Wall Street stocks edged higher on Tuesday as investors continued to assess corporate results and in an effort to bounce back after Wall Street failed to sustain its rally yesterday.
In particular, Mr Dow Jones rises by 249.20 points or 0.80% to 31,321.81 points while the S&P 500 gaining 41.15 points or 1.08% to 3,871.30 points. In the meantime, Mr Nasdaq adds 118.39 points or 1.03% to 11,480.66 points.
Investors continue to evaluate second-quarter corporate results this week and expect to see how businesses will handle economic pressures, including high inflation and a stronger dollar, as recession fears persist.
Shares of Johnson & Johnson rose 0.94% after reporting better-than-expected quarterly earnings and revenue, although the pharmaceutical giant cut full-year revenue and profit forecasts.
Hasbro (+0.63%) revenue for the previous quarter was slightly below expectations, while the company’s earnings per share beat Refinitiv estimates.
Meanwhile, IBM shares are down 7.14% after the tech company cut its cash flow forecast despite reporting earnings that beat market estimates.
Meanwhile, Halliburton’s stock is up 1.98% on rising oil prices this year, which boosted the company’s earnings in the quarter.
It is noted that Netflix will announce its own results after the Wall Street close. Later in the week, results are expected from Tesla, United Airlines, American Airlines, Snap, Twitter and Verizon among others.
So far, about 8% of S&P 500 companies have reported second-quarter results. Of those companies, about two-thirds have beaten analysts’ estimates, according to FactSet data.
It is recalled that on Monday, the Dow recorded losses of more than 200 points, reversing the rally recorded previously with the impetus of the good results of Goldman Sachs and Bank of America. However, later in the day, the indices turned into the “red” after a report by the Bloomberg agency, according to which Apple plans to slow hiring and spending on growth next year in order to prepare for the possibility of a recession.
Source: Capital
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