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Stock market today: US stocks rise on strong earnings as traders try to come back from streak of losses

Traders work on the floor of the New York Stock Exchange during afternoon trading on November 03, 2023.
Traders work on the floor of the New York Stock Exchange during afternoon trading on November 03, 2023.Michael M. Santiago / Getty
  • US stocks rose Tuesday morning as corporate earnings continue to beat estimates.

  • Shares of firms such as Morgan Stanley and Bank of America climbed on first-quarter results.

  • Treasury yields also climbed as investors readjust to Federal Reserve expectations.

US stock indexes were higher Tuesday morning, as investors tried to reverse a string of losses following strong corporate earnings.

Shares in firms such as UnitedHealth, Morgan Stanley, and Bank of America jumped in pre-market trading, rising on better-than-expected first-quarter performance.

Around 80% of companies have so far beat earnings estimates, according to FactSet.

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"While many corporations expected a weak first quarter earnings relative to the balance of the year, we feel those earlier guides were overly conservative and earnings will beat expectations handily as the first quarter earnings season progresses," Bryan Reilly, portfolio manager at CIBC Private Wealth US, said.

Such reports are helping bring back confidence to investors, who have turned nervous in recent days, whether due to geopolitics or the prospect of a delayed interest rate pivot. Treasury yields continued to rise on Tuesday, indicating that these concerns have not entirely ebbed away. The 10-year Treasury yield rose five basis points to 4.686%.

A slew of Federal Reserve officials will speak this week, starting on Tuesday with comments from Vice Chair Philip Jefferson. The Fed will issue its Beige Book on Wednesday.

Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday: 

Here's what else is happening today: 

In commodities, bonds, and crypto: 

  • West Texas Intermediate crude oil dropped 0.2% to $85.26 a barrel. Brent crude, the international benchmark, slumped 0.2% to $89.91 a barrel.

  • Gold rose 0.5% to $2,394 per ounce.

  • The 10-year Treasury yield climbed five basis points to 4.686%.

  • Bitcoin fell by 0.5% to $63,135.

 

Read the original article on Business Insider