Equities were slightly higher on Tuesday as investors dig in a spate of corporate earnings and continued to haunt the trading and Brexit developments.
Dow gains were capped after the insurance company The Travelers Companies (TRV), a component of the 30-year equity index, posted a much weaker-than-expected quarterly profit and dropped its shares by about 7%. Merck (MRK), another Dow component, also fell sharply after lung cancer treatment developed by the Bristol-Myers Squibb (BMY) competition had reached an important development milestone.
KMB), Procter & Gamble (PG), UPS (UPS), Hasbro (HAS), Texas Instruments (TXN), Lockheed Martin (LMT), United Technologies (UTX), Whirlpool (WHR) and Snap (SNAP) , 19659004] Here were the main moves in the market starting at 10:25 ET:
S & P 500 (^ GSPC): + 0.12% or 3.62 points
Dow (^ DJI): -0, 07% or 18.92 points
Nasdaq (^ IXIC): + 0.1% or 8.03 points
10-year yield (^ TNX): -1.7 basis points to 1.775%
WTI Crude Oil Prices (CL = F): + 1.16% to $ 53.93 a barrel
Gold (GC = F): + 0.03% to $ 1,488.60 per ounce
Overseas were the European markets largely higher, and the pound slipped slightly against the dollar and the euro (GBPUSD = X, GBPEUR) = X) before a major Brexit vote at 14.00 ET. This so-called second reading vote will determine whether Parliament will allow legislation facilitating the withdrawal of the UK from the EU. It only takes three days for Prime Minister Boris Johnson to miss the legislative support he needed to push ahead with his Brexit agreement over the weekend.
As part of the deliberations, MEPs will also decide whether to honor Johnson's accelerated timetable for attempting to make a Brexit deal by 31 October.
"The opinion seems to be tightening that the Prime Minister will get his deal on Parliament, if not by 31 October, then next month. This will be the end of Brexit at the end of the year, "wrote Chris Beauchamp, IG Group Chief Market Analyst, in an e-mail. "This may indeed be the way, but all parties are preparing for a great battle, with many twists that could cause the bill to be torpedoed and the country doomed to fail."
In the US Economic data released on Tuesday included inventory sales, and the National Association of Realtors reported a stronger decline in September than expected. Previous home sales declined by 2.2% to a seasonally adjusted annual rate of 5.38 million, while in August the level was slightly revised upwards, rising 1.5% to 5.50 million from the previous month. According to Bloomberg data, consensus economists had expected only a decline of 0.7% in September.
Meanwhile, the Richmond Fed Manufacturing Index rebounded to a surprise 8 in October (from -9 in September). Order intake and employment rise. The results highlight an at least temporary improvement in production conditions for the regional Fed zone, after a year has passed in which data for the domestic manufacturing sector has been softened. Consensus economists had expected the regional Fed index to remain negative for the month at -7.
Fed spokespersons are still in a quiet phase ahead of the meeting and will not make public statements. According to data from the CME Group, markets started Tuesday morning with a probability of 94% of a third rate cut in a row – a cycle high -.
<p class = "canvas-atom canvas -text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " The Toys company Hasbro ( HAS ) made a steep mistake to quarterly earnings and sales Tuesday morning, referring to the impact of tariffs on earnings: Adjusted earnings per share for the third quarter were $ 1.84 with sales of $ 1.58 billion, while consensus analysts had expected $ 2.21 in diluted earnings per share of $ 1.72 billion, and Hasbro shares fell more than 17%. "data -reactid = "33"> The toy company Hasbro ( HAS ) suffered a strong shortfall in quarterly earnings and sales on Tuesday morning, pointing to the impact of tariffs on its results. Adjusted earnings per share were $ 1.84 in the third quarter, with revenues of $ 1.58 billion, while consensus analysts expected $ 2.21 in diluted earnings per share of $ 1.72 billion , Hasbro shares fell more than 17% after the market was open.
"Hasbro remains on track to achieve profitable revenue growth in 2019 following the introduction of Hasbro innovations in Games, Toys and Brand Blueprint. "As we have already said, the threat and tariff reduction has reduced revenues in the third quarter and increased the cost of delivering products to retailers."
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " The consumer goods company Procter & Gamble ( PG ) published quarterly estimates and increased results The full-year outlook, where stocks are placed 4% above market value, is open, with core earnings per share of 1.37 USD has exceeded expectations by 13 cents. "Data-reactid =" 51 "> The consumer goods company Procter & Gamble ( PG ) published quarterly estimates raising its full-year forecast , Core earnings per share of $ 1.37 exceeded expectations by 13 cents.
Organic sales growth, excluding factors such as currency effects, rose 7%, outstripping the expected growth rate of 4.15%. The results were mainly driven by a rise in organic beauty product sales, which increased 10% in the quarter from the expected 6.17%.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " UPS ( UPS ) posted stronger than expected EPS in the quarter as sales came to light Jim Barber, the company's chief operating officer, announced that he would retire at the end of the year $ 2.07 per share exceeded expectations by one cent, while revenue of $ 18.32 billion was slightly below the expected $ 18.37 billion. The adjusted free cash flow forecast for the year is over $ 4 Billions of dollars, after previously only $ 3.5 billion. "Data-reactid =" 53 "> UPS ( UPS ) delivered stronger than expected EPS in the quarter, While sales came to light, and announced that its chief operating officer Jim Barber would do so in the end of the year Retire. Adjusted earnings of $ 2.07 per share exceeded expectations by one cent, while revenues of $ 18.32 billion were slightly below the expected $ 18.37 billion. The shipping giant also revised its adjusted free cash flow forecast to over $ 4 billion for the year, compared to just $ 3.5 billion previously.
<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Under Armor ([19659017UAA) announced Tuesday that CEO and Founder Kevin Plank will resign and will be replaced by President and Chief Operating Officer Patrik Frisk.Plan, who founded the Sportswear brand in 1996, will become Executive Chairman and Chief Operating Officer The change of leadership will take effect on January 1. The shares in Under Armor rose 1.5% and the S & P 500 is open and underperformed the broader market this year & P 500 up almost 20%, up 13.7%. "Data-reactid =" 54 "> Under Armor ( UAA ) announced Tuesday that CEO and founder Kevin Plank and replaced by President and Chief Operating Officer Patrik Frisk. Plank, who founded the Athletic Wear brand in 1996, becomes the Executive Chairman and Brand Chief. The leadership changes will take effect on 1 January. Under Armor shares rose 1.5% to open the market, outperforming the broader market this year. They rose 13.7% from the S & P 500's rise of nearly 20%.
<p class = "canvas-atom canvas- text Mb (1.0em) Mb (0) – -sm Mt (0.8em) – sm "type =" text "content =" Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck "data-reactid =" 69 "> Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck
<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = " Read more from Emily: " data-reactid = "70"> Read more from Emily:
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