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Stock market news today: US stocks waver amid earnings flood, with Big Tech on deck

1 month ago

  • Stocks little changed at the open

    US stocks wobbled on Tuesday as investors weighed early reports on a marquee earnings day, with Big Tech results later in focus as potential fuel to sustain this year's rally.

    The S&P 500 (^GSPC) fell just below the flat line while the tech-heavy Nasdaq Composite (^IXIC) slipped more than 0.2%. The Dow Jones Industrial Average (^DJI) was down about 0.1%.

    The minor declines came after Big Tech stocksled a rally in markets on Monday.

  • Tue, July 23, 2024 at 12:14 PM GMT+1

    Quick take: Coca-Cola

    Similar to my prior post comparing FedEx (FDX) to UPS (UPS), you have to do the same thing always with Coca-Cola (KO) and PepsiCo (PEP).

    Coca-Cola easily wins the battle of the second quarters. The two things that stood to me from the results this morning were a 15% organic sales increase and a nice pop in operating margins year-over-year. PepsiCo pretty much delivered the opposite.

    Coke also lifted guidance, PepsiCo no go.

  • Tue, July 23, 2024 at 11:30 AM GMT+1

    Quick take: GM's earnings

    In what is becoming a recurring theme dating back to the middle of last year, General Motors (GM) once again hiked its annual profit forecast after a sizable quarterly beat.

    GM sees full-year adjusted earnings of $9.50 to $10.50 a share. Previously, it had modeled for $9.00 to $10 a share. The company beat second quarter earnings estimates by 31 cents.

    For the year, it reiterated a recently lowered goal of producing 200,000 to 250,000 EVs.

    I am talking to GM CFO Paul Jacobson around 8am ET today. Keep an eye out for that interview airing in the 9am ET live on Yahoo Finance.

    All in all, GM continues to regain its cred with investors.

  • Tue, July 23, 2024 at 11:26 AM GMT+1

    Another tough quarter for UPS

    The sentiment around FedEx (FDX) and UPS (UPS) has really shifted, with the former seen as a solid play on tons of cost-cutting while the latter is out of favor because of bad quarters.

    To that end, Another tough quarter for UPS this morning. I don't think the full year operating margin cut is going to be well-received by investors.

    • Source: finance.yahoo.com

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