Traders work on the floor of the New York Stock Exchange during afternoon trading on February 5, 2024.
Michael M. Santiago | Getty Images
U.S. stocks rose on Tuesday as corporate earnings season got into full swing and investors looked to build on strong gains from the previous session.
of Dow Jones Industrial Average It rose by 255 points (0.6%).of S&P500 Although it rose by 1.1%, Nasdaq Composite It rose by 1.4%.
spotify The stock soared more than 14% after beating Wall Street's first-quarter expectations and issuing a rosy second-quarter outlook. UPS Shares rose slightly after the shipping giant reported better-than-expected quarterly profits. pepsicoMeanwhile, the stock fell 2.4% despite reporting better-than-expected earnings. ge aerospace It also reported higher profits.
tesla is scheduled to report earnings after the bell, followed by MetaPlatform on Wednesday afternoon. Google's parent company alphabet and microsoft Thursday concludes a tech-heavy earnings week.
By Tuesday morning, about 20% of the S&P 500 index had announced earnings. Of those companies, 76% beat analyst expectations, according to FactSet data.
Tuesday's move came on the heels of an upbeat session on Wall Street. Investors bought into tech stocks following recent declines in major stocks. Nvidiawhich had been sluggish recently amid expectations of rising inflation and rising interest rates.
Stefano Pascal, a strategist at Barclays, said: “Stocks have had the most well-behaved decline in 30 years, but disappointing earnings accelerated losses as AI winners + Mag7 took the brunt of the final leg. “The risk option appears to be discounted.” .
