Stocks increased Tuesday as traders kept an eye on recent changes in Treasury yields and investors concentrated on a new batch of earnings reports.
Dow Jones Industrial Average increased by 284 points, or 0.8%. The Nasdaq Composite increased 1% and the S&P 500 rose 0.8%.
The stock increased by more than 3% as a result of Coca-Cola’s earnings and revenue beating expectations. While everything was going on, Spotify saw a 9% increase after the dominant audio streaming service released third-quarter data that exceeded expectations.
Following better-than-anticipated third-quarter results, General Motors stock declined by 0.2%. To offset the higher costs brought on by the United Auto Workers union strikes, the business retracted its full-year outlook.
Ones publishing earnings after the market closes include Alphabet and Microsoft. Amazon and Meta are two additional tech companies reporting this week.
Bahnsen Group Chief Investment Officer David Bahnsen claims that even though the list of tech companies reporting earnings this week exceeded Wall Street estimates, valuations for the entire field of these companies are still too high.
Bahnsen stated that the outcomes “won’t support their outrageous values” regardless of the major tech earnings this week. “Big tech companies are still excessively expensive and are priced for perfection and then some, and it’s a dynamic that is not likely to end well,” the analyst said of the previous three months’ price falls in big tech firms.
Source (CNBC)
