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  • S&P 500 Index trades in tight range on Tuesday.
  • Cruise liner shares rise sharply on coronavirus vaccine hopes.
  • NOV suffers heavy losses as company expects decline in Q3 and Q4 revenue.

Following a negative start to the day on Tuesday, the S&P 500 Index (SPX) pared its losses and turned flat on the day at 3,240 as investors wait for key second-quarter earnings figures and the FOMC’s policy announcement. 

After the closing bell, AMD, Visa, eBay and Starbucks will be among the top US firms that are scheduled to release second-quarter earnings figures. Ahead of the opening bell on Wednesday, the focus will be on Boeing, GE and GM’s reports.

S&P 500 top movers

On Monday, Moderna announced that its coronavirus vaccine has reached the final phase that will see it tested on 30,000 people. Earlier in the day, Dr Anthony Fauci, director of the US National Institute of Allergy and Infectious Diseases, said that he is “cautiously optimistic” that an effective vaccine could emerge by mid-to-late fall. 

Boosted by this development, major cruise liners’ shares are posting strong gains on Tuesday. Norwegian Cruise Line Holdings Ltd (NCLH), Carnival Corp (CCL) and Royal Caribbean Cruises Ltd (RCL) shares are among the top performers on the day, gaining between 8% and 5%.

On the other hand, National Oilwell Varco Inc (NOV) shares are trading at $11.61, down 10.62% as the biggest-decliner of the day. Earlier in the day, the company said that it expects revenues to decline slightly in the third quarter and added that it sees potential for a more pronounced decline in the fourth quarter.