US stock markets are trading unevenly at Tuesday’s opening. On the corporate front, a number of quarterly reports are in focus, with GE Aerospace, 3M and defense giant Northrop Grumman, among others, beating earnings expectations and raising their full-year forecasts.
The broad S&P 500 index was up 0.2 percent at 7,707.55 at 15:47.
Technology-heavy Nasdaq Composite falls 0.2 percent to 26,390.80.
By sector, healthcare is performing best, up 2.04 percent, while IT is showing the weakest performance, down 0.49 percent.
Aerospace company GE Aerospace reported adjusted revenue that rose 9.2 percent to USD 13.3 billion in the third quarter, above the expected USD 12.87 billion. Orders increased 49 percent to USD 19 billion and adjusted earnings per share beat expectations. The company raises its full-year earnings forecast to USD 8.00–8.10 per share and expects revenue growth of 19–20 percent. The share fell 4.4 percent.
Conglomerate 3M’s revenue came in line with expectations at USD 6.58 billion in the third quarter. Adjusted earnings per share amounted to USD 2.50, above the expected USD 2.39. The company raises its earnings forecast for the second consecutive quarter and now expects adjusted earnings of USD 9.10–9.15 per share for the full year. The share rose 4.9 percent.
Defense giant Northrop Grumman reported revenue in line with expectations at USD 11.12 billion in the third quarter. Earnings per share beat forecasts and orders reached USD 16 billion, with a record order backlog of USD 110 billion. The company raises its full-year forecast for adjusted earnings per share to USD 29.35–29.75, while the revenue forecast is reiterated. The share rose 7.4 percent.
Defense company RTX’s revenue came in above expectations in the third quarter. Adjusted earnings per share rose to USD 2.26, which was 27 percent higher than analysts’ expectations of USD 1.78. The company also raises its full-year forecasts. The share rose 2 percent.
Automaker General Motors reported revenue that rose 2.9 percent to USD 50.02 billion in the third quarter, above the expected USD 48.83 billion. Adjusted earnings per share increased to USD 3.70, fully in line with analysts’ forecasts. The share fell 5.6 percent.
Steel producer Steel Dynamics reported revenue that rose 34.8 percent to USD 6.51 billion in the third quarter, in line with expectations. Adjusted earnings per share of USD 5.26 fell short of the expected USD 5.48. The company describes the US steel market as remaining strong, with stable demand, low customer inventories and historically low imports. The share fell 1.5 percent.
Chip giant Qualcomm is planning global staff cuts following this year’s employee evaluations, according to an internal memo seen by Reuters. Affected employees will be informed from November, but the scale is not yet known. The measures come as the company is also being pressured by weaker demand for consumer electronics as a result of rising memory prices. The share rose 0.4 percent.
The yield on the US ten-year Treasury falls 3 basis points to 5.11 percent.
Brent crude falls 0.22 percent to USD 109.31 and WTI crude declines 0.02 percent to USD 98.52-
IndexPriceChange todayChange this yearS&P 5007 707,550,22%12,59%Nasdaq Composite26 390,80-0,15%13,55%Consumer discretionary1 913,150,66%-0,79%Consumer staples983,310,53%13,69%Energy1 044,060,11%51,90%Financials927,231,22%1,71%Healthcare2 088,992,04%15,68%Industrials1 409,15-0,12%7,31%Materials643,87-0,33%12,09%Real estate269,001,15%5,48%IT6 958,22-0,49%22,42%Utilities424,741,02%-2,09%Telecom463,82-0,47%2,53%Source: Factset
