Key Takeaways
- U.S. equities gained at midday Tuesday after a flurry of earnings reports from GE Aerospace, Sherwin-Williams, and more.
- GE Aerospace shares jumped after the company posted second-quarter earnings that beat estimates and lifted its profit projections for the full fiscal year.
- UPS shares cratered after the company’s profit missed estimates amid a pullback in shipping demand.
U.S. equities gained at midday Tuesday after a flurry of earnings reports from GE Aerospace (GE), Sherwin-Williams (SHW), and more. The Dow, S&P 500, and Nasdaq all gained.
GE Aerospace shares jumped after the company posted second-quarter earnings that beat estimates and lifted its profit projections for the full fiscal year.
Sherwin-Williams shares also advanced as the paint maker raised its guidance on expectations of a boost in residential sales in the second half of the year.
MSCI (MSCI) shares jumped as the provider of indexes for money managers posted better-than-expected results on higher recurring subscription revenue.
United Parcel Service (UPS) was the worst-performing stock in the S&P 500 after the package delivery company’s profit missed estimates amid a pullback in shipping demand.
Shares of A.O. Smith (AOS) slumped as the manufacturer of water heaters and boilers reported lower-than-anticipated earnings on higher steel costs and a weak real estate market.
General Motors (GM) shares dropped after the automaker announced an unexpected loss in China and it took a $600 million charge for its struggling autonomous vehicle business.
Oil futures sank and gold prices rose. The yield on the 10-year Treasury note fell. The U.S. dollar gained on the euro and pound, but lost ground to the yen. Most major cryptocurrencies traded lower.
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