US close: Stocks mixed amid slew of earnings
US stocks finished mixed on Tuesday as investors waded through an avalanche of earnings and digested a better-than-expected reading on US consumer confidence.
Dow Jones I.A.
38,884.26
04:30 15/10/20
Nasdaq 100
18,091.45
12:15 07/05/24
The Dow Jones Industrial Average finished up 0.47% at 21,613.43 and the S&P 500 was ahead 0.29% at 2,477.13, while the Nasdaq 100 fell 0.18% to 5,930.65 as the Federal Reserve kicked off its two-day policy meeting.
The mood was underpinned by some encouraging data, as the latest figures from the Conference Board showed US consumer confidence unexpectedly rose to a four-month high in July.
Its confidence index increased to 121.1 from 117.3, beating expectations for a drop to 116.5.
“The small rise in the Conference Board measure of consumer confidence takes it to its second highest reading in 16 years and suggests that consumption growth will accelerate in the second half of the year,” noted Capital Economics.
There was no shortage of corporate news for investors to sink their teeth into.
Google parent Alphabet was in the re by 2.93%d after the company said late on Monday that its profits were hit by a record fine imposed by the European Commission on Google last month for the breach of competition rules.
Second-quarter revenues at Alphabet rose 21% to $26bn but profit in the three months to the end of June fell more than 40% to $3.5bn due to the fine.
McDonald's rallied 4.75% as its second-quarter earnings beat expectations, with earnings per share of $1.70 versus $1.62 expected, while Caterpillar advanced 5.88% as its quarterly numbers surpassed estimates and the company lifted its sales and profit guidance.
Retailer Supervalu surged 15.08% after its first-quarter earnings missed expectations but revenue beat forecasts, while DuPont shares traded 1.35% higher after its quarterly earnings and sales topped estimates.
Miner Freeport-McMoRan saw its shares gallop 14.74% higher after it said it swung to a profit in the second quarter, while Barnes & Noble rose 16.9% as activist investor Sandell Asset Management urged the retailer to consider going private.
Kimberly Clark edged up 0.7% as its second-quarter profit surpassed estimates, while luxury fashion brand Michael Kors eked out gains of 0.06% after agreeing to buy London-listed Jimmy Choo for £896m.
Going the other way, HCA Healthcare retreated 4.54% after the company’s second-quarter profit and revenue fell short of estimates, while Eli Lilly fell 3.01% despite the pharmaceutical group's quarterly profit and sales coming in ahead of expectations.
General Motors lost 0.7% after earlier gaining on the back of a better-than-expected quarterly profit, and Post-it maker 3M lost 5.05% after its quarterly sales narrowly missed analysts' expectations.
United Technologies slid 2.2% despite posting better-than-expected quarterly earnings and raising its outlook.
In other macro news, US house price growth eased in May, according to the S&P/Case-Shiller National Home Price Index.
The 20-city index was up 5.7% on the year, down from 5.8% the month before and below economists' expectations for an unchanged reading.
Meanwhile, the national home price NSA index covering all nine US census divisions was up 5.6% in May, unchanged from April.
Seattle, Portland, and Denver reported the highest year-over-year gains among the 20 cities.
Washington state’s largest city led the way with a 13.3% year-over-year price increase, followed by Portland with 8.9%, and Denver overtaking Dallas with a 7.9% increase.
Nine cities reported greater price increases in the year ending May 2017 versus the year ending April 2017.
Dow Jones - Risers
Caterpillar Inc. (CAT) $114.54 5.88%
McDonald's Corp. (MCD) $159.07 4.75%
Wal-Mart Stores Inc. (WMT) $78.51 2.12%
JP Morgan Chase & Co. (JPM) $92.80 1.67%
Home Depot Inc. (HD) $147.11 1.65%
Goldman Sachs Group Inc. (GS) $221.58 1.56%
E.I. du Pont de Nemours and Co. (DD) $85.49 1.35%
Chevron Corp. (CVX) $104.39 1.15%
Procter & Gamble Co. (PG) $89.16 1.09%
Coca-Cola Co. (KO) $45.23 0.89%
Dow Jones - Fallers
3M Co. (MMM) $199.39 -5.05%
United Technologies Corp. (UTX) $120.42 -2.20%
Johnson & Johnson (JNJ) $131.88 -0.85%
Pfizer Inc. (PFE) $33.09 -0.66%
Walt Disney Co. (DIS) $106.42 -0.54%
Visa Inc. (V) $99.99 -0.38%
Merck & Co. Inc. (MRK) $62.36 -0.34%
Unitedhealth Group Inc. (UNH) $190.40 -0.26%
General Electric Co. (GE) $25.44 0.04%
Boeing Co. (BA) $212.46 0.13%
S&P 500 - Risers
Freeport-McMoRan Inc (FCX) $14.87 14.74%
Newmont Mining Corp. (NEM) $36.24 6.90%
Range Resources Corp. (RRC) $21.82 6.86%
Caterpillar Inc. (CAT) $114.54 5.88%
Signet Jewelers Ltd (SIG) $61.46 5.49%
Urban Outfitters Inc. (URBN) $18.42 5.44%
Southwestern Energy Co. (SWN) $5.91 4.96%
McDonald's Corp. (MCD) $159.07 4.75%
Newfield Exploration Co (NFX) $27.84 4.43%
TripAdvisor Inc. (TRIP) $38.82 4.16%
S&P 500 - Fallers
Seagate Technology Plc (STX) $33.20 -16.50%
Interpublic Group of Companies Inc. (IPG) $22.17 -13.34%
Tenet Healthcare Corp. (THC) $19.52 -7.53%
Micron Technology Inc. (MU) $29.90 -5.59%
Waters Corp. (WAT) $175.11 -5.35%
3M Co. (MMM) $199.39 -5.05%
Viacom Inc. Class B (VIAB) $35.01 -3.34%
Omnicom Group Inc. (OMC) $79.50 -3.19%
Zoetis Inc (ZTS) $61.28 -3.18%
Alphabet Inc. Class C (GOOG) $950.70 -3.02%
Nasdaq 100 - Risers
Tractor Supply Company (TSCO) $53.53 3.90%
Fastenal Co. (FAST) $44.08 2.44%
JD.com, Inc. (JD) $44.46 2.11%
J.B. Hunt Transport Services Inc. (JBHT) $93.36 1.99%
Dollar Tree Inc (DLTR) $70.59 1.89%
Ross Stores Inc. (ROST) $54.03 1.81%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $256.61 1.80%
Akamai Technologies Inc. (AKAM) $53.28 1.74%
Shire Plc Ads (SHPG) $166.11 1.51%
CSX Corp. (CSX) $51.56 1.46%
Nasdaq 100 - Fallers
Seagate Technology Plc (STX) $33.20 -16.50%
Micron Technology Inc. (MU) $29.90 -5.59%
Incyte Corp. (INCY) $133.56 -3.41%
Viacom Inc. Class B (VIAB) $35.01 -3.34%
Alphabet Inc. Class C (GOOG) $950.70 -3.02%
Alphabet Inc. Class A (GOOGL) $969.03 -2.93%
Vertex Pharmaceuticals Inc. (VRTX) $161.97 -2.49%
Idexx Laboratories Inc. (IDXX) $166.55 -2.13%
Discovery Communications Inc. Class A (DISCA) $25.93 -2.11%
Discovery Communications Inc. Class C (DISCK) $25.07 -1.61%