Stocks rise amid earnings deluge, with big techs to come: Stock market news today

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Stocks gained ground on Tuesday amid a revival in the benchmark 10-year Treasury yield, as investors awaited an avalanche of earnings from tech giants and other major companies.

The Dow Jones Industrial Average (^DJI), the S&P 500 (^GSPC) and the Nasdaq Composite (^IXIC) all rose about 0.5%.

The 10-year yield (^TNX) climbed to 4.86%, shaking off a slide earlier in the morning in another sign of volatility. On Monday, the yield topped 5% to reach its highest level since 2007, then sank in whipsaw action.

Attention is firmly focused on the flood of big-name earnings reports. Ahead of the bell, General Motors (GM) pulled its 2023 profit guidance amid a jump in costs related to the UAW strikes. Spotify (SPOT) surprised by turning a profit amid expectations for a loss.

In cryptocurrencies, bitcoin (BTC-USD) continued to rally, rising above $35,000 to its highest level since the 2022 crypto crash, thanks to speculation the SEC is about to approve an ETF linked to the token.

  • Manufacturing data comes in stronger than expected

    Manufacturing demand increased for the first time in six months during the month of October, according to new data released on Tuesday.

    S&P Global’s flash US composite PMI, which captures activity in both the services and manufacturing sectors, came in at 51 in October, up from 20.2 in September and better than the 50 that had been expected by economists.

    The US manufacturing PMI registered a reading above 50, considered a sign of expansion, and hit its highest level in six months.

    “Hopes of a soft landing for the US economy will be encouraged by the improved situation seen in October,” Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said in the release. “The S&P Global PMI survey has been among the most downbeat economic indicators in recent months, so the upturn in US output growth signaled at the start of the fourth quarter is good news. Future output expectations have also turned up despite rising geopolitical concerns and domestic political tensions, climbing to the join the highest for nearly one-and-a-half years.”

  • Stocks rise at the open

    Stocks rose just after the opening bell on Tuesday amid a revival in the benchmark 10-year Treasury yield, as investors awaited an avalanche of earnings from tech giants and other major companies.

    The Dow Jones Industrial Average (^DJI), the S&P 500 (^GSPC) and the Nasdaq Composite (^IXIC) all rose about 0.5%.

    The 10-year yield (^TNX) climbed to 4.86%, shaking off a slide earlier in the morning in another sign of volatility in the bond market. On Monday, the yield topped 5% to reach its highest level since 2007, before tumbling back down toward 4.8% in afternoon trade.

  • GM, 3M, and GE: Stocks trending in premarket trading

    Here are some of the stocks leading Yahoo Finance’s trending tickers page in premarket trading on Tuesday:

    General Motors (GM): Shares rose over 1%. On Tuesday, GM reported a third-quarter revenue and profit beat but withdrew its 2023 guidance on labor strike uncertainty, as reported by Yahoo Finance’s Pras Subramanian.

    3M (MMM): 3M shares rose by 3% as the group raised its full-year adjusted profit forecast and reported better-than-expected quarterly earnings.

    General Electric (GE): Shares were up 5% after raising its profit forecast as demand for air travel drove growth in its aerospace business.

    Spotify (SPOT): Shares fell over 2%. The streaming service reported fiscal third-quarter earnings on Tuesday that beat expectations on both the top and bottom lines, as reported by Yahoo Finance’s Alexandra Canal.

  • Stock futures rise as focus turns to earnings deluge

    Wall Street stocks were poised to open higher Tuesday amid a retreat in the bond-yield rally, as investors looked ahead to results from Microsoft and Google parent Alphabet.

    Futures on the Dow Jones Industrial Average (^DJI) were up 0.47%, or 150 points, while S&P 500 (^GSPC) futures added 0.55%. Contracts on the tech-heavy Nasdaq 100 (^NDX) put on 0.61%.

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