U.S. equities traded on either side of unchanged Tuesday, a day after the S&P 500 index hit record close, as investors turned their attention to a stream of corporate earnings, waiting for a two-day Federal Reserve meeting which is expected to provide further interest rate cuts on Wednesday.
What are the main indexes doing?
Dow Jones Industrial Average
DJIA, + 0.04%
rose by 4 points, or less than 0.1%, to 27,094, while the S&P 500 index
SPX, + 0.15%
rose by 4 points, or 0.1%, to 3,044, after notching an intraday high speed of only 3,048. Nasdaq Composite Index
withdrew 26 points, or 0.3%, from 8,300.
The S&P 500 ended in record territory for the first time in three months on Monday, with The Greatness Index rose 16.87 points, or 0.6%, to close at a record 3,039.42, taking out the previous close of all time at 3,025.86 on July 26. Other major indices were not far behind, with the Dow ending just 1% from its record close seen July 15 and the Nasdaq Composite only bearing the record break of 830.21 seen July 26.
What is driving the market?
Investors analyzed a new round of earnings reports on Tuesday.
Shares of Google superiors Alphabet Inc.
was down 2% after the search giant reported on revenue loss from the third quarter late Monday, helps to weigh technology-based stocks and the broader S&P 500.
However, the companies continued a report trend to a great extent no better than feared for the third quarter, although expectations were lowered significantly in the revenue season. Dow Components Merck & Co. Inc.
MRK, + 4.23%
and Pfizer Inc.
PFE, + 3.03%
were both on the rise. Merck reported third-quarter profits and revenues that beat expectations, and Pfizer said third-quarter revenue rose more than expected while upgrading guidance for the full year 2019.
The drug companies combined to give Dow a 15-point boost at the beginning of Tuesday.
The US-China trade was also on the radar, with shares lifted Monday from positive sounds from Beijing and Washington late last week and over the weekend on the prospect of entering into a deal. However, stocks withdrew Tuesday afternoon after a Reuters report that a "phase one" trade deal may not be ready to sign before President Trump and President Xi Jinping meet in Chile next month.
The focus also turned to the Fed, with investors pondering whether the central bank would move to dampen expectations of further monetary easing beyond Wednesday's expected rate cut.
Read: 3 Things to Look for When the Fed Meets This Week
“Before the Fed releases its decision tomorrow and the top economic data begins to seep in, it is likely that today shows a problem increased, although we doubt the positive mood will come to an abrupt end, ”analysts at UniCredit Bank wrote in a note.
Related: Why would the Fed cut its interest rates a third time, even as stocks nearby?
The highlight of this week's economic calendar comes Friday with the number of US employment numbers. On Tuesday, investors looked at the Case-Shiller home price index, which fell 0.2% in August while rising 2% over the year.
U.S. Consumer confidence was lower in October, with Conference Board's consumer confidence index at 125.9, up from 126.3 last month. Economists asked by MarketWatch had predicted a reading of 128.0.
Pending home sales increased for the second month of September, with the National Association of Realtors reporting they climbed 1.5%.
Which companies are in focus?
Boeing Co. .
BA, + 0.82%
shares were on the investor's radar when CEO Dennis Muilenburg appeared before the US Senate Commerce Committee as part of his investigation into the company's 737 Max involved in two fatal crashes in the the last year. Boeing's shares increased by 0.5%.
General Motors Co. .
GM, + 5.16%
reported third-quarter earnings well above expectations, despite a month-long strike and lower-than-expected earnings, sending shares 5.1% higher on Tuesday morning.
Shares of Mastercard Inc .
rose 0.1% early Tuesday after the payment company made forecasts for profit and sales in the third quarter.
Shares of ConocoPhillips
COP, + 3.15%
fell 1.6% after the energy company projected earnings per share, but did not report an income figure.
HCA Healthcare Inc .
HCA, + 6.42%
shares rose 6.3% Tuesday morning after the hospital operator reported revenues that fell more than expected in the third quarter, but revenues increased more than expected.
Xerox Holdings Corp. .
XRX, + 11.82%
shares were also up more than 14.1%, lifted after the copier reported third-quarter results and revenues that exceeded expectations, saying they had decided not to to sell their consumer finance business.
shares were down 41% after the online food delivery company reported disappointing sales figures and prospects for the downturn.
A first time quarterly surplus was not providing no lift for meat substitute supplier Beyond Meat Inc.
BYND, -18.94% .
Shares fell 17.3% on Tuesday after the company reported results after Monday's closing clock.
How do other markets trade?
Return on the 10-year US state tax
drops about 1 basis point to 1.840%.
In commodity markets, the price of West Texas intermediate crude for delivery in December
fell $ 1 to $ 54.82 per barrel and the price of one ounce of gold
withdrew $ 8.20 to $ 1,487.60.
In Asia overnight, shares traded mixed, China CSI 300
falling 0.4%, Japan's Nikkei 225
NIK, + 0.47%
attaining 0.4% and Hong Kong's Hang Seng Index
falling 0.4%. In Europe, the shares were largely lower, as reflected by the Stoxx Europe 600
SXXP, -0.16% ,
which fell 0.3%.