Stocks mixed ahead of elections, Fed meeting, Under Armour jumps
Growth or value stocks: Which is better?
Advisors Capital Management founder Joanne Feeney and Strategic Wealth Partners advisor Luke Lloyd discuss on ‘Making Money with Charles Payne’
U.S. equity futures traded mixed on Tuesday as an off-year Election Day dawned with several important races to be decided around the country and as the Federal Reserve kicked off its two-day meeting.
Dow Jones and S&P 500 futures indicated modest gains, while the Nasdaq drifted lower.
This comes after the Dow briefly climbed above 36,000 for the first time in its history, helping all three averages hit record levels on Monday.
|I:DJI||DOW JONES AVERAGES||35913.84||+94.28||+0.26%|
|I:COMP||NASDAQ COMPOSITE INDEX||15595.915378||+97.53||+0.63%|
Smaller company stocks far outpaced the broader market in a sign that investors were confident about economic growth. The Russell 2000 rose 2.7% to 2,358.12, closing within 0.1% its all-time high set March 15.
Corporate earnings rolled on with 58% of companies in the S&P reporting results and 82% exceeding expectations.
Pfizer boosted its annual sales outlook on strong sales of its COVID-19 vaccine and now expects to earn as much as $82 billion for the year.
Athletic retailer Under Armour jumped after raising its full-year outlook. CEO Patrick Frisk said the company is "on track to deliver record revenue and earnings results in 2021."
|UA||UNDER ARMOUR, INC.||19.03||+0.15||+0.79%|
ConocoPhilips rose after posting a profit of $2.4 billion reversing a loss from the same period a year ago. Nymex crude prices have gained 73% this year, boosting the major oil producer's bottom line.
|XOM||EXXON MOBIL CORP.||65.63||+1.16||+1.80%|
After the close of trading, watch for results from wireless network operator T-Mobile US, life and health insurer Prudential Financial, packaged food and meat processor Mondelez International and biotech company and Dow member Amgen.
|TMUS||T-MOBILE US, INC.||115.86||+0.83||+0.72%|
|PRU||PRUDENTIAL FINANCIAL, INC.||111.33||+1.28||+1.16%|
|MDLZ||MONDELEZ INTERNATIONAL, INC.||60.91||+0.17||+0.28%|
Elsewhere, shares of Tesla slipped after CEO Elon Musk disclosed the company does not yet have a signed contract from Hertz for the 100,000-vehicle purchase announced last week, which helped drive the electric vehicle maker past the $1 trillion market cap milestone.
ELON MUSK SAYS NO CONTRACT YET FROM HERTZ
RUSSIA, CHINA GLARINGLY ABSENT FROM WORLDWIDE COP26 CLIMATE SUMMIT
With inflation in the U.S. at its highest point in three decades, the U.S. Federal Reserve begins its two-day meeting Tuesday and is set this week to start winding down the extraordinary stimulus it has given the economy since the pandemic recession struck early last year, a process that could prove a risky balancing act.