The Dow Jones Industrial Average erased early losses and finished at a record high Tuesday as investors reacted to the release of minutes from a recent Federal Reserve meeting. Meanwhile, President-elect Donald Trump's pledge to impose tariffs on three countries had a mixed effect on the stock market today.
Dow Jones stocks rose 0.3%, hitting a new high after the Fed minutes. The S&P 500 crept up late and managed a 0.6% gain for the day. The benchmark index also closed at a new high on Tuesday. The Nasdaq trimmed some of its earlier gains but rose 0.6%.
Volume on the New York Stock Exchange and the Nasdaq was lower compared with the same time on Monday. However, decliners outnumbered advancers on both exchanges — by 2-to-1 on the NYSE and roughly 3-to-2 on the Nasdaq.
After six days of gains, small caps pulled back. The Russell 2000 fell 0.7% but remained close to an all-time high. The Innovator IBD 50 exchange traded reversed higher in late action, ending 0.6% higher.
The yield on the benchmark 10-year Treasury note rose four basis points to 4.3%.
Earnings: Dell, Workday, CrowdStrike To Report
Dell, CrowdStrike and Workday were scheduled to report after the market close.
Sales during CrowdStrike's third quarter beat estimates soundly and rose to $1 billion. Analysts polled by FactSet had expected $982.8 million. Earnings of 93 cents per share also beat views of 81 cents. Shares dropped nearly 3% in post-market action. CrowdStrike is extended from a cup-with-handle base with a buy point of 323.94.
Workday sales of $2.16 billion rose 16% from the prior year and beat estimates of $2.13 billion. Earnings of $1.89 per share also bested views of $1.76. But shares tumbled nearly 7% in after-hours trading. Workday is working on a long consolidation with an entry at 311.28.
Dell's third-quarter sales of $24.4 billion missed estimates of $24.7 billion but earnings of $2.15 per share topped views of $2.06. Shares plunged more than 6% after hours. Dell is extended from its 50-day moving average.
Elsewhere, Analog Devices reversed and fell 2% after reporting earnings. The stock continues to work on a consolidation that has a buy point of 244.14. Fourth-quarter earnings of $1.67 per share topped views by 3 cents. Sales of more than $2.4 billion also were a bit higher than estimates. The company said bookings in the automotive sector picked up during the quarter.
3:17 p.m. ET
Stock Market Today: 2% Inflation Expected, Nvidia Holds Support
Minutes from the Fed's Nov. 7 meeting showed that the committee believed that "total and core inflation were expected to be 2%" by 2026.
During the meeting, "all participants viewed it as appropriate to lower the target range for the federal funds rate by 25 basis points to 4½ to 4¾ percent," the minutes said. Members also felt that upside risk to inflation was more or less unchanged but downside risk to growth had lessened.
Among the Magnificent Seven stocks, Nvidia edged higher in the early going before paring gains. Shares were holding support at the 10-week moving average after the company reported third-quarter results last week.
The Dow Jones component is back below a buy point of 140.76 after multiple breakout attempts since Oct. 17. Shares fell 3% on Friday and 4% Monday.
1:50 p.m. ET
Trump Pledges 25% Tariff
Late Monday, Trump proposed a plan to impose a 25% tariff on goods from Mexico and Canada. On his social media platform Truth Social, he pledged to "sign all necessary documents to charge Mexico and Canada a 25% tariff on ALL products coming into the United States."
The move, Trump said, is designed to stop the flow of fentanyl and illegal immigration. The Canadian dollar fell more than 1% and the Mexican peso lost more than 2% vs. the U.S. dollar.
Trump also outlined plans to impose a 10% tariff on goods coming in from China.
Elsewhere, late Monday, on social media, Tesla chief Elon Musk took a shot at aerospace and defense plays like Lockheed Martin which make "obsolete" manned fighter jets like the F-35.
Are These Magnificent Seven Stocks A Buy Now?
Alphabet | Amazon | Apple | Meta | Microsoft | Nvidia | Tesla
Woodward broke out above a handle buy point at 180.13. Shares had rallied for six days ahead of the earnings report for the September quarter before gapping up on the announcement late Monday. Sales grew 10% to $854.5 million while earnings of $1.41 per share were 6% higher than the prior year.
Sales exceeded $3 billion for the first time for the year. For fiscal 2025, which ends in September, the company gave a sales outlook of $3.4 billion at the midpoint. Woodward makes power control components used in aerospace and industrial applications.
10:37 a.m. ET
Inflation Data Due Wednesday
On Wednesday, the Fed's preferred inflation gauge for October is due. Economists expect the personal consumption expenditures index to increase 0.2% month-on-month and 2.3% annually. Core PCE inflation is seen rising 0.3% for the month and 2.8% on an annual basis, according to Econoday.
Home prices rose 0.2% in September, below a 0.3% estimate, according to the Case-Shiller Home Price Index. However, the Federal Housing Financing Agency's House Price Index showed a 0.7% monthly increase vs. estimates of 0.2%.
Futures: Titans Fuel S&P 500 As Bitcoin Tumbles; Big Movers Late
Dow Jones Stocks
The Dow Jones Industrial Average was weighed down by Amgen, which fell after disappointing results from its Phase 2 study on an obesity treatment. Amgen's "monthly or less frequent" dose of its drug MariTide did not show improved results compared with Eli Lilly's weekly treatment with its drug Zepbound.
Tech stocks and the four Magnificent Seven stocks in the Dow — Microsoft, Apple, Amazon.com and Nvidia — climbed, while the Dow's finance stocks lagged.
Stock Market Today: Zoom Falls
Zoom Communications fell more than 6% despite beating third-quarter sales and earnings estimates late Monday. Earnings of $1.38 per share on sales of $1.18 billion were higher than analysts' views of $1.31 per share on $1.16 billion.
Shares had rallied into a profit zone from a buy point of 72.36 but fell below that area in the stock market today. The company changed its corporate name to Zoom Communications.
Among chip designers, SemTech soared after reporting earnings late Monday. Third-quarter sales and earnings grew after a decline in the previous quarter.
Sales of $236.8 million were 18% higher from the prior year while earnings of 26 cents per share showed strong growth from just 2 cents a year before. Shares rose past a profit zone from a 45.21 entry.
Stock Market Today: Earnings Move These Stocks
Earnings announcements moved several retail stocks. Sellers hit Best Buy after its third-quarter sales and earnings declined from the year-ago period. Sales of $9.4 billion and earnings of $1.26 per share were also lower than estimates of $9.6 billion and $1.30 per share.
Kohl's tumbled and slid below its 50-day moving average. The level been a line of resistance ever since shares gapped down below it in May. Sales for its third quarter declined from the prior year to $3.7 billion, with earnings of 20 cents per share. Analysts had called for $3.6 billion and 28 cents.
Burlington Stores fell back into a buy zone from a buy point of 279.51 after earnings of $1.55 per share met views but sales were a notch lower than estimates of $2.55 billion, at $2.52 billion.
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