U.S. stocks rose slightly on Tuesday as investors digested another batch of corporate earnings and awaited key inflation data later this week.
The Dow Jones Industrials barreled 301.55 points to open Tuesday at 35,392.68.
The S&P 500 recovered 25.9 points to 4,509.77
The NASDAQ leaped 109.72 points to 14,125.39.
Corporate earnings were driving stock moves on Tuesday. Harley-Davidson jumped 8% after the company reported a surprise profit for the
fourth quarter. Amgen and Chegg also rose following quarterly updates.
Shares of American Express and JPMorgan each rose more than 1%, boosting the Dow.
However, Pfizer shares tumbled 3.6% after the drugmaker’s fourth-quarter revenue came in lower than Wall Street analysts expected. Pfizer’s full-year earnings guidance also disappointed.
Elsewhere, Peloton shares rose 18% after the interactive fitness company said it will slash 2,800 jobs in a restructuring effort that will see CEO John Foley step down and transition to executive chair.
The company will report earnings Tuesday after the market closes and during what’s been a turbulent time for the company. The stock surged 20.9% on Monday following reports the company could be a takeover target.
Shares of Snap, which have been volatile during a mixed earnings season for social media stocks, fell 4.7% after the social media company announced a new debt offering.
As of Tuesday morning, about 300 S&P 500 components have reported, with 77% exceeding earnings estimates and 75% topping revenue expectations. However, the strong results have not been enough to dig the market out of the hole created by January’s slide, and weak forward guidance may be part of what is holding back a rebound.
On the economic data front, the Census Bureau said Tuesday that December’s trade balance was a deficit of $80.7 billion. Economists surveyed by Dow Jones survey were expecting a shortfall of $82.8 billion.
Prices for 10-year Treasurys fell, raising yields to 1.96% from Monday’s 1.92%. Treasury prices and yields move in opposite directions.
Oil prices slid $2.36 to $88.96 U.S. a barrel.
Gold prices were up $5.50 to $1,827.30 U.S. an ounce.