Stocks rally as J&J boosts outlook, Walmart gets Goldman lift

Walmart added to Goldman Sachs' 'Americas Conviction List'

U.S. stocks rallied Tuesday as earnings reports continued to exceed estimates. 

The Dow Jones Industrial Average rose 199 points, or 0.57%, while the S&P 500 index and the Nasdaq Composite index climbed 0.74% and 0.71%, respectively. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34429.88 +34.87 +0.10%
SP500 S&P 500 4071.7 -4.87 -0.12%
I:COMP NASDAQ COMPOSITE INDEX 11461.497203 -20.95 -0.18%

In stocks, Johnson & Johnson raised its full-year adjusted profit forecast but held the outlook for COVID-19 vaccine sales unchanged. Adjusted earnings were ahead of estimates while revenue fell short.

Ticker Security Last Change Change %
JNJ JOHNSON & JOHNSON 178.88 +0.14 +0.08%
PFE PFIZER INC. 50.91 -0.17 -0.33%
MRNA MODERNA INC. 182.35 +0.87 +0.48%
BNTX BIONTECH SE 169.74 +0.27 +0.16%

Separately, the U.S. Food and Drug Administration is set to approve a "mix and match" approach to COVID-19 booster shots, according to The New York Times. An official announcement could come as early as this week.

Walmart Inc. was added to Goldman Sachs’ "Americas Conviction List" due to the belief the world’s largest retailer is in a position to take market share and improve profitability next year. 

Ticker Security Last Change Change %
WMT WALMART INC. 153.15 -0.30 -0.20%

Procter & Gamble reported earnings and revenue that exceeded Wall Street estimates as price hikes helped offset higher costs. The company warned it expects inflation will intensify in the months ahead.

Ticker Security Last Change Change %
PG PROCTER & GAMBLE CO. 150.61 +1.36 +0.91%

Travelers Companies Inc. beat on both the top and bottom lines as stronger investment returns helped offset a rise in catastrophe losses. 

Ticker Security Last Change Change %
TRV THE TRAVELERS COS. INC. 189.54 +0.40 +0.21%

Halliburton Co. swung to a quarterly profit after losing money a year ago as demand picked up for oilfield services as crude prices rebounded. CEO Jeff Miller sees a "multiyear upcycle unfolding."  

Ticker Security Last Change Change %
HAL HALLIBURTON CO. 38.87 +0.98 +2.59%

West Texas Intermediate crude oil rose 52 cents to $82.96 a barrel and gold jumped $4.90 to $1,769.70 an ounce.

Overseas markets were mixed. 

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In Europe, France’s CAC 40 slipped 0.05%, Britain’s FTSE 100 ticked up 0.19% and Germany’s DAX 30 gained 0.27%. 

Asian bourses rallied across the board with Hong Kong’s Hang Seng index climbing 1.49%, China’s Shanghai Composite advanced 0.7% and Japan’s Nikkei 225 edged up 0.65%.