Additionally, home prices rose 19.8% year over year in August, matching the record pace from July, according to the national Case-Shiller index. Prices are now 45.5% above their 2006 peak.
The Dow Jones Industrial Average rose 95 points, or 0.27%, while the S&P 500 index and the Nasdaq Composite index rose 0.43% and 0.6%, respectively.
Facebook Inc. reported mixed quarterly results and guided current-quarter revenue below estimates, but shares rallied as investors put the whistleblower document dump in the rearview mirror. The social media company said it will begin reporting results for Facebook Reality Labs, the unit working on the "metaverse" as a separate segment beginning with its next report.
Ticker Security Last Change Change % FB FACEBOOK, INC. 313.15 -15.54 -4.73%
3M co. slashed its full-year earnings outlook amid concerns over higher input prices and supply chain disruptions. Both earnings and sales exceeded forecasts.
Ticker Security Last Change Change % MMM 3M CO. 182.35 -0.32 -0.18%
UPS Inc. hit a three-month high after its quarterly results beat on earnings and revenue as online shopping continued to fuel demand for package deliveries.
Ticker Security Last Change Change % UPS UNITED PARCEL SERVICE, INC. 218.80 +15.13 +7.43%
General Electric Co. profit and industrial free cash flow topped forecasts as revenue came up short. The conglomerate issued upbeat full-year earnings guidance.
Ticker Security Last Change Change % GE GENERAL ELECTRIC CO. 107.42 +1.99 +1.88%
Hasbro Inc. said supply chain bottlenecks cost the company $100 million in sales last quarter and warned about a further impact during the holiday season. Sales guidance for the upcoming fiscal year was ahead of expectations at the midpoint.
Ticker Security Last Change Change % HAS HASBRO, INC. 92.00 +3.50 +3.95%
Moderna Inc.’s COVID-19 vaccine produced the desired immune responses in children ages 6 to 11 in a clinical trial, the company said. The company plans to submit the results to regulators in the U.S., Europe and elsewhere in an effort to gain authorization.
Ticker Security Last Change Change % MRNA MODERNA, INC. 344.72 -4.84 -1.38%
Tesla Inc. shares were in focus a day after the company topped a $1 trillion market capitalization for the first time.
Ticker Security Last Change Change % TSLA TESLA, INC. 1,025.58 +0.72 +0.07%
Advanced Micro Devices Inc., Alphabet Inc., Microsoft Corp., Texas Instruments Inc., Twitter Inc. and Visa Inc. are among the companies reporting after the closing bell.
Ticker Security Last Change Change % AMD ADVANCED MICRO DEVICES, INC. 124.11 +1.75 +1.43%GOOG ALPHABET, INC. 2,807.32 +31.86 +1.15%MSFT MICROSOFT CORP. 310.28 +2.15 +0.70%TXN TEXAS INSTRUMENTS INCORPORATED 197.72 -2.48 -1.24%TWTR TWITTER, INC. 61.11 -0.98 -1.58%V VISA, INC. 232.67 -1.48 -0.63%
In commodities, West Texas Intermediate crude oil slipped 1 cent to $83.75 a barrel while gold slid $7 to $1,799.80 an ounce.
Overseas trading was choppy.
European bourses rallied across the board with Britain’s FTSE 100 advancing 0.67%, France’s CAC 40 climbing 0.71% and Germany’s DAX 30 rising 1.04%.
In Asia, Japan’s Nikkei 225 jumped 1.77% while China’s Shanghai Composite index and Hong Kong’s Hang Seng index declined 0.34% and 0.36%, respectively.