US stocks climb on strong Chinese economic growth and upbeat earnings

Traders work on the floor of the New York Stock Exchange (NYSE) on October 27, 2022 in New York City.Spencer Platt/Getty Images

• US stocks rose Tuesday as China's first-quarter GDP growth of 4.5% topped estimates.

• Bank of America and Johnson & Johnson beat earnings views, while Goldman Sachs missed.

• Netflix and United Airlines will report results after the closing bell.

US stocks were mostly higher on Tuesday on strong economic growth in China and upbeat quarterly earnings reports from big companies.

China's gross domestic product expanded by 4.5% in the first quarter, topping estimates for 4% and accelerating from the prior quarter's 2.9% growth.

While the latest figure falls short of Beijing's target for 5% full-year growth, the economy is expected to pick up further as it continues to rebound after zero-COVID policies were lifted last year.

Meanwhile, Bank of America and Johnson & Johnson beat earnings views, while Goldman Sachs missed as the quarterly reporting season ramps up. Results from Netflix and United Airlines are due after the close.

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

• S&P 500: 4,166.65, up 0.37%

• Dow Jones Industrial Average: 33,961.76, down 0.07% (25.42 points)

• Nasdaq Composite: 12,224.57, up 0.55%

Here's what else is happening this morning:

• Stocks may slump if banking fears choke growth - and the Fed should end its inflation fight, Wharton professor Jeremy Siegel said.

• Billionaire investor Howard Marks sounded the alarm on commercial real estate, warning of a wave of defaults.

• A single order from Elon Musk's Tesla has boosted a family's fortune to over $800 million.

• Stocks are entering a danger zone as they're already pricing in a Fed pause, Morgan Stanley said.

In commodities, bonds and crypto:

• West Texas Intermediate crude oil dipped 0.3% to $80.57 per barrel. Brent crude, oil's international benchmark, slipped 0.3% to $84.47 a barrel.

• Gold rose 0.5% to $2,017 per ounce.

• The 10-year Treasury yield was flat at 3.591%.

• Bitcoin rallied 2.8% to $30,337.

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