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Economy, Stocks  | October 24, 2019

U.S. stocks rose as investors sifted through a batch of earnings reports. Benchmark Treasuries erased gains.

The S&P 500 Index closed above 3,000, with Apple Inc. rallying to a record as Morgan Stanley raised its target for the shares. Boeing Co. drove the Dow Jones Industrial Average higher after mapping out a sharp boost to the 737 Max plane’s output. Caterpillar Inc. climbed as traders welcomed its move to cut production. The Philadelphia Semiconductor Index tumbled almost 2% on Texas Instruments Inc.’s weaker-than-expected forecast.

More earnings news:

After the close of markets, Tesla Inc. jumped after reporting a surprise profit. Ford Motor Co. slumped after cutting its full-year forecast. EBay Inc. dropped as its revenue projection fell short of estimates. Microsoft Corp. and PayPal Holdings Inc. reported earnings that beat forecasts.Snap Inc. tumbled as its results failed to warrant additional optimism after a strong rally in the shares.Eli Lilly & Co. slid as sales for a pair of key drugs drew criticism from Wall Street, despite an increased guidance.Chipotle Mexican Grill Inc. fell on concern over the rising cost of wages and delivery. Still, sales beat estimates.IRobot Corp. plunged after cutting the high end of its revenue view.Alexion Pharmaceuticals Inc. gained after boosting its adjusted earnings per share forecast.Boston Scientific Corp. surged after raising its revenue outlook.Hilton Worldwide Holdings Inc. climbed after boosting its forecast for the rest of the year.

The barrage of corporate results is a barometer of the strength of the global economy as the ongoing dispute between the U.S. and China undermines confidence. Texas Instruments warned that trade tension is making customers far more cautious, while Caterpillar blamed heightened “economic uncertainty” for slowing customer purchases.

“The momentum in earnings has slowed pretty sharply, so there’s not a lot of expectations for earnings growth,” said Kevin Caron, a senior portfolio manager at Washington Crossing Advisors. “There is clearly more evidence of concern about slowing outside the U.S.”

Beyond Meat Inc. fell below $100 as fears of more insider selling next week overshadowed earnings bets. Nike Inc. tapped former EBay head John Donahoe to replace Chief Executive Officer Mark Parker next year. The shares dropped.

Elsewhere, oil touched $56 a barrel for the first time in almost a month after a surprise drop in U.S. crude supplies signaled strengthening demand. Turkey’s lira rallied after President Donald Trump said he’s lifting recently imposed sanctions after the country complied with a cease-fire agreement.

Here are some key events coming up this week:

Earnings season is in full swing with companies reporting including:, Daimler and Kia Motors.Thursday brings monetary policy decisions from the European Central Bank and Bank Indonesia.U.S. factory orders for business equipment will provide a look into the strength of capital investment in September. The figures will show to what extent the latest tranche of tariffs on China and others is impacting investing decisions.

These are some of the main moves in markets:


The S&P 500 rose 0.3% to 3,004.52 on Wednesday.The Dow Jones Industrial Average and the Nasdaq Composite Index each increased 0.2%.The Stoxx Europe 600 Index added 0.1%.The MSCI Asia Pacific Index declined 0.1%.


The Bloomberg Dollar Spot Index was little changed.The euro was little changed at $1.113.The British pound added 0.3% to $1.2912.The Japanese yen fell 0.2% to 108.69 per dollar.


The yield on 10-year Treasuries rose less than one basis point to 1.76%.Germany’s 10-year yield dipped three basis points to -0.39%.Britain’s 10-year yield fell three basis points to 0.685%.


The Bloomberg Commodity Index rose 0.7%.West Texas Intermediate crude climbed 2.7% to $55.97 a barrel.Gold added 0.6% to $1,495.70 an ounce.

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