Wall Street indexes edge up with earnings mixed
Main U.S. equity indexes up slightly; small caps outperform
Jun existing home sales 3.89M vs 4.00M estimate
Euro STOXX 600 index off ~0.1%
Dollar, gold up slightly; crude, bitcoin both down >1%
U.S. 10-Year Treasury yield dips to ~4.23%
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WALL STREET INDEXES EDGE UP WITH EARNINGS MIXED
The S&P 500 .SPX and the Nasdaq composite .IXIC are up slightly early on Tuesday after a decent rally on Monday, with investors dealing with a mixed bag in terms of the latest round of earnings reports.
Of note, shares of United Parcel Service UPS.N are tumbling more than 12% after the delivery company missed Wall Street estimates for second-quarter earnings due to subdued package delivery demand and higher costs from its Teamsters labor contract. The news also appeared to weigh on rival FedEx FDX.N whose shares are down ~1.4%.
Also weighing on the market are car makers General MotorsGM.N, down ~6%, and Ford F.N, down ~2%.
GM results showed that it was making a slower-than-anticipated transition to electric vehicles while its Q2 profit and revenue beat expectations and it raised its annual profit forecast for a second time this year on strong pricing and demand for gas-powered trucks. GM said it will focus development efforts on a next-generation Chevrolet Bolt rather than its planned futuristic Origin vehicle that would not have a steering wheel or other human controls.
However, not all was gloomy in earnings as Danaher DHR.N shares are up ~7% after it beat Wall Street estimates for second-quarter profit and revenue on strong demand for its genetic testing services.
Investors will be waiting anxiously for earnings from Tesla TSLA.O and Google parent Alphabet GOOGL.O after the bell.
Of the S&P 500's 11 major industry sectors, most are gaining with consumer discretionary .SPLRCD out front with Carnival Corp CCL.N and Amazon.com AMZN.O leading gains.
The weakest sector is energy .SPNY with oil futures down more than 1%
Here is your early snapshot from 10:27 a.m ET (1427 GMT):
(Sinéad Carew)
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FOR TUESDAY'S EARLIER LIVE MARKETS POSTS:
SMALL-CAP RUSSELL 2000: MORE THRUST, OR BUST? - CLICK HERE
TRUMP STANDS IN THE WAY OF "BROADENING" TO NON-US STOCKS, CITI SAYS - CLICK HERE
THE $1 BILLION DISRUPTION - CLICK HERE
EUROPEAN STOCKS MOSTLY LOWER, GERMANY OUTPERFORMS - CLICK HERE
EUROPEAN FUTURES MIXED, EARNINGS KICK INTO GEAR - CLICK HERE
TESLA, ALPHABET EARNINGS TAKE CENTRE STAGE - CLICK HERE
Wall Street indexes gain https://tmsnrt.rs/3SlWMb7
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