US stock markets gave up early gains as a long list of the world’s leading companies are set to report in the coming weeks.
Third-quarter earnings season is expected to deliver earnings growth as high as 25%. However, after the recent cut to growth forecasts by the IMF, all eyes will be on the impact of the energy crisis on costs.
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US Treasury yields continued to hold firm around 1.6% after a strong spike in September, with the market ultimately waiting for direction.
The Dow Jones finished down 0.3%, the S&P 500 down 0.2% and the Nasdaq down 0.1%.
Tesla’s strong China sales, Apple sets the date
In stock-specific news, shares in MGM Resorts (NYSE: MGM) soared 9.7% after analysts at Credit Suisse upgraded its rating on the casino group to ‘outperform’ and doubled their price target.
Meanwhile, the Tesla (NASDAQ: TSLA) share price received a boost after Reuters reported the company sold a record 56,006 China-made vehicles in September. Of these, just 3,853 vehicles were exported, a stark contrast from more than 70% of August’s 44,264 vehicle sales being exported. Tesla shares finished the day 1.7% higher.
Finally, Apple (NASDAQ: AAPL) has set the date for its next product event, with the tag line being ‘unleashed’. On 18 October, the tech giant is expected to unveil new MacBook Pro models, a higher-end Mac Mini and potentially, third-generation AirPods.
US stock market movers
Here’s how other popular US shares performed on Tuesday.
- HubSpot (NYSE: HUBS) up 11.1%
- Upstart (NASDAQ: UPST) up 7.1%
- Okta (NASDAQ: OKTA) up 4.1%
- Alphabet (NASDAQ: GOOGL) down 1.8%
- Intel (NASDAQ: INTC) down 2.4%
- HP (NYSE: HPQ) down 4.1%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to buck this negative lead from US markets to open higher on Wednesday. For a round-up of the latest news, check out my ASX 200 morning report.
