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
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:COMP | NASDAQ COMPOSITE INDEX | 11418.722943 | +59.79 | +0.53% |
| XLNX | XILINX INC. | 125.03 | +10.47 | +9.14% |
| 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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 3398 | -2.97 | -0.09% |
| I:DJI | DOW JONES AVERAGES | 27585.58 | -99.80 | -0.36% |
| CAT | CATERPILLAR INC. | 159.37 | -3.94 | -2.41% |
| MMM | 3M COMPANY | 164.25 | -2.04 | -1.23% |
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 | 81.09 | -3.10 | -3.68% |
| PFE | PFIZER INC. | 37.45 | -0.45 | -1.17% |
| 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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CAT | CATERPILLAR INC. | 159.30 | -4.01 | -2.46% |
| MMM | 3M COMPANY | 164.12 | -2.18 | -1.31% |
| RTX | RAYTHEON TECHNOLOGIES CORP | 58.61 | -2.32 | -3.81% |
| SHW | SHERWIN WILLIAMS | 668.67 | -2.83 | -0.42% |
| CMI | CUMMINS | 223.88 | +3.21 | +1.45% |
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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 211.80 | +1.72 | +0.82% |
| 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.
