By Chris Ciaccia FOXBusiness
Pfizer, 3M and Microsoft headline earnings docket.
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.
The Nasdaq Composite posted modest gains helped by AMD’s $35 billion purchase of Xilinx.
AMD BUYS XILINX IN $35 BILLION DEAL
|I:COMP||NASDAQ COMPOSITE INDEX||11418.722943||+59.79||+0.53%|
|AMD||ADVANCED MICRO DEVICES INC.||79.28||-2.96||-3.59%|
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.
|I:DJI||DOW JONES AVERAGES||27585.58||-99.80||-0.36%|
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
|MRK||MERCK & CO. INC.||78.93||+0.01||+0.01%|
|LLY||ELI LILLY & COMPANY||133.85||-7.92||-5.59%|
Pharmaceutical companies including Novartis, Pfizer, Merck & Co. and Eli Lilly in focus on earnings.
|RTX||RAYTHEON TECHNOLOGIES CORP||58.61||-2.32||-3.81%|
Industrial companies such as Caterpillar, 3M & Co., Raytheon Technologies, Sherman Williams and Cummins also report.
BP and Ecolab Inc. headline results from the oil and gas and specialty chemical sectors.
|MXIM||MAXIM INTEGRATED PRODUCTS INC.||71.33||+0.09||+0.13%|
|AKAM||AKAMAI TECHNOLOGIES INC.||106.26||+0.20||+0.19%|
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.
In commodities, gold traded at $1,902.70 an ounce.
- Vermont Woman Fired, Denied Unemployment for Refusing Vaccine, Becomes Homeless and Flees to Florida on
- Trump Promises ‘Orderly Transition’ After Biden Certified as President-Elect on
- Trump Says Supreme Court ‘Incompetent and Weak’ Over Election Fraud on
- NH’s Voting Machines Are Capable of Redistributing Votes on
- Dominion’s Parent Company Arranges $400 Million Placement 1 Month Before Election: SEC Filing on