Stocks were slightly higher Tuesday, clawing back losses from earlier in the day, as investors waded through persistent concerns about an uptick in interest rates while also digesting this week’s latest earnings reports.
The Dow Jones Industrials climbed to within 6.71 points of the breakeven mark to 42,924.89
The S&P 500 index fell short only 2.78 points to 5,851.20.
The NASDAQ moved positive 33.12 points to 18,573.13.
Homebuilding stocks dropped on persistent higher-for-longer rate concerns, with Lennar and D.R. Horton each losing more than 3%.
Traders are also eyeing a fresh slate of earnings reports that are set to come out this week, including Tesla and Coca-Cola on Wednesday and Honeywell on Thursday.
On Tuesday, General Motors jumped more than 10% after topping Wall Street’s third-quarter expectations and raising its full-year guidance.
Philip Morris also soared roughly 9% after the Marlboro maker raised its annual profit forecast, while Verizon shed more than 4.5% after its total revenue just missed analysts’ forecast. Lockheed Martin shares dipped 6.5% after the military contractor posted lower-than-expected quarterly sales.
So far, about 19% of companies in the broad index have reported results, with more than seven out of 10 topping earnings estimates
Prices for the 10-year Treasury dropped a bit, raising yields to 4.20% from Monday’s 4.19%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.68 to $72.24 U.S. a barrel.
Prices for gold advanced $22.10 an ounce to $2.761 U.S.
