Stocks are little changed after latest raft of earnings reports
Stocks were relatively unchanged on Tuesday as investors digested a slew of earnings results and took a breather following a rally in the previous session.
The Dow Jones Industrial Average gained 47 points, or 0.1%. The S&P 500 was lower by 0.1%, while the Nasdaq Composite dropped 0.3%.
A trio of old economy stocks saw gains on the heels of better-than-expected quarterly results. General Motors soared 12% after it hiked its guidance for the full year and topped estimates. The Detroit automaker also lowered its estimated impact from President Donald Trump’s tariffs for the year, saying that it expects to offset about 35% of that hit. Additionally, Coca-Cola and 3M jumped 3% and more than 2%, respectively, after their latest releases also surpassed Wall Street’s estimates.
Meanwhile, other names like Zions Bancorp were 2% higher after the regional bank reported third-quarter profits that rose from a year ago, despite the disclosure of some bad loans late last week that sparked a broader market rout.
Investors are monitoring a crucial week ahead for third-quarter earnings, which are revving up with Netflix set to report after the bell Tuesday and Tesla due Wednesday. A strong start to the earnings season so far appears to be supporting the broader market rally, particularly amid an economic data blackout due to the government shutdown.
Source: CNBC.com
