Big-Name Stocks Lift Wall Street as Q3 Earnings Exceed Expectations

  • Stock Market News
Big-Name Stocks Lift Wall Street as Q3 Earnings Exceed Expectations
Credit: © Reuters.

On Tuesday, Wall Street experienced a surge driven by robust Q3 earnings results from major companies such as General Electric (NYSE: GE ), Coca-Cola (NYSE: KO ), Spotify (NYSE: SPOT ), 3M (NYSE: MMM ), and General Motors (NYSE: GM ). The Dow Jones Industrial Average and the S&P 500 rose by 0.6%, while the Nasdaq climbed by 0.8%.

Strong quarterly performance led General Electric to raise its full-year profit forecast for the third time this year. This was largely attributed to robust demand for jet engine parts and improved performance in renewable energy operations. Similarly, Coca-Cola exceeded quarterly earnings and revenue expectations with earnings per share at 74 cents and $11.91 billion in revenue.

Spotify returned to profitability in Q3, surpassing user and subscriber expectations as revenues grew ahead of guidance. In addition, 3M raised its earnings and cash flow guidance following a strong Q3 due to its year-to-date performance. Despite better-than-expected Q3 earnings, General Motors withdrew its annual guidance due to volatility caused by strikes.

The upward trend was also influenced by an increase in private-sector activity as indicated by S&P Global PMIs. The US manufacturing PMI showed unexpected growth in October, with a slight rise in the yield on a 10-year US Treasury.

David Morrison of Trade Nation anticipates that tech giants Alphabet (NASDAQ: GOOGL ) and Microsoft (NASDAQ: MSFT ) will release positive results, significantly contributing to this year's stock market gains.

In addition to these developments, Bitcoin 's value surged beyond $35,000 following a court verdict supporting Grayscale Bitcoin Trust (GBTC) in its conflict with the SEC regarding its ETF conversion proposal.

Meanwhile, bond yields saw a slight recovery after Monday's fall; the 10-year yield, which momentarily touched 5%, was below 4.9%. Major market indexes, the Dow Jones, S&P 500, and Nasdaq all registered over a 0.5% increase in early trading. However, the market ended mixed on Monday with Nasdaq up but S&P 500 and Dow down.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or