Traders work on the floor of the New York Stock Exchange during morning trading in New York City.
Michael M. Santiago | Getty Images
The S&P 500 was flat on Tuesday as investors braced for major corporate earnings releases, including reports from prominent technology companies.
The overall market index rose 0.2%, but Dow Jones Industrial Average It traded 53 points (0.3%) lower. of Nasdaq Composite exceeded, increasing by 0.6%.
alphabet, snap, reddit, chipotle pepper and advanced micro device Both companies plan to announce their quarterly results after the market closes. Tech giants meta platform and microsoft A report is expected on Wednesday, but apple I wake up on Thursday.
Shares of Meta and Alphabet rose more than 1% on Tuesday ahead of their earnings reports.
“This is an expensive market right now, so I think investors will need to accelerate earnings growth to justify the higher P/E ratio,” said Sam Stovall, chief investment strategist at CFRA Research.
This week is the busiest week of earnings season, with more than 150 S&P 500 companies scheduled to report results by Friday’s close.
Traders continued to focus on Treasury yields as the benchmark 10-year Treasury yield rose to its highest level since July.
With just five business days left until the U.S. presidential election, BTIG’s Jonathan Krinsky believes the market is likely to see more volatility in the short term.
“While we are not looking for a bear market, we remain confident that we are preparing for some downside volatility in the coming weeks,” Krinsky said in a note.
Key averages are derived from winning sessions. Notably, the blue-chip Dow ended its five-day losing streak, and the tech-heavy Nasdaq posted its eighth positive trading day in the past nine days.
