Key Takeaways

Major U.S. equities indexes finished with minor losses on Tuesday.

The S&P 500 fell 0.2%, ending a streak of eight straight winning sessions buoyed by increased confidence in upcoming interest rate cuts. The Dow was also down 0.2%, while the Nasdaq slid 0.3%.

Companies that provide medical devices for patients managing diabetes came under pressure after a study showed that the blockbuster drug from pharma giant Eli Lilly ( LLY ) significantly reduces the risk of patients developing type 2 diabetes. Shares of insulin pump manufacturer Insulet ( PODD ) plunged 6.9%, marking the weakest daily performance of any stock in the S&P 500. Shares of DexCom ( DXCM ), known for its continuous glucose monitors (CGMs), were down 6.2%.

Crude oil futures prices moved lower amid hopes for alleviating tensions in the Middle East and as sluggish economic growth in China reduces demand. The downward move pressured oil and gas stocks. Valero Energy ( VLO ) shares fell 4.7%, while shares of Phillips 66 ( PSX ) and Marathon Petroleum ( MPC ) were down 4.2% and 4.1%, respectively.

Boeing ( BA ) shares lost altitude on Tuesday, descending 4.2% after the aircraft manufacturer announced the grounding of its 777X test fleet . The decision to hit the pause button on the new jetliner came after an inspection revealed the failure of a key engine mounting structure. The move marks the latest in a series of safety and production-related setbacks for the airplane manufacturer this year.

Cybersecurity firm Palo Alto Networks ( PANW ) posted better-than-expected sales and profits for its fiscal fourth quarter, and its shares notched the biggest gains in the S&P 500 on Tuesday, surging 7.2%. Several Wall Street analysts boosted their price targets on Palo Alto stock following the strong results, praising the company's ongoing "platformization" efforts and early success with its artificial intelligence (AI) integration initiatives.

Shares of Darden Restaurants ( DRI ), operator of Ruth's Chris Steak House, Cheddar's Scratch Kitchen, and other restaurant chains, gained 3.7% as Raymond James reaffirmed its "outperform" rating on the stock. In its most recent earnings report, released in June, Darden said it plans to open 45 to 50 new restaurants this fiscal year. Tuesday's gains also followed an announcement that Darden chain Olive Garden will reinstate its popular "Never Ending Pasta Bowl" promotion starting next week.

PayPal Holdings ( PYPL ) shares jumped 3.5% after analysts at JPMorgan reiterated their "overweight" rating on the payment provider's stock and lifted their price target to $80. More positive commentary came from Josh Brown, CEO of Ritholtz Wealth Management, who discussed his bullish outlook on PayPal in an appearance on CNBC. In addition, PayPal announced on Tuesday that it is expanding its partnership with Ayden, a global financial technology platform, as it aims to speed up guest checkout processes.

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