After a busy month, US stock markets had a positive start to February, with reporting season once again coming into focus.
On Tuesday, all three benchmarks were broadly in line with the Nasdaq gaining 0.8%, the Dow Jones the same and the S&P 500 up 0.7%, with a number of blue-chip reports driving the moves.
AT&T spins off WarnerMedia
The first was telecoms group AT&T (NYSE: T), which confirmed its board approved the spinoff of its WarnerMedia division, owner of HBO and TNT.
The result will see a 47% cut to the dividend, but free up additional funds for the parent company to invest in expanding its 5G network.
UPS smashes expectations
United Parcel Service (NYSE: UPS) gained more than 14% after reporting an 11.5% growth in quarterly revenue as online shopping and parcel deliveries continued to surge.
With costs falling 4.5%, inflation was nowhere to be seen, boosting profit and a 49% increase in the dividend.
Exxon sales surge
Exxon Mobil (NYSE: XOM) gained over 6% after reporting an 80% rise in revenue for the quarter, benefitting from both a surge in volumes and price.
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to follow US markets higher at the open this morning. For a round-up of the latest results, check out my ASX 200 morning report.
