Earnings season thus far has been an overall success
The S&P 500 hit a third-straight record high on Tuesday, as investor sentiment continued to strengthen amid a mostly strong earnings season. The Dow and Nasdaq also closed in the black, with the former notching its own third-straight record close. Facebook's (FB) post-earnings bear gap weighed on the tech sector, however, some of this sentiment was saved by strong quarterly reports from United Parcel Service (UPS), and General Electric (GE).
Continue reading for more on today's market, including:
- Tuning into Spotify stock before earnings.
- The semiconductor stock that just nabbed fresh record highs.
- Plus, Ford's fresh partnership; 3M steps into the earnings confessional; and Coinbase gets an upgrade.
The Dow Jones Average (DJI - 35,756.88) added 15.7 points or 0.04% for the day. Procter & Gamble (PG) paced the gainers with a 1.4% rise, while Intel (NTC) fell to the bottom, shedding 2.3%.
The S&P 500 Index (SPX - 4,574.79) gained 8.3 points, or 0.2% for the day, while the Nasdaq Composite (IXIC - 15,235.71) tacked on 9 points, or 0.1% for the day.
Lastly, the Cboe Volatility Index (VIX - 15.98) added 0.7 point, or 4.9% for the day.
- Credit Suisse downgraded Beyond Meat (BYND) to "underperform," on concerns that the company will miss its growth target due to slowing demand. (MarketWatch)
- Experts say that consumers will begin shifting away from mainly buying Teslas (TSLA) -- which made up 79% of electric vehicles (EV) sold in 2020 -- and begin taking interest in other brands as "traditional" car makers and start-ups begin to invest billions. (CNBC)
- One popular automaker just announced a major partnership ahead of earnings.
- What weighed on 3M stock after its third-quarter earnings report.
- The crypto stock Citigroup is calling a "buy/ high risk" right now.
Oil Lunges Toward More Multi-Year Highs
Expectations that global oil supply will remain tight sent the commodity toward another fresh seven-year high. Meanwhile, investors are also eyeing an upcoming meeting with the Organization of the Petroleum Exporting Countries and its allies (OPEC+), which will take place on Nov. 4, though no major policy changes are anticipated. The most active December-dated crude contract rose 89 cents, or 1.1% to settle at $84.65 a barrel.
Gold prices took a hit today as investors took profits from the precious metal's rise above the $1,800 level yesterday. December-dated gold lost $13.40, or 0.7%, to settle at $1,793.40 an ounce.