Stocks fluctuated on Tuesday, as investors monitored economic data releases, corporate earnings results, and trade developments. The Dow rose 30 points, extending Monday’s gain in which the blue chip index notched its first all-time high since July. The S&P 500 edged down 0.1%, while the Nasdaq Composite added less than 0.1%.
Treasuries extended their recent slump, with the yield on the 10-year note up five basis points to 1.85%, near the highest level since September. On the data front, a gauge of service sector activity improved in October, rebounding from a three-year low. Separately, the U.S. trade deficit narrowed in September, while the Jobs Openings and Labor Turnover Survey (JOLTS) revealed job openings dipped to 7.02 million in September.
Trade news also garnered investor attention, as expectations remained elevated for a partial “phase one” trade deal to be signed later this month. Overnight reports suggested Washington is contemplating rescinding plans to impose additional tariffs on Chinese goods in December, and would consider removing duties that were imposed in September. Amid the trade optimism, WTI crude added 1.1% to $57.15/barrel. COMEX gold fell 1.7% to $1,485.80/ounce amid a stronger dollar.
Six of 11 S&P 500 sectors finished in positive territory. In earnings, Regeneron Pharmaceuticals jumped 6.9% after topping consensus earnings and sales estimates. Marriott International climbed 2.7% despite a bottom line miss and a reduction to its full-year outlook. Adobe gained 4.3% after offering profit guidance ahead of expectations. In other corporate news, Walgreens Boots Alliance added 2.6% amid reports the pharmacy chain is considering going private.