Stocks on the New York Stock Exchange rose on Tuesday following a flurry of Big Tech earnings. The Dow Jones Industrial Average, S&P 500, and tech-heavy Nasdaq Composite all rose by approximately 0.3%. This comes as the benchmark 10-year Treasury yield inched higher to 4.84%, rebounding from a narrow retreat earlier in the session.
Prior to the opening bell, General Motors withdrew its 2023 profit guidance amid a new United Auto Workers walkout at its Arlington, Texas factory, causing costs to surge upward. In contrast, Spotify beat analysts’ expectations by turning a profit during the third quarter.
The music streaming platform reported a net income of 65 million euros or 0.33 euros per share. This is significantly higher than the loss of 0.20 euros per share predicted by Wall Street analysts.