Stocks finished mostly higher Tuesday as investors digested comments from President Trump and weighed corporate earnings results. The S&P 500 added 0.2%, posting a new closing high after exceeding 3,100 for the first time during the session. The Dow ended the day unchanged, while the Nasdaq Composite closed up 0.3%, notching a fresh record level.
In a lunchtime speech to the Economic Club of New York, President Trump noted that the initial part of a broader trade deal with Beijing could be finalized soon, but he also suggested that tariffs on Chinese goods would be increased substantially if no agreement is reached.
On the earnings front, D.R. Horton advanced 3.1% after the home construction company topped Wall Street profit forecasts and projected higher 2020 sales, citing strong demand and lower mortgage rates. Rockwell Automation climbed 10.5% following positive quarterly figures from the factory equipment maker. Advance Auto Parts slid 7.5% after its same-store sales figure missed consensus estimates. CBS Corp. was down 3.6% after delivering disappointing revenue figures amid a sharp decline in advertisement sales. Tyson Foods gained 7.4% following positive remarks concerning the company’s move into alternative meats. In other corporate news, Disney rose 1.4% following the launch of its new Disney+ streaming service.
Treasuries strengthened with the yield on the 10-year note down three basis points to 1.91%. On the data front, the NFIB reported that small business optimism improved in October. In commodities, WTI crude slipped 0.1% to $56.80/barrel, while COMEX gold rose 0.1% to $1,458.80/ounce, still near its lowest level since August.