Stock Market Today: Stocks higher amid earnings parade; GM, GE, UPS report

Stocks are looking at their first back-to-back gains for the month Tuesday with a host of blue-chip earnings reporting first-quarter earnings.

Apr 23, 2024 - 18:30

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Stock Market Today: Stocks higher amid earnings parade; GM, GE, UPS report

Check back for updates throughout the trading day

U.S. equity futures nudged higher Tuesday, following on from a tech-led rebound that lifted Wall Street firmly higher in the previous session, as investors looked to a busy slate of corporate earnings and a key update from electric-vehicle maker Tesla after the closing bell.

Updated at 7:55 AM EDT

GE Aerospace flies

In its final reports as a combined group, General Electric posted better-than-expected first quarter profits, with GE Aerospace notching a 34% surge in overall orders, allowing it to boost its full-year profit forecast.

GE Aerospace shares, which inherit the legacy GE ticker on the NYSE, were marked 4.9% higher in pre-market trading to indicate an opening bell price of $157.55 each.

Stock Market Today

Investors snapped up beaten-down equities in tech and a host of other sectors Monday coming back from the biggest pullbacks on Wall Street since last October and lifting the S&P 500 back above the 5,000 point mark by the close of the trading day.

Benchmark Treasury note yields held in place, helping rate-sensitive stocks outperform the broader market, as Federal Reserve policy markets entered their mandatory quiet period ahead of the central bank's next meeting on April 30.

Investors will likely key on a $69 billion auction of 2-year notes later in the session, which will mark a key test of foreign demand amid the market's elevated inflation concern. Another factor: S&P Global's broader reading of economic activity for the month of April.

Benchmark 2-year notes were last seen little changed at 4.985% while 10-year notes were changing hands at 4.625% heading into the start of the New York trading session.

Markets will key on Tesla earnings after the closing bell amid the stock's second-longest drawdown since the company went public in 2010.
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Wall Street will also navigate a host of corporate earnings this morning, including updates from United Parcel Service (UPS) , PepsiCo (PEP) , General Electric (GE) and General Motors (GM) .

UPS moved up 1.4% after it posted a stronger-than-expected bottom line of $1.43 per share, offsetting a slump in overall package volumes and narrower profit margins tied to a new labor contract with the Teamsters union.

PepsiCo, meanwhile, slipped 0.2% after reiterating its full-year-profit forecast following a beat on the top and bottom lines of its first-quarter earnings report.

General Motors powered 3.9% higher after smashing Wall Street forecasts for its Q1 and boosting its full-year-profit forecasts thanks to solid truck and SUV sales and a slowing of investments into its EV division.

Tesla (TSLA) will update investors after the closing bell, with investors and analysts focused on Chief Executive Elon Musk's conference call. During that discussion he is expected to articulate details of the group's shift toward autonomous driving and robotaxis amid the second-worst slump for the stock since it listed on the Nasdaq in 2010.

Shares in the group were last marked 0.5% higher in pre-market trading to indicate an opening bell price of $142.75 each.

Heading into the start of the trading day, futures contacts tied to the S&P 500 suggest a 16 point opening bell gain while those linked to the Dow Jones Industrial are priced for a 76 point bump.

The tech-focused Nasdaq, meanwhile, is set to open 63 points higher, hurt by another slide for Apple (AAPL) tied to reports of slumping iPhone sales in China.

More Wall Street Analysts:

In overseas markets, Europe's Stoxx 600 was marked 0.7% higher in Frankfurt following data showing economic activity in the region hit the highest levels in more than a year and recorded its second consecutive month of expansion in April. Britain's FTSE 100, meanwhile, was marked 0.54% higher in London.

Overnight in Asia, Japan's Nikkei 225 ended 0.3% higher in Tokyo as the yen hit a fresh post-1990 low of 154.87 against the U.S. dollar. That level nears the 155 mark, at which traders expect currency-market intervention from the Japanese government.

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