The Dow Jones Industrial Average finished at a record high Tuesday amid mixed action among the major indexes, as blue chips were bolstered by better-than-expected earnings reports. But gold stocks sold off as the metal's price tanked. And General Motors was a big winner on the stock market today.
Meanwhile, investors looked ahead to financial results from Tesla and two leaders in the data-center space.
The Dow rose more than 200 points, or 0.5%, closing at a record high. The index touched an all-time high above 47,000 intraday, marking just 28 days for a 1,000-point move by the index, according to Dow Jones Market Data. 3M topped the index, surging nearly 8% after the conglomerate raised its full-year outlook and exceeded Wall Street's targets for its third quarter.
Essentially flat for the day, the S&P 500 managed to eke out just a 22-cent gain. And the tech-heavy Nasdaq composite finished 0.2% lower. All three major stock indexes closed Monday just shy of record highs. Meanwhile, the Russell 2000 index of small caps fell 0.5%.
Volume on the New York Stock Exchange and on the Nasdaq was higher compared with the same time on Monday. Breadth was narrowly mixed with advancers leading decliners on the NYSE while on the Nasdaq they lagged a bit.
The yield on the benchmark 10-year Treasury note fell to 3.96%. In oil, West Texas Intermediate futures rose near $57.85 a barrel.
3:29 p.m. ET
HBO Parent Gets Buy Offers
Warner Bros. Discovery soared 11% after the company said it is open to a sale after receiving "unsolicited interest" from "multiple parties for both the entire company and Warner Bros." The company received a bid from Paramount Skydance earlier, The Wall Street Journal reported.
Warner Bros. Discovery had planned on splitting its global TV networks business from its studios and streaming business. The latter includes HBO and the company's film and television libraries, while the former has its news and media brands.
Dow Hits High On Gold's Worst Day Since 2013; Netflix Falls Late
2:27 p.m. ET
Two Data Center Leaders Head Into Earnings
Vertiv Holdings and GE Vernova are expected to report on Wednesday. Both data center plays are IBD Leaderboard holdings. Shares of Vertiv are extended from a buy point of 152.45. GE Vernova has formed a consolidation base with a buy point of 677.29.
Analysts project a 30% rise in Vertiv's third-quarter earnings to 98 cents per share from the same period last year. Sales estimates call for a 24% increase to $2.6 billion.
Wall Street's targets for GE Vernova suggest the company will swing to earnings of $1.72 per share for its third quarter from a loss of 35 cents per share in the prior-year quarter. Sales are expected to increase 3% to $9.1 billion.
1:29 p.m. ET
Stock Market Today: Warren Buffett Stock Jumps On Third-Quarter Results
On the Dow, shares of Coca-Cola gapped up in a flat base with a buy point of 74.38 after earnings. Third-quarter earnings of 82 cents per share grew 6% while sales grew 5% to $12.5 billion. Coca-Cola was among the five largest holdings in Warren Buffett's Berkshire Hathaway, as per the company's second-quarter report.
3M shares soared past their 50-day moving average in a flat base and approached a buy point of 164.15. The company reported earnings of $2.19 per share, representing 11% growth vs. the third quarter a year ago. Sales rose 4% to $6.5 billion.
Meanwhile, Dow component Nvidia tested its 50-day moving average. It was down 0.8% in choppy action Tuesday.
12:14 p.m. ET
Gold Stocks Suffer; Cathie Wood Sells Nuclear Stock
Gold stocks took a beating Tuesday. Among Investor's Business Daily's 197 industry groups, mining-gold, silver and gems and mining-metal ores fared the worst. The sector was on pace for its largest decrease since April 2013. The SPDR Gold Shares exchange traded fund tumbled nearly 6% in recent action.
Analysts were unclear on the catalyst.
"The big question for investors and traders alike: (Is) this the start of a much-needed correction?" David Morrison, Trade Nation senior market analyst, said in a note to clients. He added: "Alternatively, is this sell-off the start of something more serious. In other words, could the top be in for gold? It's very difficult to know, and analyst speculation will center around the shape and extent of this sell-off, as well as giving some consideration as to how long this rally has been going."
A number of gold stocks currently in the IBD 50 took it on the chin. Among them, Coeur Mining plummeted nearly 15%, Kinross Gold plunged more than 11% and Harmony Gold dropped more than 10%.
Also in the IBD 50, Gold Fields sank 11.5%, AngloGold Ashanti slid more than 10%, Triple Flag Precious Metals dropped nearly 8% and Agnico-Eagle Mines toppled by 9%
Elsewhere, famed investor Cathie Wood sold shares of Oklo worth around $8.49 million in the ARK Autonomous Tech exchange traded fund. The nuclear energy stock has rocketed 649% year-to-date, based on Monday's closing price.
10:34 a.m. ET
Stock Market Today: Tesla Earnings Loom
More economic reports are likely to be delayed as the government shutdown extends to its third week. That could include Friday's inflation report. On Monday, National Economic Council Director Kevin Hassett told CNBC that the shutdown "is likely to end sometime this week."
In stocks, Tesla slipped 0.5% with its earnings report due Wednesday. Shares have rallied into a 20% profit zone from a buy point of 367.71. Analysts are targeting 55 cents in earnings per share or a decline of 24%. Sales, however, are seen growing 5% to $26.5 billion after two quarters of declines.
Earnings Movers: Aerospace And Defense
In aerospace and defense, Lockheed Martin reported earnings of $6.95 per share on sales of $18.6 billion for its third quarter. Wall Street analysts called for $6.38 in earnings per share on sales of $18.6 billion.
Shares fell sharply on Tuesday before paring losses down to roughly 2%. The loss follows a two-day winning streak. The stock also undercut its 21-day moving average.
Northrop Grumman announced a 9% increase in third-quarter earnings to $6.72 per share. Sales grew 4% to $10.4 billion. Analysts' estimates sat at $6.44 in earnings per share on sales of $10.7 billion.
Shares had broken out of a flat base at a buy point of 600.99 and rallied past their 5% buy zone before giving back those gains in recent days. On Tuesday, the stock briefly fell below its 50-day moving average but moved back above it in morning trades. Shares were down 0.7% in recent trades.
9:45 a.m. ET
Nasdaq 100 Winners And Losers: Warner Bros., AppLovin
Among the Nasdaq 100 stocks, Warner Bros. Discovery and Axon Enterprise rallied almost 12% and nearly 1%, respectively, making them some of the best performers at the market open.
Meanwhile, Fortinet and AppLovin sold off nearly 2% apiece. AppLovin stock threatened to close below its 50-day moving average for the first time since late July.
9 a.m. ET
Dow Jones Movers: Amazon, Apple, Nvidia, UnitedHealth
Inside the blue chip index, Amazon, Nvidia and UnitedHealth Group traded among the early gainers in morning action.
Amazon shares rose nearly 1%, further rebounding from the 200-day moving average. Nvidia stock moved up 0.2%, moving closer to a recent buy point at 184.48. And UnitedHealth rallied 1%, on pace to add to Monday's 2.2% gain.
On the downside, Apple dipped 0.2%. Shares broke out Monday above a 259.24 handle entry.
8:12 a.m. ET
Stock Market Today: GM Surges On Earnings
GM stock surged 10% Tuesday morning after the automaker beat third-quarter earnings and sales estimates. The automaker also raised its own forecast for the year and said it was expecting a smaller tariff impact than previously expected. Shares are set to hit a new 52-week high.
Regional bank Zions Bancorp climbed nearly 2% early Tuesday after the company reported better-than-expected results for the third quarter. Last week, Zions sparked banking fears after the company reported a $50 million charge-off related to two of its borrowers facing legal actions.
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Other key earnings movers Tuesday include 3M, Coca-Cola , GE Aerospace, Halliburton, Lockheed Martin, Northrop Grumman and PulteGroup.
3M stock moved up nearly 3% early, while Coca-Cola shares also jumped close to 3%. GE shares climbed 2%, as Halliburton stock rose 4%. Lockheed shares gained 1%, but Northrop stock dropped nearly 2%. Finally, Pulte shares sold off 2.5% in premarket trading.
Stock Market Today: Netflix Earnings Due
Netflix stock added 0.7% Tuesday morning, looking to extend a win streak to three sessions. Shares bullishly regained their 50-day moving average during Monday's 3.3% rally.
Netflix is expected to report its third-quarter results late Tuesday. Analysts will focus on Netflix's progress in scaling its ad-supported service, a key growth area.
FactSet polls expect earnings of $6.96 a share on sales of $11.51 billion in the September quarter – gains of 29% and 17%. Popular Netflix content during the quarter included the second season of "Wednesday," the third season of "Squid Game" and movie "KPop Demon Hunters."
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