Stocks are little changed as Wall Street awaits Big Tech earnings: Live updates

U.S. stocks began Tuesday’s trading session in the red.

The Dow Jones Industrial Average fell 161 points, or 0.4%.

The S&P 500 and Nasdaq Composite fell 0.3% each.

— Hakyung Kim

On Monday, nearly 99 million shares traded hands, compared with a 10-day average volume of 57.3 million shares. The stock, which closed Monday at $47.36, was already active before the market’s open on Tuesday. Shares were up more than 17% on volume of 18.6 million.

— Christina Cheddar Berk

Some stocks are making big moves in the premarket:

• VF Corp – Shares soared nearly 20% following the North Face and JanSport parent’s better-than-expected quarterly results. For the fiscal second quarter, the company posted adjusted earnings of 60 cents per share on $2.76 billion in revenue. Analysts surveyed by LSEG were looking for 37 cents per share and $2.71 billion in revenue. VF Corporation also declared a quarterly dividend of 9 cents per share.
• Ford Motors – Shares of the automaker slid 7% after Ford guided to the low end of its previously announced full-year earnings guidance, even as it slightly exceeded analysts’ third-quarter expectations. Ford said it now expects its adjusted EBIT of about $10 billion. Ford has been grappling with softening demand, rising inventory and worries about its ability to achieve cost cuts this year.
• Cadence Design Systems – The stock jumped more than 5% after the electronic design company’s third-quarter earnings beat Wall Street estimates. Cadence Design earned $1.64 per share, excluding items, on revenue of $1.22 billion, above the consensus estimate of $1.44 per share and $1.18 billion in revenue, according to LSEG. The company also raised the midpoint of its non-GAAP earnings per share outlook for 2024.

Read the full list here.

— Sean Conlon

McDonald’s reported third-quarter earnings and revenue that beat analyst expectations, with the company reversing a same-store sales decline from the previous quarter.

The fast-food chain earned an adjusted $3.23 per share on revenue of $6.87 billion. Analysts polled by LSEG anticipated a profit of $3.20 per share on revenue of $6.82 billion.

Still, shares were down more than 1% in the premarket.

— Fred Imbert

Mizuho is bracing for a strong quarterly print from Robinhood Markets when it reports results this week.

“We expect the continued heightened market activity and volatility to help HOOD show strong trading results when reporting on Wednesday,” wrote analyst Dan Dolev, lifting the firm’s third and fourth quarter estimates for the brokerage firm.

Given this setup and a tracked record of “excellent execution,” Dolev lifted the firm’s price target to $29 from $24 a share. The new target reflect 4% upside from Monday’s close and puts Robinhood at 8 times 2026 net revenue.

“We believe the premium is warranted given continued execution on growth, profitability, and business diversification,” he wrote.

Shares have rallied nearly 119% this year.

— Samantha Subin

Evercore ISI is offering up its outlook for some key megacap technology stocks as the busy earnings week for the sector kicks into high gear.

Analyst Mark Mahaney expects Meta Platforms to post a modest beat this quarter and signal a strong setup for Internet advertising, while maintaining its capital expenditures and total expense expectations.

“We don’t expect META to provide FY25 Capex and Totex guides, [though] we understand there is growing anticipation that they will,” he said.

For Amazon, the firm anticipates an in-line quarter and risk to the e-commerce giant’s $17.5 billion fourth-quarter operating income estimate.

“We believe this Q4 OI risk has been well seasoned among investors, but the Street number still seems intrinsically aggressive, with or without material Kuiper launch costs,” Mahaney wrote.

Despite these near term woes, he reiterated the stock as the firms top large cap long pick as the company’s retail segment gains share and the AWS recovery continues.

Shares of Meta have rallied more than 63% this year, while Amazon is up 24%.

— Samantha Subin

European markets opened higher Tuesday as traders in the region digested the latest slew of earnings reports.

The pan-European Stoxx 600 was up 0.38% in opening trade, with all major bourses and most sectors in the green. Banks added 0.77% while mining stocks dipped 0.4%.

The U.K.’s FTSE 100 index added 0.25% to 8,307, Germany’s DAX rose 0.47% to 19,621, France’s CAC rose 0.61% to 7,602 and Italy’s FTSE MIB rose 0.51% to 34,196.

— Karen Gilchrist

Europe’s largest lender HSBC on Tuesday reported third-quarter earnings that beat analysts’ expectations, boosted by strong revenue growth, as it embarks on a major restructuring to balance its operations in China and the West.

HSBC’s pre-tax profit rose 10% compared with the $7.7 billion posted a year ago. The company’s quarterly revenue grew 5% to $17 billion from the $16.2 billion that was reported a year ago, while after-tax profit gained $500 million from last year to $6.7 billion.

Shares of HSBC traded 2.24% higher.

—Anniek Bao, Lee Ying Shan

Japan’s jobless rate for the month of September came in at 2.4%, compared to 2.5% the month before.

The reading is also slightly lower than Reuters’ forecast of a 2.5% climb. The ratio of jobs to applicants climbed to 1.24 from 1.23 in August. Still, that’s “well below” the pre-pandemic average of 1.6, according to Moody’s Analytics.

“The lackluster domestic economy and weak external demand will likely keep employment conditions soft in the coming months,” Moody’s analysts wrote.

—Lee Ying Shan

Bitcoin briefly climbed above $70,000 as investors braced themselves for MicroStrategy earnings and counted the days to the U.S. presidential election.

The price of bitcoin was last higher by about 3% at $69,925.00, according to Coin Metrics. At about 6:00 p.m. Eastern on Monday, it touched $70,207.02 and has been oscillating since. Stocks tied to the price of the cryptocurrency were little changed in extended trading.

The last time bitcoin touched $70,000 was in June. It has tested that level several times this year, after hitting a record in March of $73,797.68. Earlier forays above $70,000 have been mere blips.

Optimism is building ahead of the U.S. presidential election next week. Bitcoin has been confined to a tight range between $55,000 and $70,000. However, it may be poised for a breakout with stocks hitting new highs this month, Election Day on Nov. 5 and another Federal Reserve rate policy decision on Nov. 7.

For more, read our full story here.

— Tanaya Macheel

MicroStrategy rose about 10% on one point Monday, ahead of its earnings report Wednesday as the stock looks to extend its win streak.

The software company, which trades as a high beta play on the price of bitcoin, ended the Monday trading session up nearly 9% to record its highest close since March 15, 2000.

Bitcoin climbed closer to the $70,000 level it has struggled to hold onto this year. It was last trading higher by more than 2% at $69,502.40.

A gain this week would be the eighth in a row for the stock, and its longest since rally since an 11-week streak that ended in late October 2010. MicroStrategy is up 125% in that period.

— Tanaya Macheel, Nick Wells

These are some of the stocks making the biggest moves in extended trading:

• Cadence Design Systems — The electronic design stock jumped 5% after earnings for the third quarter beat analyst expectations on both lines.
• Ford — The automaker slipped about 5% as full-year guidance came in at the low end of the previously expected range.
• VF Corporation — The North Face parent surged 22% on earnings for the second fiscal quarter that exceeded Wall Street’s consensus forecasts.

See the full list here.

— Alex Harring

Futures tied to the Dow, S&P 500 and Nasdaq 100 were all little changed shortly after 6 p.m. ET.

— Alex Harring