US close: Dow hits new high as 3M, Coca-Cola earnings impress

(Sharecast News) - Strong gains from household names like 3M and Coca-Cola powered the Dow Jones Industrial Average to new heights on Tuesday, though the S&P 500 and Nasdaq saw a more subdued performance.

There were also decent performances from General Motors and GE Aerospace as results impressed, while Warner Bros Discovery jumped on M&A speculation.

"This earnings season was always going to be a doozy, with investors keenly waiting to see how tariffs were working through the system and whether consumer caution might upend some company's outlooks," says AJ Bell head of financial analysis Danni Hewson.

"Looking at the market reaction today it appears many investors are still on the fence, but where good news is to be found share prices are jumping higher. The day's big winner is arguably General Motors, which has seen its stock surge after raising its annual profit forecast."

The Dow rose for the third straight day, up 0.5% at a new closing high of 46,924.74, ahead of its record close of 46,758.28 on 3 October. The S&P 500 finished flat, while the Nasdaq slipped 0.2%.

All three indices rose on Monday on the back of improving sentiment regarding trade tensions with China, as well as hopes that the government shutdown could end this week. National Economic Council director Kevin Hassett said the White House was prepared to take stronger action to end the impasse, now the third-longest in US history.

Trade tensions remained in focus early on Tuesday after Donald Trump reiterated the threat of a 100% tariff hike on Chinese imports from 1 November. However, his upbeat tone on a potential deal with Beijing helped ease concerns, with a meeting between Trump and Chinese President Xi Jinping still expected to take place later this month in South Korea.

Earnings impress

Shares in General Motors powered ahead on Tuesday, after the US car giant comfortably beat Wall Street forecasts and boosted its full-year outlook. In her letter to shareholders, GM chief executive Mary Barra said the company was "performing well in a dynamic environment", including hitting its highest third-quarter market share in the US since 2017.

Industrial conglomerate 3M rose strongly after third-quarter results beat estimates comfortably and full-year profitability targets were raised. "I am very pleased with our teams' focus on reinvigorating organic top-line growth and improving operational performance resulting in another strong quarter," said chair and CEO William Brown.

GE Aerospace also raised its full-year earnings outlook for the second time in four months after delivering what chief executive Larry Culp called an "exceptional quarter", powered by surging jet-engine output, robust aftermarket demand and improving supply chains.

Coca-Cola reported third-quarter results ahead of expectations, with net revenue up 5% to $12.5bn and organic revenue up 6% as a 6% gain in price-mix offset flat concentrate sales and modest volume growth.

Shares in Warner Bros Discovery soared 11% after the US entertainment giant said it exploring a possible sale. The New York company is already planning to split into two listed businesses, with one focused on movies and streaming and the other a global networks company. However, on Tuesday WBD said it was expanding its strategic review to include a potential sale as well as the split, having received unsolicited interest from "multiple" parties.

Shares in gold miner Newmont tumbled 9% as gold prices retreated from record highs after a eye-watering rally over recent weeks. Others in the precious metals sector, such Agnico Eagle Mines, Barrick Gold and Pan American Silver, dropped sharply as investors took profits following recent gains.

Dow Jones - Risers

3M Co. (MMM) $165.82 7.66%

Coca-Cola Co. (KO) $71.08 4.06%

Salesforce.Com Inc. (CRM) $263.46 3.59%

Walt Disney Co. (DIS) $114.36 2.09%

Apple Inc. (AAPL) $262.77 1.86%

American Express Co. (AXP) $354.95 1.64%

Travelers Company Inc. (TRV) $269.66 1.54%

Merck & Co. Inc. (MRK) $87.24 1.51%

Nike Inc. (NKE) $68.64 1.09%

Amgen Inc. (AMGN) $301.14 1.05%

Dow Jones - Fallers

JP Morgan Chase & Co. (JPM) $297.96 -1.74%

Caterpillar Inc. (CAT) $525.98 -1.23%

Verizon Communications Inc. (VZ) $40.31 -1.23%

Johnson & Johnson (JNJ) $192.32 -0.95%

Walmart Inc. (WMT) $106.66 -0.78%

Goldman Sachs Group Inc. (GS) $761.27 -0.57%

International Business Machines Corporation (CDI) (IBM) $282.70 -0.56%

Chevron Corp. (CVX) $153.79 -0.45%

Procter & Gamble Co. (PG) $151.55 -0.22%

McDonald's Corp. (MCD) $307.08 -0.09%

S&P 500 - Risers

Halliburton Co. (HAL) $25.38 11.58%

Gartner Inc. (IT) $260.05 7.80%

RTX Corporation (RTX) $173.23 7.67%

3M Co. (MMM) $165.82 7.66%

Adobe Systems Inc. (ADBE) $357.55 6.84%

Danaher Corp. (DHR) $221.58 5.94%

VF Corp. (VFC) $15.26 5.89%

Zions Bancorporation (ZION) $52.68 5.28%

Ford Motor Co. (F) $12.59 4.75%

Advance Auto Parts (AAP) $55.03 4.61%

S&P 500 - Fallers

Newmont Corporation (NEM) $86.22 -9.03%

Seagate Technology Plc (STX) $214.57 -6.07%

Western Digital Corp. (WDC) $121.41 -5.36%

Albemarle Corp. (ALB) $91.15 -4.99%

Estee Lauder Co. Inc. (EL) $98.75 -3.88%

Philip Morris International Inc. (PM) $151.12 -3.83%

Broadcom Inc. (AVGO) $342.66 -3.71%

Micron Technology Inc. (MU) $202.29 -3.70%

Lockheed Martin Corp. (LMT) $487.73 -3.24%

Quest Diagnostics (DGX) $184.01 -3.03%

Nasdaq 100 - Risers

Adobe Systems Inc. (ADBE) $357.55 6.84%

Mercadolibre Inc. (MELI) $2,143.03 4.71%

Expedia Group Inc. (EXPE) $226.14 4.50%

Workday, Inc. (WDAY) $245.64 4.02%

QUALCOMM Inc. (QCOM) $168.83 3.96%

Booking Holdings Inc. (BKNG) $5,292.78 3.86%

Amazon.Com Inc. (AMZN) $222.03 3.73%

PACCAR Inc. (PCAR) $99.85 3.64%

Qvc Group Inc Series A (QVCGA) $14.49 3.54%

Cognizant Technology Solutions Corp. (CTSH) $68.77 3.50%

Nasdaq 100 - Fallers

Seagate Technology Plc (STX) $214.57 -6.07%

Western Digital Corp. (WDC) $121.41 -5.36%

Broadcom Inc. (AVGO) $342.66 -3.71%

Micron Technology Inc. (MU) $202.29 -3.70%

CSX Corp. (CSX) $35.73 -2.76%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $525.92 -2.47%

Monster Beverage Corp (MNST) $68.90 -2.45%

Alphabet Inc. Class A (GOOGL) $250.46 -1.87%

Mondelez International Inc. (MDLZ) $61.73 -1.81%

Alphabet Inc. Class C (GOOG) $251.34 -1.69%