US stocks today: Wall Street mixed as earnings season heats up; GM, Halliburton lead gains
Wall Street opened on a mixed note on Tuesday as investors assessed a wave of strong corporate earnings amid concerns about stretched valuations. The Dow Jones Industrial Average rose 0.1 per cent to 46,757.20, while the S&P 500 slipped 0.1 per cent to 6,731.14 and the Nasdaq Composite declined 0.3 per cent to 22,933.67, reported news agency AFP.General Motors (GM) surged 10.2 per cent after reporting quarterly results that surpassed analyst expectations and raising its full-year financial forecasts. According to news agency AP, CEO Mary Barra said the company is taking steps to curb losses in its electric vehicle business by 2026, noting that “it is now clear” EV adoption will be slower than previously planned.Energy services provider Halliburton and diagnostics firm Danaher also climbed more than 8 per cent each after reporting stronger profits than expected, while Coca-Cola rose 3.4 per cent and GE Aerospace advanced 4.2 per cent on upbeat earnings.Warner Bros. Discovery shares jumped 10.6 per cent after the company revealed it was considering a sale of all or part of its business “in light of unsolicited interest the company has received from multiple parties,” reported AFP. The move followed an earlier plan to split Discovery Global from Warner Bros.However, some stocks weighed on the market. PulteGroup fell 4.1 per cent despite better-than-expected profits, and Northrop Grumman slipped 2.3 per cent after missing revenue forecasts. Tech giants also took a breather, with Alphabet dropping 1.3 per cent from its record high, becoming the heaviest drag on the S&P 500, as per AP.Analyst Patrick O’Hare of Briefing.com said, “The overarching point this morning is that the earnings news for the September quarter continues to be better than expected, and, most importantly, the guidance has been generally reassuring,” according to AFP.Meanwhile, CFRA Research’s Sam Stovall cautioned that “investors are also getting a little concerned by stretched valuations,” amid strong year-to-date gains.Overseas, markets in Europe and Asia were broadly higher. Japan’s Nikkei 225 rose 0.3 per cent, nearing the 50,000 mark, after conservative lawmaker Sanae Takaichi became prime minister, with investors expecting pro-growth policies. Shanghai gained 1.4 per cent and Hong Kong rose 0.7 per cent amid hopes that President Donald Trump may meet Chinese President Xi Jinping later this month to ease trade tensions, reported AP.In the bond market, the yield on the 10-year Treasury fell to 3.95 per cent from 4.00 per cent on Monday.
