Stock markets in New York showed a mixed picture after the opening bell on Tuesday after the strong recovery in the past two trading days. Many large American companies came up with results, such as General Motors (GM), Coca-Cola, UPS and General Electric (GE).
The figures were received mixed.
Investors are mainly waiting for the quarterly figures of the large tech companies Microsoft and Alphabet, Google’s parent company. Those numbers come after the closing bell on Wall Street. Later in the week, Apple, Amazon and Facebook owner Meta will also give a peek into the books.
Due to their size and market value, the results of these large tech companies are likely to determine a large part of the direction of the US stock markets. Shortly after the start of trading, the Dow Jones index fell 0.2 percent at 31,468 points. The broad S&P 500 gained 0.3 percent to 3,808 points, and the tech gauge Nasdaq rose 0.7 percent to 11,029 points.
Automaker GM rose 2.3 percent thanks to well-received results. Despite the challenging market conditions, the company maintained its expectations for this year. GM posted record sales thanks to a significant increase in sales of electric cars in the United States. GE won 2 percent. The industrial group achieved more turnover than expected last quarter. However, the profit was a bit disappointing.
3M lost more than 3 percent. The industrial conglomerate, which makes mouth masks, medical devices and Post-it notes, among other things, performed better than analysts had expected last quarter. However, the company again revised its full-year revenue forecast downwards.
Coca-Cola rose 0.6 percent. The soft drink manufacturer raised its expectations for the full year thanks to strong results in the past quarter. The company saw revenue grow by 10 percent, partly due to price increases. The volume also increased.
UPS won 2.9 percent. The parcel carrier posted higher-than-expected profits in the third quarter and maintained its full-year revenue forecast despite the “very dynamic” macroeconomic environment.
Oil services company Halliburton fell 0.4 percent despite a more than doubling profits in the past quarter. Copier manufacturer Xerox plunged 25 percent after disappointing results.