Dow opens 150 points lower as latest stock rally fizzles on Wall Street

Dozens of NYSE-listed stocks briefly halted

Dozens of stocks listed on the New York Stock Exchange were halted Tuesday due to a technical issue.

The stocks showed significantly large moves as the market opened and lead to brief volatility halts.

Some of the impacted stocks included Verizon, AT&T, Nike and McDonald’s. many stocks resumed trading shortly after.

— Jesse Pound, Samantha Subin

Semi ETF on pace for best start to the year since 2001

The VanEck Semiconductor ETF is on track for its best start to the year since 2001, when it surged 20.43%.

Since the start of January, the SMH has risen more than 17%, driven by more than 20% gains from Nvidia, ASML, Taiwan Semiconductor Manufacturing, Micron and more.

The ETF is also headed for its best month since November, when it jumped 20.35%.

— Samantha Subin

Stocks open lower Tuesday

Stocks opened lower Tuesday as the major averages struggled to build on back-to-back gains.

The Dow Jones Industrial Average fell 166 points, or 0.5%. The S&P 500 slipped 0.6%, and Nasdaq Composite dropped 0.4%.

— Samantha Subin

Gold hits highest level since April

Gold futures hit a high of $1,943.8 Tuesday, the highest level since April. The precious metal rose amid expectations for a less-aggressive interest rate hike path from the Federal Reserve.

Gold miners have had a strong start of the year with the VanEck Gold Miners ETF up 13% year to date, led by Dundee Precious Metals, Equinox, Coeur Mining, which are all up more than 20% this month.

— Yun Li, Gina Francolla

Stocks making the biggest premarket moves

Here are some of the companies making the largest premarket moves:

Verizon — Verizon shares slipped 1.51% after the company posted mixed results for the 2022 fourth quarter. While earnings met analyst predictions, forward earnings fell short of a Refinitiv consensus estimate. .

Bed Bath & Beyond — The meme stock gained 5.78%, building on its dramatic start to the year, even as the retailer warns of a potential bankruptcy. Year to date, Bed Bath & Beyond shares are up 17.1%.

Lockheed Martin — Lockheed Martin shares gained 1.52% after the company posted latest quarterly results. The defense company’s revenue came in at $18.99 billion, topping a Refinitiv forecast of $18.27 billion. Lockheed’s earnings per share also topped expectations.

For more big movers, check out our full list here.

— Hakyung Kim

Lyft gains 4% following KeyBanc upgrade

Lyft advanced more than 4% before the bell on the back of an upgrade from KeyBanc.

Analyst Justin Patterson upgraded Lyft to overweight from sector weight, noting the stock should be helped by cost-cutting measures and stabilizing demand. He also set a price target of $24, which would reflect a 55.7% upside from where the stock ended Monday’s session.

CNBC Pro subscribers can click here to read more about why Patterson anticipates the stock could rally.

Verizon falls on earnings outlook

Verizon shares fell more than 2% before the bell even after it met analysts expectations for the recent quarter.

The telecom giant shared a disappointing full-year adjusted earnings outlook, saying it expects EPS to come in between $4.55 and 4.85 excluding items. FactSet estimates called for EPS of $4.96.

Verizon also reported 41,000 net additions within its wireless retail postpaid business.

— Samantha Subin

3M falls on guidance cut, earnings miss

Shares of 3M declined more than 5% before the bell after the company shared disappointing guidance for the full year and posted an earnings miss.

The industrial conglomerate beats Wall Street’s revenue estimates for the recent quarter, although earnings fell short of expectations. The company reported earnings of $2.28 a share on revenues of $8.08 billion. Analysts had expected earnings of $2.36 a share on revenues of $8.04 billion, according to Refinitiv.

For 2023, 3M said it anticipates a 2% to 6% decline in sales and and earnings of $8.50 to $9.00 a share.

3M also said it’s cutting 2,500 global manufacturing jobs. 

3M shares fall on guidance cut

GE shares rise on better-than-expected earnings

General Electric traded more than 2% higher in the premarket after the industrial giant posted quarterly results that beat analyst expectations.

GE earned $1.24 per share on revenue of $21.79 billion for the previous quarter. Analysts expected earnings of $1.13 per share on revenue of $21.59 billion, according to Refinitiv.

“2022 marked the beginning of a new era for GE. We successfully launched GE HealthCare, delivered strong financial performance, made significant operational progress, and continued our steadfast commitment to our customers. Thanks to the high-quality work of our team, GE ended the year with solid revenue growth and margin expansion,” CEO Larry Culp said in a statement.

— Fred Imbert

AMD falls after Bernstein downgrade

AMD shares slipped more than 2% after Bernstein downgraded the semiconductor manufacturer to market perform from outperform. The firm cited worsening personal computer market trends for the…

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