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Stocks stall as profits drag Dow down

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U.S. stocks hit a pause on record gains as focus shifted to the day's earnings streams for insight into the health of U.S. companies and the economy.

The Dow Jones Industrial Average (^DJI) fell about 0.1% after the blue-chip index topped 38,000 for the first time on Monday. The S&P 500 (^GSPC) rose about 0.1% to remain near its record close, while the tech-heavy Nasdaq Composite Index (^IXIC) also rose 0.1%.

Stocks have rebounded in recent days from an early January slump as investors increasingly accept the view that the Federal Reserve could pull off a “soft landing” for the U.S. economy. . These hopes are supported by data showing resilience in the face of higher-than-usual interest rates.

read more: Impact of the Fed's interest rate hike suspension on bank accounts, CDs, loans, and credit cards

Shares of United Airlines (UAL) rose 7% on Tuesday after the company gave an upbeat 2024 profit outlook.

Shares of other airlines, including Delta Air Lines (DAL) and American Airlines (AAL), rose on the forecast even as United Airlines warned of the impact of the grounding of its Boeing 737 Max 9 planes.

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  • Stock prices are rising following the financial results

    Earnings drove market activity Tuesday morning, as multiple company earnings disappointed Wall Street analysts and pushed the Dow Jones Industrial Average (^DJI) lower.

    3M Company (3M) fell nearly 10% on Tuesday after the company's 2024 profit outlook fell short of Wall Street expectations.

    General Electric (GE)'s stock price fell about 2% in morning trading after the company's profit forecast for the current quarter fell short of analysts' expectations, after beating earnings estimates last quarter.

    Johnson & Johnson's (JNJ) stock price tumbled as the company noted it was “in the process” of reaching a settlement with 43 state attorneys general to resolve claims related to J&J's marketing of its product talc. It fell by more than %. The Wall Street Journal reported that J&J will pay $700 million to resolve the investigation.

    Verizon (VZ) had a different earnings story, with its stock up nearly 5% in morning trading. His net addition of postpaid phones by wireless carriers was 449,000, well above Wall Street's expectations of his 232,000 increase.

  • Stock prices open mixed

    U.S. stocks hit a pause on record gains as focus shifted to the day's earnings streams for insight into the health of U.S. companies and the economy.

    The Dow Jones Industrial Average (^DJI) fell about 0.1% after the blue-chip index topped 38,000 for the first time on Monday. The S&P 500 (^GSPC) fell 0.1% to remain near its record close, and the tech-heavy Nasdaq Composite Index (^IXIC) also soared.

    3M and Johnson & Johnson, major constituents of the Dow, saw their stock prices fall following the release of their quarterly results, weighing on the major averages.

For the latest stock market news and in-depth analysis of price-moving events, click here.

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