Key Takeaways
- The S&P 500 added 0.7% on Tuesday, Oct. 24, 2023, amid strong corporate earnings news and anticipation of the reports coming from big tech firms this week.
- Verizon and 3M helped boost U.S. equities indexes after both companies posted better-than-expected results.
- HCA Healthcare’s profit was short of estimates, and its shares tumbled.
U.S. equities gained, with the S&P 500 rising 0.7%, amid solid corporate earnings and optimism about the financial reports coming this week from some of the biggest firms in the technology sector.
Verizon Communications (VZ) shares jumped 9.3% after the telecom company’s earnings and subscriber growth exceeded estimates. Verizon also expects that it will add more subscribers in the current quarter.
RTX (RTX) shares gained 7.2% with the defense contractor exceeding profit and sales estimates, announcing a stock buyback, and indicating it’s made significant progress on a jet engine issue that led to a recall.
W.R. Berkley (WRB) shares picked up 6.2% after the insurer set a record for net investment income, and both gross and net premiums written rose.
3M (MMM) shares increased 5.2% after the diversified manufacturing giant reported profit that beat forecasts. 3M also boosted its full-year outlook as it benefited from higher prices and cost-cutting measures.
HCA Healthcare (HCA) shares sank 4.5% as the for-profit hospital and health care chain’s earnings were short of estimates and it narrowed its outlook. The company said that its physician staffing joint venture with Valesco performed below expectations.
Synchrony Financial (SYF) shares dipped 4.4% as the financial services firm boosted the money it needed to put aside to cover losses from delinquent loans.
Archer Daniels Midland (ADM) shares tumbled 4% after the agricultural products provider reported lower-than-expected profits from two of its key segments.
