- 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 climbed at midday Tuesday following strong earnings reports from GE Aerospace and Sherwin-Williams. The Dow, S&P 500, and Nasdaq all advanced.
GE Aerospace soared after posting second-quarter earnings that beat estimates and raising its full-year profit forecast. Sherwin-Williams shares also rose as the paint maker lifted its guidance, citing expected residential sales growth.
Conversely, United Parcel Service (UPS) tumbled as profit missed estimates due to reduced shipping demand. A.O. Smith (AOS) fell on lower-than-expected earnings driven by higher steel costs and a sluggish real estate market. General Motors (GM) shares dropped following an unexpected loss in China and a $600 million charge for its autonomous vehicle business.
Oil futures declined, gold prices rose, and the 10-year Treasury yield fell. The U.S. dollar gained against the euro and pound but fell to the yen. Major cryptocurrencies mostly traded lower.
