U.S. equity markets were little changed Tuesday morning as investors parsed through an avalanche of earnings reports.
The Dow Jones Industrial Average fell 35 points, or 0.1%, while the S&P 500 and the Nasdaq Composite ticked up 0.06% and 0.12%, respectively. Both the S&P 500 and the Nasdaq Composite closed at record highs on Monday.
In earnings, Tesla Inc. battled through "severe supply chain issues" to post record net income as revenue surged by 74% versus the prior year. Both earnings and revenue exceeded Wall Street estimates.
Ticker Security Last Change Change % TSLA TESLA, INC. 708.12 -30.08 -4.07%
Dow component 3M Co. said demand for personal safety products amid the pandemic helped fuel 10% year-over-year sales growth.
Ticker Security Last Change Change % MMM 3M CO. 194.17 -5.69 -2.85%
Meanwhile, United Parcel Service Inc. beat on both the top and bottom lines, continuing to benefit from the online shopping boom caused by the pandemic.
Ticker Security Last Change Change % UPS UNITED PARCEL SERVICE, INC. 195.38 +19.29 +10.95%
General Electric Co. reported quarterly profit declined 20% from a year ago as the COVID-19 pandemic curtailed demand for its plane engines. The Boston-based conglomerate, however, reaffirmed its full-year free cash flow and earnings per share outlooks.
Ticker Security Last Change Change % GE GENERAL ELECTRIC CO. 13.28 -0.30 -2.25%
Alphabet Inc. and Microsoft Corp. will announce their quarterly results after Tuesday’s closing bell.
In deals, Toyota Motor Co. agreed to buy Lyft Inc.’s self-driving unit for $550 million. Lyft will receive $200 million cash upfront and the remaining $350 million over the next five years.
GameStop Corp. shares soared after the video-game retailer announced the completion of its 3.5 million share sale, raising $551 million before transaction costs.
Ticker Security Last Change Change % GME GAMESTOP 177.17 +8.37 +4.96%
In commodities, West Texas Intermediate crude oil rose 55 cents to $62.46 per barrel and gold edged up $4 to $1,784.10 an ounce.
Overseas markets were mostly weaker.
In Europe, Germany’s DAX 30 lost 0.36%, France’s CAC 40 slid 0.2% and Britain’s FTSE 100 declined 0.26%.
Elsewhere, Japan’s Nikkei 225 fell 0.46% while Hong Kong’s Hang Seng index slipped 0.04% and China’s Shanghai Composite ticked up 0.04%.