May 26, 2022

DS Duke

Global Business In World

S&P Peaks Once Again

2 min read
U.S. stocks climbed to record levels on Tuesday as major corporations continued to turn in...

U.S. stocks climbed to record levels on Tuesday as major corporations continued to turn in solid quarterly results, but major averages closed off their highs of the day with some major tech names rolling over.

The Dow Jones Industrials stayed just north of breakeven 15.73 points to 35,756.88, still, another all-time record.

The S&P 500 acquired 8.31 points to 4,581.83, for yet another record high.

The NASDAQ Composite nicked higher 9.01 points to 15.235.71.

An intraday reversal in shares of Facebook weighed on major averages at midday. After trading flat to higher to start the session, Facebook shares dropped more than 5% at session low and closed 3.9% lower. The company topped analysts’ earnings expectations but missed estimates for revenue and monthly active users.

Tesla erased earlier gains and fell 0.6% Tuesday after the electric vehicle company soared more than 12% in the previous session to reach a $1 trillion market cap for the first time.

United Parcel Service saw its shares jump 6.9% after the shipping firm posted strong beats on profit and revenue across all business segments. Dow component 3M dipped 0.1% despite beating earnings on the top and bottom lines.

General Electric rose 2% after the company issued an upward revision to its full-year earnings forecast while reporting higher than expected third-quarter profit.

Nearly 30% S&P 500 companied have reported earnings and more than 80% of them beat Wall Street expectations, according to media calculations. S&P 500 companies are expected to grow profit by about 35.6% in the third

Technology darlings Alphabet and Microsoft traded higher heading into their earnings reports after the bell Tuesday. Microsoft bulls are expecting a strong quarter for the tech giant, bolstered by its key Azure business. Analysts are expecting Alphabet earnings to come in 43% higher year over year.

Twitter, Advanced Micro Devices and Robinhood also report quarterly earnings after the bell on Tuesday.

On the data front, U.S. consumer confidence rose in October, reversing a three-month downward trend, according to the Conference Board. Its consumer confidence index climbed to a reading of 113.8, topping a Dow Jones expectation of 108 and up from 109.8 in September.

Prices for 10-year Treasurys were slightly higher, lowering yields to 1.61% from Monday’s 1.64%. Treasury prices and yields move in opposite directions.

Oil prices strengthened 89 cents to $84.65 U.S. a barrel.

Gold prices slid $11.60 to $1,795.20 U.S. an ounce.

Source link