S&P 500 Gains and Losses Today: Albemarle Stock Pressured by Weak Lithium Prices

Major U.S. equities indexes were mixed and small changed during nan first of 2 days of Congressional grounds by Federal Reserve Chair Jerome Powell.

Appearing Tuesday earlier nan Senate Banking Committee, Powell applauded advancement connected inflation but suggested nan cardinal slope hopes to spot further signals of value increases declining toward its 2% target.

Both nan S&P 500 and nan Nasdaq edged higher by astir 0.1%. With Tuesday's minimal gains, nan benchmark scale and its tech-heavy adjacent extended a drawstring of grounds closes making love backmost to early past week. The Dow ticked down astir 0.1% connected Tuesday,

Incyte (INCY) shares gained 4.4% connected Tuesday aft nan pharmaceutical patient announced nan issuance of restricted banal units (RSUs) and banal options to caller employees. These worker awards could beryllium a affirmative parameter of Incyte's expertise to pull and clasp talent.

Shares of Corning (GLW) precocious 3.8% connected Tuesday, adding to gains posted successful nan erstwhile convention aft nan specialty solid shaper boosted its gross and profit outlook. The patient highlighted beardown request for its optical connectivity products, which person proven useful successful powering networks that tally generative artificial intelligence (AI) applications. The coagulated two-day capacity makes Corning nan latest banal to use from precocious expectations for AI-driven growth.

Tesla (TSLA) shares drove 3.7% higher, marking nan tenth consecutive winning time for nan electrical conveyance (EV) maker's stock. The drawstring of gains kicked into cogwheel early past week arsenic Tesla topped estimates for second-quarter conveyance deliveries. Upcoming catalysts could see Tesla's net report, which is group to beryllium released aft nan closing doorbell connected July 23, arsenic good arsenic an Aug. 8 arena erstwhile nan institution is expected to motorboat its long-awaited robotaxi.

Shares of Albemarle (ALB), nan world's largest lithium producer, tumbled 8.8% aft Baird lowered its value target connected nan stock. According to analysts, lithium prices person remained connected nan little extremity of expectations, which could unit Albemarle's second-quarter results. Analysts besides pointed to uncertainties surrounding nan U.S. statesmanlike election, pinch nan result apt to style early developments connected taxation credits and different policies related to nan EV market, a cardinal driver of request for lithium batteries.

Shares of Lamb Weston Holdings (LW), which produces stiff French fries and different murphy products, dropped 4.5% amid reports of a class-action suit revenge against nan company. The title alleges Lamb Weston misled investors by downplaying problems related to nan implementation of a caller enterprise assets readying (ERP) strategy earlier this year.