U.S. stocks rose Tuesday morning, as investors parse a wave of corporate earnings, including those from blue-chip consumer-focused companies, Coca-Cola Co. and Procter & Gamble Co., which investors will pore over to glean the health of American corporations and the global consumer.
What’s driving the market? As most major U.S. benchmarks slowly inch closer to new records, Wall Street is laser-focused on a batch of corporate results from several Dow components, including Coke KO, +1.72% P&G PG, -2.50% as well as United Technologies Corp. UTX, +1.61% and Verizon Communications Inc. VZ, -2.26% to help asses whether earnings, revenue and guidance from some of the country’s biggest corporations is sufficient to tip equity indexes to fresh all-time highs.
Meanwhile, social media giant Twitter’s shares were setting the pace for the S&P 500, up 16.7% after the social media company reported user growth well beyond analyst forecasts. Toy maker Hasbro Inc. HAS, +15.34% wasn’t far behind, with its shares up 13.8%, after the firm reported a surprise profit and growth in revenue.
Verizon shares fell 2.3%, even after the communications giant beat first-quarter profit expectations, while revenue was in line, and raised its outlook. Shares of Harley-Davidson Inc. HOG, +0.96% fell 0.4% Tuesday, after the motorcycle manufacturer missed earnings estimates slightly, while surpassing revenue expectations.
What are analysts saying? “Overall, the [corporate] results indicate an improving world economy, particularly for big-ticket items on both the consumer and industrial spending sides, supporting investor interest in cyclical sectors like Consumer Discretionary, Industrials, Communications, and Technology,” wrote Colin Cieszynski, chief market strategist at SIA Wealth Management in a Tuesday research note.
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