NEW YORK (AP) — Stocks were higher in Wall Street morning trading on Tuesday as traders received a flurry of earnings reports from big US companies.
The S&P 500 was up 0.9% as of 10:04 am ET. The Dow Jones Industrial Average rose 155 points (0.5%) to 31,652, while the Nasdaq rose 1.6%. Small company stocks outperformed the broader market. The Russell 2000 was up 1.7% on him.
Bond yields have fallen sharply. Yields on 10-year government bonds, which affect mortgage rates, fell to 4.08% from 4.23% late Monday. The two-year Treasury yield, which tracks Federal Reserve Board action, fell to 4.41% from 4.50% at the end of Monday.
US oil prices rose 1%.
Investors are watching the latest earnings reports of some large companies. General Motors rose 2.2% after delivering solid results. United Parcel Service rose 3% as parcel delivery services outperformed Wall Street’s third-quarter earnings and earnings forecasts. The paint maker jumped 3.3% after Sherwin-Williams also reported strong results.
Packaging maker Crown Holdings fell 19% after its latest earnings fell short of expectations.
Outside of earnings, barbecue grill maker Weber surged 33% after BDT Capital Partners announced it was interested in buying the rest of the company.
The latest earnings reports are especially important for investors looking for signs of how inflation is affecting various industries. Prices for everything from clothing to food are at their highest in his 40 years, forcing businesses to raise prices and cut costs while putting pressure on consumers.
The Federal Reserve and central banks around the world have raised interest rates to keep inflation in check. Investors are therefore worried that central banks will go too far and slow the economy, triggering a recession instead. Investors are looking for signs that the Fed will ease rate hikes.
Internationally, London’s FTSE 100 fell 0.6%. That’s because his third Prime Minister, Rishisunak, officially took office this year as Britain grapples with an economic crisis.
Germany’s DAX fell 0.8% following the release of Germany’s Doing Business report. This was better than expected, but overall bleak. CAC in Paris rose 0.4%.
Elain Kurtenbach, Matt Ott, and Joe McDonald contributed to this report.
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