U.S. equity markets ended little changed Tuesday as investors parsed through an avalanche of earnings reports and readied for the Federal Reserve’s latest policy.
The Dow Jones Industrial Average ticked up 1 point while the S&P 500 and the Nasdaq Composite slipped 0.03% and 0.34%, respectively. The choppy session came ahead of Wednesday’s policy decision from the Federal Reserve.
|I:DJI||DOW JONES AVERAGES||34113.23||+238.38||+0.70%|
|I:COMP||NASDAQ COMPOSITE INDEX||13895.118204||-67.56||-0.48%|
In earnings, Tesla Inc. battled through “severe supply chain issues” to post record net income as revenue surged by 74% versus the prior year. Both earnings and revenue exceeded Wall Street estimates.
Dow component 3M Co. said demand for personal safety products amid the pandemic helped fuel 10% year-over-year sales growth.
Meanwhile, United Parcel Service Inc. beat on both the top and bottom lines, continuing to benefit from the online shopping boom caused by the pandemic.
|UPS||UNITED PARCEL SERVICE, INC.||212.13||+8.29||+4.07%|
General Electric Co. reported quarterly profit declined 20% from a year ago as the COVID-19 pandemic curtailed demand for its plane engines. The Boston-based conglomerate, however, reaffirmed its full-year free cash flow and earnings per share outlooks.
|GE||GENERAL ELECTRIC CO.||13.45||+0.33||+2.52%|
Alphabet Inc. and Microsoft Corp. will announce their quarterly results after Tuesday’s closing bell.
In deals, Toyota Motor Co. agreed to buy Lyft Inc.’s self-driving unit for $550 million. Lyft will receive $200 million cash upfront and the remaining $350 million over the next five years.
GameStop Corp. shares soared after the video-game retailer announced the completion of its 3.5 million share sale, raising $551 million before transaction costs.
In commodities, West Texas Intermediate crude oil rose $1.03 to $62.94 per barrel and gold edged down $1.20 to $1,778 an ounce.
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Overseas markets were mostly weaker.
In Europe, Germany’s DAX 30 lost 0.31%, France’s CAC 40 slid 0.03% and Britain’s FTSE 100 declined 0.26%.
Elsewhere, Japan’s Nikkei 225 fell 0.46% while Hong Kong’s Hang Seng index slipped 0.04% and China’s Shanghai Composite ticked up 0.04%.