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Key Takeaways
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The S&P 500 slipped 0.2% on Tuesday, April 15 amid a relative lull in market-moving global trade developments.
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Netflix stock pushed higher after a report indicated that the streaming giant aims to double its revenue by 2030.
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Numerous analysts reduced their price targets on Albemarle stock, citing a challenging macroeconomic backdrop, and shares of the lithium producer tumbled.
Major U.S. equities declined slightly Tuesday, a reprieve from the trade-related volatility that has driven significant swings in stocks in recent weeks.
Market indexes ticked lower following rallies in the previous two sessions and despite strong earnings reports from some of the nation's largest banks. The S&P 500 slipped 0.2%, while the Dow lost 0.4%. The Nasdaq ended Tuesday's session with a minor loss of less than 0.1%
Palantir Technologies (PLTR) shares surged for the second straight session, adding 6.2% on Tuesday to notch the S&P 500's top daily performance. The push higher for Palantir stock followed reports that the North Atlantic Treaty Organization (NATO) acquired an artificial intelligence (AI) military solution developed by the big data analytic software firm.
Shares of Hewlett Packard Enterprise (HPE) gained 5.1% after Bloomberg reported that activist investor Elliott Investment Management has accumulated a position worth more than $1.5 billion in the IT services provider. People familiar with the matter told Investopedia that Elliott intends to engage with HPE's leadership on potential steps to boost the tech company's value.
According to The Wall Street Journal, Netflix (NFLX) executives outlined a set of optimistic objectives at a business review meeting in March. The targets include doubling the company's revenue by 2030 and achieving a $1 trillion market capitalization. Netflix shares jumped 4.8% ahead of the streaming giant's quarterly earnings report, which is set to be released Thursday afternoon.
Shares of Albemarle (ALB), the world's largest lithium producer, dropped 5.9%, falling the most of any S&P 500 constituent. The move lower came after several research firms reduced their price targets on the stock. Analysts pointed to numerous factors behind more muted forecasts for Albemarle, including the potential for trade tensions to weigh on global sales in the automotive sector, which could result in sustained pressure on prices for battery components.
Bank of America expressed a cautious view of the chemical sector, pointing to softness in cyclical demand and headwinds related to global trade. Analysts indicated that these factors are contributing to lower levels of confidence around upcoming earnings estimates. BofA downgraded Dow (DOW) stock to "underperform" from "buy," and shares of the chemicals giant lost 4.0% following the double downgrade.