Tuesday saw an increase in stocks as traders kept an eye on recent changes in Treasury yields and investors concentrated on a new batch of earnings releases.
185 points, or 0.5%, were added to the Dow Jones Industrial Average. The Nasdaq Composite increased 0.6% and the S&P 500 rose 0.5%.
The stock increased by more than 3% after Coca-Cola revealed earnings and revenue that exceeded expectations. In the meantime, Spotify increased 9% after the industry leader in audio streaming reported third-quarter results that exceeded expectations.
Following better-than-expected third-quarter results, General Motors shares increased by almost 1%. However, due to rising expenses brought on by the United Auto Workers union strikes, the business revised its full-year projection downward.
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)
