Investing.com – Stocks were mixed on Tuesday amid strong earnings results as investors digest economic data.
The S&P 500 rose two points or 0.10% as of 9:44 AM ET (1:45 PM GMT) while the Dow composite slipped two and a half points or 0.01% . Tech heavy NASDAQ Composite gained 18 points or 0.28%.
Food manufacturer Kellogg Company (NYSE:K) jumped 7.97% after its earnings results came in higher than expected, while Sony Corp ADR (NYSE:SNE) increased 12.61% after the firm forecast a record annual profit as its sensor sales rose. Meanwhile semiconductor Micron Technology Inc (NASDAQ:MU) rose 5.44%.
Among the worst performers were Under Armour Inc C (NYSE:UA) which slumped 12.08% after it slashed its full-year outlook. Biopharmaceutical firm Pfizer (NYSE:PFE) slipped 1.27% despite posting higher than expected third quarter results while Mastercard Inc (NYSE:MA) inched down 0.08% despite reporting higher profits due to increased consumer spending. Qualcomm (NASDAQ:QCOM) was down 6.88% amid news that Apple (NASDAQ:AAPL) was considering not using the firm’s chips in its next iPhone.
In economic news, the Chicago PMI new orders was at its highest since 1974, while consumer confidence rose to 125.9 in October. The Federal Open Market Committee begins its two-day meeting on Tuesday, as investors wait to see if the strengthening of the United States economy is enough for the Fed to increase interest rates.
In Europe, stocks remained at five-and-a-half month highs. France’s CAC 40 inched forward seven points or 0.13% and in London the FTSE 100 fell half a point or 0.01%. Spain’s IBEX 35 jumped 54 points or 0.52%. Meanwhile the pan-European Euro Stoxx 50 increased eight points or 0.22%. In Germany the DAX was closed for a national holiday.
In commodities, gold futures fell 0.57% to $1,270.43 a troy ounce while crude oil futures was down 0.13% to $54.08 a barrel. The U.S dollar index, which measures the greenback against a basket of six major currencies, increased 0.16% to 94.53.