wrote.

“It’s becoming easier to build a more-negative case for the fortunes of the world’s largest bond market,” Capital Economics said, citing multiple causes of concern:

• Long-dated Treasurys that have yet to fully recover from their “April dislocation”
• Concerning debt levels and the outlook for still “greater issuance”
• Remote odds for “serious efforts to tackle the U.S. fiscal position”
• Debt ceiling talks later this year that are likely to prove fractious
• Political pressure on the Federal Reserve from the Trump White House
• Shaky demand from Asian buyers

— Scott Schnipper

Stock market futures were calm when trading resumed at 6 p.m. in New York. S&P 500 futures were down less than 0.1%.

— Jesse Pound