The S&P 500 (^GSPC) extended its record surge as focus turned to today's earnings stream for insights into the health of US companies and the economy.
The S&P 500 rose nearly 0.3% to a new closing high of 4,864.61. The Nasdaq Composite (^IXIC) was also higher on Tuesday, rising 0.4% while the Dow Jones Industrial Average (^DJI) fell about 0.2% after the blue-chip index surpassed 38,000 for the first time on Monday.
After the technology-driven rally pushed the market to new highs, earnings in other sectors served as the main market mover on Tuesday.
Earnings disappointment weighed on the Dow Jones as 3M (MMM) fell more than 10% on Tuesday after the company's 2024 earnings forecast fell short of Wall Street expectations.
Consumer goods (XLP) and communications services (XLC) were the biggest gainers in the S&P 500, with commodities rising more than 1% as investors digested quarterly results from Procter & Gamble (PG) and Verizon (VZ), among others.
Read more: What a pause on federal interest rate hikes means for bank accounts, CDs, loans and credit cards
Elsewhere on the earnings front, an upbeat 2024 earnings outlook from United Airlines (UAL) helped lift its shares 5% on Tuesday. Other airline stocks, including Delta (DAL) and American Airlines (AAL), rose on the forecast, which came even as United warned of damage from the grounding of its Boeing 737 MAX 9 planes.
Netflix (NFLX) is also in focus, as the streaming giant reports earnings after the bell. Company on Tuesday Announce a deal With TKO Group's WWE (TKO) bringing WWE's flagship show, Raw, to the streaming service, starting in January 2025. TKO shares rose nearly 15% on the news.
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