Stock Market Today: Dow ends higher, but can't escape 3rd monthly loss; Fed eyed
Investing.com — The Dow closed higher Tuesday on the final day of trade for October, as investors digested a raft of corporate earnings, but stocks couldn't avoid racking up a third-straight loss for the first time since March 2020.
The Dow Jones Industrial Average gained 0.4% or 123 points, and the S&P 500 rose 0.6%, and the Nasdaq gained 0.5%.
Caterpillar (NYSE:CAT) fell nearly 7% after the industrial equipment maker’s order backlog narrowed, stoking worries about slowing equipment demand and offsetting Q3 results that topped on both the top and bottom lines.
JetBlue Airways Corp (NASDAQ:JBLU) was also punished for weaker-than-expected quarterly results and the airline cut its annual guidance, citing a “challenging operation backdrop.” Its shares fell about 10%.
Wolfspeed Inc (NYSE:WOLF) rallied 22% to lift the broader chip sector after delivering better-than-feared quarterly results. But some on Wall Street remain cautious on the stock awaiting further visibility on performance of its Mohawk Valley chip-making factory, which was opened last year.
“While we view WOLF's progress as substantial, we remain on the sidelines pending further derisking of Mohawk Valley,” Oppenheimer said in a note.
The uptick in chip stocks comes just hours ahead of the quarterly results from Advanced Micro Devices Inc (NASDAQ:AMD) due after the market closes.
“AMD's CQ3 estimates should be achievable, particularly assuming some benefit from improving consumer PC shipments,” Wedbush said in a recent note.
Consumer confidence in October fell for the third-straight month, although the decline was less than economists had expected as inflation concerns continue to grow.
“Write-in responses showed that consumers continued to be preoccupied with
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