US stock markets opened higher on Tuesday, supported by falling oil prices.
The earnings season has continued with Apple, Palantir, Eaton, Dupont and Pfizer among those in focus. Several companies are exceeding analysts’ earnings expectations and raising their full-year forecasts, while Apple’s weaker outlook weighed on the stock. Oil prices fell in the morning on rising hopes in the Middle East but have since recovered somewhat from the day’s lows. Elsewhere, attention is focused on the US midterm elections taking place on Tuesday.
The broad S&P 500 index was up 0.2 percent at 7,557.74 at around 15.50.
Technology-heavy Nasdaq Composite rose 0.6 percent to 25,322.08.
By sector, information technology is performing best, up 1.11 percent, while consumer staples recorded the weakest performance, down 1.43 percent.
Technology giant Apple reported better-than-expected earnings for the fourth quarter but provided a weaker-than-expected forecast. The company expects revenue growth of 7–10 percent during the first quarter of fiscal 2026/2027. The forecast for gross margin of 45–46 percent also fell short of expectations. The stock fell 1.5 percent.
Data analytics company Palantir’s adjusted earnings per share doubled to 0.44 dollars from 0.21 dollars, which was 7.3 percent better than analysts’ expectations of 0.41 dollars. The stock fell just under 5 percent.
Industrials company Eaton reported a 28 percent increase in revenue to 8.95 billion dollars during the third quarter, above expectations. Adjusted earnings per share rose to 3.68 dollars and exceeded forecasts. The company raises its full-year forecast for organic growth to 13–15 percent and for adjusted earnings per share to 13.70–13.80 dollars. The stock rose 7.1 percent.
Materials and chemicals company Dupont’s adjusted earnings per share rose to 2.09 dollars, above the expected 1.87 dollars. The company again raises its full-year forecast and now expects adjusted earnings per share of 7.47–7.52 dollars. The stock rose 4.1 percent.
Pharmaceutical giant Pfizer raises its full-year revenue forecast to 62–64 billion dollars and its forecast for adjusted earnings per share to 2.95–3.05 dollars, supported by strong performance and cost savings. The stock was unchanged.
E-commerce platform Shopify’s operating profit was higher than expected in the third quarter. The stock nevertheless fell 9 percent.
The yield on the US 10-year Treasury note rises 5 basis points to 4.95 percent.
Brent crude falls 1.25 percent to 103.46 dollars and WTI crude declines 0.64 percent to 95.84 dollars.
IndexPriceChange todayChange this yearS&P 5007 557,740,22%10,40%Nasdaq Composite25 322,080,63%8,95%Consumer discretionary1 911,59-0,44%-0,87%Consumer staples1 005,74-1,43%16,29%Energy1 024,76-0,87%49,09%Financials950,18-0,65%4,23%Health care2 154,970,15%19,33%Industrials1 445,280,63%10,06%Materials660,61-1,40%15,01%Real estate277,08-0,28%8,64%Information technology6 664,151,11%17,24%Utilities440,69-0,63%1,59%Telecom398,590,16%-11,89%Source: Factset
