US stocks advance as earnings, guidance beat forecasts

© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange in New York City, U.S., October 20, 2023. REUTERS/Brendan McDermid/File Photo

All three major U.S. stock indexes were higher, with interest rate sensitive megacaps providing much of the upside lift as benchmark Treasury yields held steady, comfortably below their recent spike to 5%. Third quarter earnings season has shifted into high gear, and this week nearly a third of the companies in the) hiked its annual sales outlook, sending its stock up 2.9%, while 3M rose 4.5% on the heels of its upbeat quarterly report.On the economics front, business activity in the U.S. has ticked higher this month, according to S&P Global's advance"flash" purchasing managers' indexes.

On Friday, the Commerce Department is expected to follow with its closely watched Personal Consumption Expenditures report, which analysts expect will provide further evidence that inflation is slowly cooling down toward the Federal Reserve's average annual 2% target rate.

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