Major Wall Street indices witnessed see-saw movements on Tuesday as Federal Reserve Chair Jerome Powell acknowledged once again that the disinflationary process has begun but also added that the central bank would have to raise rates more than what is priced-in if the labor market remains strong and inflation remains high. The Nasdaq Composite and the S&P 500, however, closed over 1% higher while the Dow Jones ended with over 0.7% gains. Meanwhile, here are the five stocks that are drawing investors’ attention:
1. Tesla Inc TSLA: Shares of Tesla closed 1.05% higher on Tuesday, in line with the Wall Street move. Although no Tesla-specific news attracted the limelight, market participants digested the report of Hertz Global Holdings Inc’s HTZ rental fleet in the Americas peaking at 428,700 vehicles in 2022, with Teslas accounting for 11% of its fleet, according to Bloomberg. That indicated Hertz had less than 50,000 Teslas — 50% lower than what Hertz said it would order by the end of last year.
Also Read: Everything You Need To Know About Tesla Stock
2. Enphase Energy Inc ENPH: Shares of Enphase Energy closed 2.45% higher on Tuesday and gained another 8.9% in the extended session. The company’s revenue rose 14% sequentially to $724.65 million, which beat average analyst estimates of $706.51 million. It reported fourth-quarter earnings of $1.51 per share, which beat estimates of $1.24 per share.
3. Chipotle Mexican Grill, Inc. CMG: Shares of the company closed 1.76% higher but lost 4.87% in extended trading. Chipotle’s fourth-quarter revenue increased 11.2% year-over-year to $2.18 billion, which missed average analyst estimates of $2.33 billion.
4. Uber Technologies Inc UBER: Uber shares closed 2.92% higher and gained 1.69% in the after-hours session. The company is scheduled to report its quarterly earnings on Wednesday.
5. Baidu Inc BIDU: Shares of Baidu closed 12.18% higher on Tuesday. The company said it would complete internal testing of a ChatGPT-style project called “Ernie Bot” in March, as interest in generative artificial intelligence gained steam.
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