Shares of Albemarle, the world’s largest lithium producer based in Charlotte, North Carolina, experienced a significant decline of 5.9% on Tuesday as it became the biggest mover in the S&P 500 index. This drop followed price target reductions by several research firms citing various factors such as trade tensions affecting global sales in the automotive sector and potential pressure on prices for battery components. Bank of America also expressed caution about the chemical sector, downgrading Dow stock and leading to a 4.0% decline in shares.
On the other hand, Palantir Technologies, headquartered in Denver, Colorado, saw its shares surge for the second consecutive session by 6.2% on Tuesday, marking the top daily performance in the S&P 500. The rise was attributed to reports of the North Atlantic Treaty Organization acquiring an artificial intelligence military solution from the software firm. Hewlett Packard Enterprise, based in Houston, Texas, experienced a 5.1% increase after activist investor Elliott Investment Management disclosed a substantial stake worth over $1.5 billion in the company, aiming to enhance its value.
While Molina Healthcare, based in Long Beach, California, faced a 3.8% decline after being downgraded by Baird analysts, USA Rare Earth, from Stillwater, Oklahoma, saw a surge in shares by 41% following reports that President Donald Trump plans to stockpile critical deep-sea metals. Additionally, Citigroup, headquartered in New York City, experienced a 3% rise in shares after revealing better-than-expected first-quarter results driven by volatile markets boosting equities trading.
Furthermore, Albertsons, based in Boise, Idaho, saw its shares drop over 7% as its weaker-than-expected profit outlook for the fiscal year disappointed investors. Boeing, located in Chicago, Illinois, experienced a 2% decline in shares as Beijing instructed Chinese airlines to halt deliveries of Boeing jets amidst escalating trade tensions. Bank of America, headquartered in Charlotte, North Carolina, observed an over 4% increase in shares after surpassing earnings estimates in the first quarter, showcasing resilience in business clients and consumer spending despite economic uncertainties.