Stocks were little changed Tuesday, with traders readying for earnings reports from major companies after the benchmark posted its best day in more than a month.
Larry Tentarelli, chief technical strategist at the Blue Chip Daily Trend Report, said the rotation from megacap tech to small-cap stocks seen last week is still prevalent. He said Monday's broad advance is an attempt from investors to get ahead of potentially positive earning reports over the next few days and the personal consumption expenditures price index reading due at the end of the week.
Also in the survey, the new orders and sales indexes showed sharp drops, and the employment index plunged to -4.9, the first negative reading since June 2023.— The music streaming stock surged 13% after Spotify Technology posted second quarter earnings that topped estimates. Gross margin also exceeded expectations, along with operating income.— Shares of the beverage company rose 1.7% after a better-than-expected earnings report. Coca-Cola reported 84 cents in adjusted earnings per share on $12.
European markets contended with a series of earnings reports and updates from companies including Porsche, Thales, Randstad and Banco de Sabadell. LVMH is set to report earnings after European markets close on Tuesday.'s 10-day rate of change indicator rose to 32 last week. That marks its highest level since April, according to data analyzed by Canaccord Genuity analyst Michael Welch.