U.S. stocks are maintaining Tuesday gains, buoyed by stronger than expected results from several blue chip companies even as earnings from two major tech companies loom large after the closing bell.
Coca-Cola KO, +2.58%, General Electric GE, +6.35%, 3M MMM, +5.21% and General Motors GM, -0.23% were among the companies releasing results before the opening bell. About 30% of S&P 500 companies are slated to report this week, with the earnings season so far been better than Wall Street expected. About 19% of S&P 500 companies have already reported earnings, and three-quarters of them have posted earnings surpassing analysts’ expectations according to FactSet.
Of course, Wall Street is awaiting results from more heavy hitters like Microsoft and Google. “The bar is set really high for them,” Engelke said.While investors are getting a company-by-company look on Tuesday, they are also getting a bigger picture on manufacturing and services. That’s also playing into theme of an economy that keeps chugging along despite headwinds, Engelke said.
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