Stock Market Today: SNDK Surges, JPM Sells, RCL 52-Week Low

Marley Kayden (0:00)

Welcome to The Wrap. I'm Marley Kayden, here to take you through today's market action. Stocks finished mixed on Tuesday with the Nasdaq 100 reaching a new all-time high, the S&P 500 flat, and the Dow falling a third of a percent. Materials and consumer staples each gained more than 1%, while financials fell nearly 2%.

As we look at some stocks on the move, SanDisk was one of the leaders in the S&P 500, rising 7% after Rosenblatt initiated coverage with a buy rating and a $2,400 price target. The analysts called this quote, not your father's SanDisk, arguing Nanflash memory has become a critical part of computing infrastructure rather than simply a commodity business. The stock is up 1700% in the last 52 weeks. JPMorgan shares fell 3% as financial stocks came under pressure. The move comes as investors continue to assess the interest rate outlook and what it could mean for bank profitability and net interest income.

Meta announced deals with Paypal and Shopify, fueling fears that AI could disrupt traditional financial institutions. And Royal Caribbean fell to a new 52 week low after a Financial Times report that the company is nearing a deal to buy a majority stake in Sandals Resorts International. The potential transaction would value Sandals at more than $6 billion and would be the largest deal in Royal Caribbean's history. The stock closed down 6% and has fallen 29% in the last 52 weeks.

As we look at what to watch for Wednesday, General Mills, Cracker Barrel and Paychex report before the bell. The Flash PMI, Composite and Atlanta Fed Business Inflation expectations are also due out in the morning. That's going to do it for the wrap. I'm Marley Kayden. Remember you can tune in 24-7 to schwabnetwork.com and subscribe to our YouTube channel.