Oct 22 - US stocks reversed course to rise on Tuesday afternoon while investors kept an eye on higher Treasury yields and continued to evaluate earnings to assess the health of American companies.
Almost half of the S&P sectors were in the positive territory, with the consumer staple , leading the pack up 0.83%. The industrials index was down 0.96%. On the corporate front, GE Aerospace , slumped 8.52% despite raising its profit forecast for 2024, as persistent supply constraints impacted its revenue. It pulled the broader Industrials index , 0.96% lower.
The next few weeks are likely to be volatile for equity markets, as investors scrutinize company earnings, fresh economic data and results of the U.S. election, followed by a central bank meeting. 3M , slipped 1%, reversing its premarket gains, despite raising the low end of its full-year adjusted profit forecast.
"The earnings themselves have been pretty good, it's just the companies highly sensitive to interest rates are probably going to find a bit of headwind right now as investors sort out the whole interest rate story," Carlson said.Declining issues outnumbered advancers by a 1.53-to-1 ratio on the NYSE. There were 140 new highs and 54 new lows on the NYSE.
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