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Market snapshot: S&P 500, Nasdaq misses company earnings information after a giant day

Shares traded a little higher on Tuesday but did not reach their best levels as investors went through a series of high-profile corporate earnings reports the day after hitting the S&P 500 and Nasdaq Composite again.

What are the most important benchmarks doing?

The Dow Jones industrial average
DJIA,
-0.07%
rose 33.18 points, or 0.1%, to 30,993.18.

The S&P 500
SPX,
-0.15%
rose 2.6 points, or 0.1%, to 3,857.96 after hitting an all-time high during the day.

The Nasdaq Composite
COMP,
-0.07%
climbed 21.53 points or 0.2% to 13,657.52.

The Dow fell 0.1% on Monday for its third straight daily decline, while the S&P 500 ended record highs, up 0.4% and the Nasdaq Composite, up 0.7%.

What is driving the market?

Investors are wading through the busiest week of earnings reporting season. Tuesday brings a number of results from corporate heavyweights, including Dow Components 3M Co.
MMM,
+ 3.26%,
Johnson & Johnson
JNJ,
+ 2.71%,
Verizon Communications Inc.
VZ,
-3.17%
and American Express Co.
AXP,
-4.13%.

"The profits are for the most part burned in. But what will be more important going forward is the prospects that companies give," said Kristina Hooper, Invesco's chief global markets strategist. in an interview.

She added that U.S. companies may not offer much insight into the future due to the uncertainties surrounding the COVID-19 pandemic and the timeline for vaccine widespread adoption.

Investors also saw signs of possible market foam. Shares in video game retailer GameStop Corp.
GME,
+ 92.71%
rebounded on track to gain 500% this month on brief pressure exacerbated by spikes in option activity from individual investors.

See: While day traders make wild option bets on the stock market, the fear repeats that history will repeat itself

Investors continue to watch negotiations over President Joe Biden's request for additional $ 1.9 trillion in COVID-19 relief spending facing tough talks in a tightly divided Senate as an impeachment trial against former President Donald Trump.

Senate majority leader Chuck Schumer said Monday his goal was to pass the next round of coronavirus aid by mid-March, when unemployment benefits from the December package expire. President Joe Biden said talks could revamp the $ 1.9 trillion plan.

Biden also said Monday that the US could soon be vaccinating an average of 1.5 million people a day.

Moderna Inc.
MRNA,
+ 3.30%
On Tuesday, the company said it was on track to deliver 100 million doses of its COVID-19 vaccine to the U.S. government by the end of March and 200 million doses by the end of June. Cambridge, Massachusetts-based biotechnology announced that it has delivered more than 30 million doses of the vaccine to the US government. The Moderna share rose by 3.8%. Around 10.1 million doses of the vaccine have now been administered in the United States, citing data from the Centers for Disease Control and Prevention.

Meanwhile, the Federal Reserve kicked off a two-day political meeting on Tuesday, the first in 2021. Policy makers are not expected to make policy changes, but are expected to oppose any ideas about which the central bank would quickly return Start easing asset purchases.

Investors will also watch the Fed communicate on recent inflationary pressures concerns this year. "The Fed expects to give assurances that it will continue to stick to its average inflation target, which means that inflation overshoot will be tolerated," said Hooper.

See: Do you think higher inflation is coming? The Fed will believe it when it sees it

The International Monetary Fund raised its forecast for global economic growth in 2021 on Tuesday, but warned that the outlook remained "extremely uncertain".

The S&P CoreLogic Case-Shiller 20-City Price Index was up 9.1% in November from 8% in the previous month. On a monthly basis, the index rose 1.5% between October and November.

The Conference Board announced that the consumer confidence index rose to 89.3 this month from 87.1 in December. Last month's value was the lowest in five months. Economists polled by Dow Jones and the Wall Street Journal had forecast a slight decline to 88.

Which companies are in focus?

3M Co. stocks rose 3.3% after the diversified industrial and post-it maker posted better-than-expected fourth-quarter earnings.

Drug manufacturer's stocks Johnson & Johnson was up 2.6% after reporting higher-than-expected earnings and sales and an optimistic outlook for 2021.

Verizon stock fell 3.4% despite fourth-quarter results that beat analysts' expectations.

American Express stocks were down 3.6% after the company reported a year-over-year earnings and revenue decline in the fourth quarter while a negative provision was made for credit losses

Outside the Dow shares of General Electric Co. GE was up 5% after the diversified industrial conglomerate posted earnings that fell short of expectations in the fourth quarter, but sales and free cash flow exceeded forecasts.

Raytheon Technologies Corp.
RTX,
+ 1.39%
Shares rose 6.2% after the aerospace and defense company reported fourth quarter earnings and sales that exceeded expectations while delivering a mixed outlook for the first quarter.

Shares in the private equity giant Apollo Global Management Inc.
APO,
+ 7.19%
rose 7% after the company announced late Monday that Leon Black would be stepping down as chief executive after an independent review found payments to disgraced financier Jeffrey Epstein were above expectations that were nonetheless justified were viewed.

What are other markets doing?

The yield on the 10 year Treasury bill
TMUBMUSD10Y,
1.040%
was flat at 1.04%. Yields and bond prices are moving in opposite directions.

The ICE US dollar index
DXY,
-0.27%,
A measure for the US currency versus a basket of six major competitors fell 0.2%.

The Europe-wide Stoxx 600 share index
SXXP,
+ 0.63%
rose 0.7% while the London FTSE 100
UKX,
+ 0.23%
gained 0.2%.

In Asia, stocks fell with the Shanghai Composite
SHCOMP,
-1.51%
Hong Kong's Hang Seng Index fell 1.5%
HSI,
-2.55%
fell 2.5% and the Japanese Nikkei 225 index
NIK,
-0.96%
shed 1%.

The oil futures fell against the US benchmark
CL.1,
-0.49%
down 0.2% near $ 52.66 a barrel while gold futures
GC00,
-0.29%
lost $ 4.30, or 0.2%, to $ 1,850.90 an ounce for the fourth straight day.

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