Cornerstone Macro chief investment strategist Michael Kantrowitz and CMC Markets chief market analyst Michael Hewson discuss their outlooks for the markets.
Stocks opened mixed on Tuesday as tech led the way after a $35 billion semiconductor deal and as investors digested a wave of earnings from a slew of S&P 500 companies.
Continue Reading Below
The Nasdaq Composite posted modest gains helped by AMD’s $35 billion purchase of Xilinx.
AMD BUYS XILINX IN $35 BILLION DEAL
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:COMP | NASDAQ COMPOSITE INDEX | 11370.450679 | +11.51 | +0.10% |
| XLNX | XILINX INC. | 124.69 | +10.13 | +8.85% |
| AMD | ADVANCED MICRO DEVICES INC. | 79.00 | -3.23 | -3.93% |
The Dow Jones Industrial Average and S&P 500 struggled in early trading after cautious comments from Caterpillar and 3M, both dealing with headwinds related to the coronavirus pandemic.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 3392.71 | -8.26 | -0.24% |
| I:DJI | DOW JONES AVERAGES | 27544.37 | -141.01 | -0.51% |
| CAT | CATERPILLAR INC. | 157.73 | -5.58 | -3.42% |
| MMM | 3M COMPANY | 163.78 | -2.52 | -1.52% |
DURABLE GOODS STRONG
On the economic front, durable goods for September came in better-than-expected rising 1.9% compared to the 0.7% estimate. “Transportation equipment, up four of the last five months, led the increase, $3.0 billion or 4.1 percent to $76.8 billion” as reported by the Commerce Department. Excluding transportation, a rise of 0.8% was reported, also beating estimates.
DOW DROPS 650 POINTS AS S&P 500, NASDAQ POST WORST DAY SINCE SEPTEMBER
EARNINGS BARRAGE
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NVS | NOVARTIS AG | 81.06 | -3.13 | -3.72% |
| PFE | PFIZER INC. | 37.40 | -0.49 | -1.29% |
| MRK | MERCK & CO. INC. | 79.48 | +0.56 | +0.71% |
| LLY | ELI LILLY & COMPANY | 133.96 | -7.82 | -5.51% |
Pharmaceutical companies including Novartis, Pfizer, Merck & Co. and Eli Lilly in focus on earnings.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CAT | CATERPILLAR INC. | 158.21 | -5.10 | -3.12% |
| MMM | 3M COMPANY | 164.04 | -2.26 | -1.36% |
| RTX | RAYTHEON TECHNOLOGIES CORP | 58.91 | -2.02 | -3.32% |
| SHW | SHERWIN WILLIAMS | 672.18 | +0.68 | +0.10% |
| CMI | CUMMINS | 223.22 | +2.54 | +1.15% |
Industrial companies such as Caterpillar, 3M & Co., Raytheon Technologies, Sherman Williams and Cummins also report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BP | BP PLC | 15.49 | -0.28 | -1.81% |
| ECL | ECOLAB | 192.33 | -5.86 | -2.96% |
BP and Ecolab Inc. headline results from the oil and gas and specialty chemical sectors.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 210.83 | +0.75 | +0.36% |
| MXIM | MAXIM INTEGRATED PRODUCTS INC. | 71.28 | +0.04 | +0.06% |
| AKAM | AKAMAI TECHNOLOGIES INC. | 106.50 | +0.44 | +0.41% |
After the market closes, traders will digest results from a number of technology companies, including Microsoft Corp., Akamai Technologies and Maxim Integrated Products Inc.
ECONOMICS IN PLAY
In other economic news, the FHFA Housing price index for October and the S&P Case-Shiller Home index will be released, with economists expecting readings of 0.8% and 3.8%, respectively.
Consumer confidence for October will also be released early on Tuesday, with expectations of a reading of 101.9.
CLICK HERE TO READ MORE STORIES ON FOX BUSINESS
In commodities, gold traded at $1,902.70 an ounce.
