Russell 2000 surges, Nasdaq slips in mixed market

Stocks were mixed on Tuesday, with the Russell 2000 posting a strong gain while the Nasdaq Composite slipped. The moves came as headlines from Iran and Russia caused volatility. Economic data showed US pending home sales dropped to their lowest level since the financial crisis. Homebuilder shares were among the top performers in the S&P 500, as the market anticipates the next cycle.

• S&P 500 rose 0.3%
• Nasdaq Composite fell 0.1%
• Russell 2000 gained 1.75%

The top gainers included:

• WDC advanced 3.5%
• AAL climbed 3.3%
• INTU rose 3.0%
• LEN added 3.6%

The biggest decliners were:

• NFLX dropped 6.1%
• MU declined 1.0%
• META fell 1.7%
• GOOGL slipped 1.3%

In after-hours trading, United Airlines shares dropped to $94.56 from $98.00 after the carrier reported earnings that missed expectations. The airline posted adjusted earnings per share of $2.54, below the $2.57 estimate, with revenue of $17.90 billion matching forecasts. Its fourth-quarter guidance was also weak, with a range of $0.50 to $1.50 per share versus the consensus estimate of $1.76.

SpaceX also reported quarterly results, with its shares rising 2%.

• Revenue totaled $14.58 billion, compared with an estimate of $12.87 billion
• Adjusted EBITDA came in at $8.81 billion, versus an estimate of $6.59 billion
• Operating income was $2.79 billion, against an estimate of $2.24 billion
• Capital expenditures were $19.59 billion, close to the estimated $19.60 billion
• Total costs and expenses amounted to $11.78 billion, versus an estimate of $11.23 billion