Stocks were mixed again on Tuesday as investors reacted to a fresh batch of third-quarter earnings reports. The Dow Jones Industrial Average was slightly lower at session close, while the S&P 500 Index also dipped below the flatline and the Nasdaq Composite advanced nearly 0.2%.
Here's how the market settled on Tuesday:
S&P 500 Index (NYSE: SPY): -0.05% or -2.78 points to 5,851.20
Dow Jones Industrial Average (NYSE: DIA): -0.02% or -6.71 points to 42,924.89
Nasdaq Composite Index (NASDAQ: QQQ): +0.18% or +33.12 points to 18,573.13
On the Earnings Front:
General Motors (NYSE: GM) reported strong third-quarter earnings on Tuesday, with the Detroit automaker's share jumping over 10% after it raised its 2024 outlook.
The company now expects full-year adjusted earnings before interest and taxes between $14 billion and $15 billion, in the range of $10 to $10.50 per share. GM also raised its adjusted automotive free cash flow outlook to between $12.5 billion and $13.5 billion, up from its previous guidance of $9.5 billion and $11.5 billion.
"The consumer had held up remarkably well for us," CFO Paul Jacobson said during an earnings call with analysts. "Nothing we see has changed from where we've been for the last several quarters."
3M (NYSE: MMM) reported better-than-expected earnings on Tuesday, with the industrial giant raising the lower end of its full-year profit guidance heading into its final quarter of 2024. For the full-year, 3M now expects adjusted earnings per share between $7.20 and $7.30, from its previous forecast of $7 to $7.30.
"Our ongoing execution positions us well to deliver a strong finish to the year," said CEO William Brown in a statement. "I am confident that our work on advancing our three priorities -- organic growth, operational excellence, and capital deployment -- will deliver long-term value creation for our shareholders."
Verizon Communications (NYSE: VZ) reported weaker-than-expected third-quarter earning on Tuesday, even as its wireless phone and internet subscriptions grew during the quarter. The company affirmed its full-year adjusted earnings per share outlook of $4.50 to $4.70.
CEO Hans Vestberg said that recent announcements including the $20 billion acquisition of Frontier Communications and a $3.3 billion to lease through of communication towers "have set Verizon up for disciplined growth, now and into the future."
Genuine Parts (NYSE: GPC) shares cratered nearly 20% on Tuesday after the automotive and industrial replacement parts distributor cut its full-year earnings outlook after its third-quarter earnings miss. The company now expects adjusted earnings of $8 to $8.20 per share, compared to previous guidance of $9.30 to $9.50 per share. Genuine Parts also updated its full-year revenue outlook to between 1% and 2% year-over-year, compared to its prior guidance of 1% to 3%.
"Our results were below our expectations, primarily driven by continued weakness in market conditions in Europe and our Industrial business," CEO Will Stengel said in a statement.
In the News:
Nike (NYSE: NKE) announced Monday it will be the exclusive uniform and apparel provider for the National Basketball Association (NBA) and Women's National Basketball Association (WNBA) for the next year years in a partnership renewal between the sports apparel maker and the leagues. The company will be in charge of designing and manufacturing uniforms, on-court apparel and fan merchandise under the deal.
For Wednesday:
Wall Street will turn its attention towards existing home sales data for September on Wednesday, alongside earnings reports from companies including Coca-Cola (NYSE: KO), AT&T (NYSE: T) and Boeing (NYSE: BA).