The S&P 500 Gains and Losses: Live Nation Stock Falls as Antitrust Lawsuit Looms

Key Takeaways

• The S&P 500 fell 0.2% on Tuesday, April 16, 2024, as Federal Reserve Chair Powell suggested it might be a while before the central bank cuts interest rates.
• Shares of Live Nation plunged amid reports that the Justice Department plans to file an antitrust lawsuit against the live event ticketing firm.
• Super Micro Computer shares pushed higher after Loop Capital boosted its price target on the stock, highlighting its recent inclusion on the S&P 500.

Major U.S. equities indexes were mixed on Tuesday as Federal Reserve Chair Jerome Powell suggested that investors may have to wait longer for interest rates to move lower.

S&P 500 Performance

After fluctuating above and below the flatline for much of the session, the S&P 500 closed the day with a loss of 0.2%. The Nasdaq followed a similar trajectory, finishing Tuesday down 0.1%, while Dow remained in positive territory for the full day and closed 0.2% higher.

Live Nation Entertainment

Live Nation Entertainment (LYV) shares plunged 7.6%, marking the weakest performance on the S&P 500, following reports the U.S. Department of Justice is preparing to file an antitrust lawsuit against the firm. The agency reportedly believes the Ticketmaster parent’s domination in ticketing live events has damaged competition in the market.

Albemarle and Piedmont Lithium

Shares of Albemarle (ALB), the world’s largest lithium miner, fell 5.3% amid news that rival Piedmont Lithium (PLL) has received a mining permit from regulators in North Carolina to develop a large lithium deposit near Charlotte. According to reports, Albemarle is hiring personnel and acquiring land in a nearby county as it plans to reopen a shuttered mine in the area.

Northern Trust

Northern Trust (NTRS) shares lost 5.0% after the asset and wealth management firm reported weaker-than-expected first-quarter revenue and profit. The company posted a loss from the sale of certain debt securities as it worked to restructure its portfolio, dragging on the quarterly results.

Super Micro Computer

Shares of server and storage vendor Super Micro Computer (SMCI) logged the day’s best performance among S&P 500 stocks, soaring 10.6% after Loop Capital more than doubled its price target on the stock to $1,500. The analysts believe the stock’s recent inclusion on the S&P 500 could help justify its lofty valuation, while Super Micro Computer stands to benefit from demand for servers with artificial intelligence (AI) capabilities.

Globe Life

Globe Life (GL) shares added 7.5%, continuing to recover from huge losses posted last week when a short seller said it had taken a position in the stock and highlighted allegations of fraud. Although the insurer remains the subject of a federal probe into potential unethical activity, analysts expect the insurer to post year-over-year earnings growth when it releases quarterly results next week.

UnitedHealth Group

UnitedHealth Group (UNH) shares jumped 5.2% after the health insurance giant posted better-than-expected first-quarter results. The firm achieved strong quarterly results despite a $7 billion one-time charge surrounding the sale of its operations in Brazil and additional expenses related to a cyberattack earlier this year.

Overall, the S&P 500 experienced a mix of gains and losses on April 16, 2024, with notable movements in various sectors. Investors are closely watching developments in key companies such as Live Nation Entertainment, Albemarle, Northern Trust, Super Micro Computer, Globe Life, and UnitedHealth Group for potential investment opportunities.

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