Stock Markets March 17, 2026

Mixed session lifts payments and travel names while drug and music stocks slide

Market-cap ranges show broad dispersion as corporate updates and earnings news drive heavy moves across sectors

By Priya Menon LLY RTX MS GS
Mixed session lifts payments and travel names while drug and music stocks slide
LLY RTX MS GS

Trading on Tuesday produced sharp swings across market-cap groups. Healthcare mega-cap Eli Lilly fell after a downgrade centered on the obesity market, while Tencent Music plunged on quarterly results that missed expectations. Payment, travel and select technology and energy stocks recorded notable gains, leaving the session broadly mixed.

Key Points

  • Eli Lilly slipped after an HSBC downgrade focused on obesity market concerns, weighing on the mega-cap healthcare name.
  • Tencent Music reported a fourth-quarter earnings miss despite a revenue beat, sending shares sharply lower.
  • Payments, travel and selected technology and energy-related stocks posted some of the largest gains across large- and mid-cap groups.

Stocks across market-cap brackets experienced pronounced volatility on Tuesday as company-specific news and earnings-related developments pushed some names sharply higher while others fell. Moves spanned mega-cap conglomerates to small-cap listings, with healthcare, payments, travel and technology among the sectors registering the most activity.


Mega-cap highlights ($200 billion and above)

  • Eli Lilly And Co (LLY) - The stock retreated -2.93% following a downgrade from HSBC tied to concerns about the obesity market.
  • United Tech (RTX) - Shares were down -2.13% on the session.
  • Morgan Stanley (MS) - The shares rose +2.24% amid news that Morgan Stanley plans to sell its stake in a New Jersey power plant.
  • Goldman Sachs Group (GS) - The stock gained +1.6%.
  • Lam Research Corp (LRCX) - Shares climbed +1.86%.

Large-cap movers ($10 billion to $200 billion)

  • Tencent Music Entertainment Group (TME) - The share price plunged -18.42% after the company missed fourth-quarter earnings despite reporting revenue that beat expectations.
  • Yandex (NBIS) - Shares fell -11.17% as Nebius moves ahead with a $3.75 billion convertible notes offering.
  • Global Payments (GPN) - The stock jumped +6.13%.
  • Expedia (EXPE) - Shares rose +5.7%.
  • Vector Acquisition (RKLB) - The stock increased +6.49%.
  • Fair Isaac and Comp Inc (FICO) - Shares were higher by +5.36%.
  • Uber Technologies Inc (UBER) - The stock climbed +5.63%.
  • Trade Desk Inc (TTD) - Shares advanced +5.67%.
  • New Providence Acquisition Corp N (ASTS) - The stock moved up +6.35%.
  • Apollo Global Management (APO) - Shares gained +3.38% after WestCX expanded RCS messaging deployment via a Twilio partnership.

Mid-cap action ($2 billion to $10 billion)

  • Solaris Oilfield Infrastructure (SEI) - The stock surged +14.99% as Solaris Energy added 900 MW of capacity via two deals and secured funding.
  • Lemonade Inc (LMND) - Shares jumped +12.71% after Morgan Stanley upgraded the stock on Tesla partnership potential.
  • F G Annuities Life Inc (FG) - The company announced a $100 million share buyback program, and shares rose +8.91%.
  • Academy Sports Outdoors Inc (ASO) - Shares fell -8.68%.
  • Semtech Corp (SMTC) - Shares declined -8.44%.
  • Forgent Power Solutions Inc (FPS) - The stock increased +6.31%.
  • Atour Lifestyle Holdings ADR (ATAT) - Shares edged higher +5.7% as revenue rose over 33% year-over-year.
  • Marriott Vacations Worldwide Corp (VAC) - The stock was up +5.96%.
  • Blackline Inc (BL) - Shares climbed +5.56%.
  • Navan Inc (NAVN) - Shares rose +6.87% after BMO Capital initiated coverage with an Outperform rating.

Small-cap movers ($300 million to $2 billion)

  • Tuscan Holdings Corp (MVST) - The stock plunged -23.59%.
  • Citi Trends (CTRN) - Shares surged +22.03% as the retailer doubled its profit outlook following strong fourth-quarter results.
  • Babcock & Wilcox Enterprises (BW) - Shares rose +17.41%.
  • Ichor Holdings Ltd (ICHR) - Stifel upgraded the stock on perceived cyclical strength; shares jumped +15.94%.
  • Tronox Limited (TROX) - Shares increased +15.72%.
  • Resolute Holdings Management (RHLD) - The stock climbed +14.12%.
  • Loral Space and C (TSAT) - Shares rose +13.15%.
  • Adecoagro SA (AGRO) - Morgan Stanley upgraded the stock on the impact of the Profertil acquisition; shares gained +12.66%.
  • HUYA Inc (HUYA) - The stock fell -11.13% after a fourth-quarter loss exceeded estimates.
  • CC Neuberger Principal Holdings II (GETY) - Getty Images shares declined on a weak 2026 outlook following mixed fourth-quarter results; the move was +20.2%.

The session underscored how heterogeneous drivers - from downgrades and earnings misses to corporate actions and upgrades - can produce wide dispersion in performance across market-cap segments. Market participants tracked company-specific disclosures, analyst moves and quarterly data as the primary catalysts listed above.

Risks

  • Earnings misses can trigger steep share price declines, as seen with Tencent Music and HUYA, affecting investor sentiment in consumer internet and media sectors.
  • Analyst downgrades tied to market concerns, such as HSBC's move on Eli Lilly related to the obesity market, can pressure large-cap healthcare names.
  • Corporate financing decisions and offers, exemplified by Nebius's $3.75 billion convertible notes plan for Yandex (NBIS), introduce uncertainty for affected issuers and their sectors.

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