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Stock market today: Wall Street opens higher as pace picks up for corporate profits

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NEW YORK (AP) — Stocks are opening higher on Wall Street after Coca Cola, General Electric and other big companies reported fatter profits for the summer than expected. The S&P 500 was 0.

6% higher in early trading Tuesday and on track to break a five-day losing streak. The pace is picking up for corporate profit reports, and the hope is that S&P 500 companies will report their first growth in a year. Such strength is crucial for the stock market, which has slumped since the summer under the weight of much higher bond yields. The 10-year yield was holding steadier Tuesday.

Treasury yields can dictate how much investors pay for everything from stocks to corporate bonds to cryptocurrencies. Higher yields also make it more expensive for nearly everyone to borrow money, which puts the brakes on economic growth and adds stress to the entire financial system. General Motors rose 1.2% after it posted net income of more than $3 billion from July through September. That's down 7% from the same period last year due to lost production from the autoworkers strike. Company executives said the strike is expected to cut pretax earnings by $200 million per week.

In Asian trading Tuesday, Japan's benchmark Nikkei 225 added 0.2% to finish at 31,062.35. Sydney's S&P/ASX 200 rose 0.2% to 6,856.90. South Korea's Kospi jumped 1.1% to 2,383.51. One wild card for inflation has been the price of oil, which has bounced in recent weeks amid worries potential disruptions to supplies due to the latest Hamas-Israel war.

 

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