The S&P 500 saw a modest increase of 0.28% as markets concluded on 11-07-2023. The Dow Jones Industrial Average also experienced a slight rise, finishing 0.17% higher. Meanwhile, the Nasdaq Composite outperformed both, rising by 0.89%. The 10-year Treasury yield fell 1.42% to 4.575.
Cloud monitoring company Datadog (DDOG, Financial) reported strong third-quarter results and a healthy outlook for the coming quarter, prompting an upgrade from investment firm JP Morgan. Analyst Mark Murphy raised his rating on Datadog shares to overweight from neutral and boosted his price target to $115 from $90. Datadog shares jumped more than 28% on Tuesday following the results.
Chinese President Xi Jinping is reportedly set to meet with a slew of U.S. business executives during his visit to San Francisco for the Asia-Pacific Economic Cooperation summit. President Xi has previously met with several U.S. tech executives, including Apple's (AAPL, Financial) Tim Cook, Meta Platform's (META, Financial) Mark Zuckerberg and Microsoft (MSFT, Financial) co-founder Bill Gates (Trades, Portfolio).
Broadcom (AVGO, Financial) CEO Hock Tan discussed his plans to increase R&D at VMware (VMW, Financial) once the more than $61 billion acquisition is completed. The deal has been held up as it awaits approval from Chinese antitrust regulators.
Amazon’s (AMZN, Financial) Prime Video sold out the commercial inventory attached to its new “Black Friday” game, the first ever post-Thanksgiving event the NFL is holding, Variety reported. Google (GOOG, Financial) (GOOGL, Financial), Carnival (CCL, Financial), Hasbro (HAS, Financial) and Columbia Sportswear (COLM, Financial) are among the advertisers who signed up.
Snowflake (SNOW, Financial) rallied 11% on Tuesday amid peer Datadog's (DDOG, Financial) strong results. Datadog rose 28% on Tuesday after reporting strong third-quarter earnings and outlook for the coming period.
Automakers have not cracked the economics to make electric vehicles affordable, and it is unlikely that they will in the short-term, said Emmanuel Rosner, Deutsche Bank lead auto technology analyst. This is having an impact on stock prices on companies such as Tesla (TSLA, Financial), Rivian Automotive (RIVN, Financial), and Lucid Group (LCID, Financial).
Energy (XLE, Financial) is sitting at the bottom of Tuesday's S&P sector leaderboard, -2.5%, as U.S. crude oil tumbles below $80/bbl to its lowest level since late August. Notable decliners on the S&P 500 include Constellation Energy (CEG, Financial) -4.7%, Marathon Oil (MRO, Financial) -4.3%, SLB (SLB, Financial) -4.2%, EQT (EQT, Financial) -3.6%, EOG Resources (EOG, Financial) -3.6%, ConocoPhillips (COP, Financial) -3.4%, Devon Energy (DVN, Financial) -3.4%, Halliburton (HAL, Financial) -3.3%, APA (APA, Financial) -3.2%.
