Dow, S&P post gains, big tech slips with Tesla, Microsoft earnings out Wednesday

Microsoft and Tesla report results on Wednesday after the close

U.S. equity markets ended the session mixed Tuesday with the Nasdaq Composite trailing behind the other major averages as investors awaited earnings from big tech leaders including Microsoft and Tesla on Wednesday.

The Dow Jones Industrial Average gained 159 points, or 0.60 percent, while the S&P 500 rose 0.17 percent. The Nasdaq Composite, which booked its 28th record close of the year on Monday, slipped by 0.81 percent.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34097.96 -486.92 -1.41%
SP500 S&P 500 4366.32 -66.67 -1.50%
I:COMP NASDAQ COMPOSITE INDEX 14747.308866 -296.66 -1.97%

The benchmark S&P 500 clawed it's way back into positive territory for 2020 a day earlier. Tech stalwarts Amazon Inc., Apple Inc., Microsoft Corp. and Tesla Inc. closed lower.

Ticker Security Last Change Change %
AMZN AMAZON.COM, INC. 3,368.00 -94.52 -2.73%
AAPL APPLE, INC. 143.24 -2.82 -1.93%
MSFT MICROSOFT CORP. 295.00 -4.87 -1.62%
TSLA TESLA, INC. 730.61 -28.88 -3.80%

Meanwhile, legacy tech behemoth IBM Corp. beat on both the top and bottom lines Monday as revenue from its cloud-computing business rose 30 percent to $6.3 billion, benefitting from the growing practice of working from home during the COVID-19 pandemic.

In food and beverages, Coca-Cola Co. profit fell 32 percent from a year ago as lockdowns due to COVID-19 slowed sales to restaurants, bars and other entertainment venues.

Defense contractor, Lockheed Martin Corp. said its order backlog topped $150 billion and raised its full-year 2020 outlook.

Ticker Security Last Change Change %
KO THE COCA-COLA CO. 54.35 -0.03 -0.06%
LMT LOCKHEED MARTIN CORP. 340.13 -0.27 -0.08%

In deals, eBay Inc. sold its classified ads business to Norway-based Adevinta in a $9.2 billion deal that consists of $2.5 billion cash and 540 million shares of Adevinta.

Professional networking platform LinkedIn Corp. is eliminating 960 jobs, or 6 percent of its workforce, as COVID-19 has slowed demand for its products.

Tapestry Inc. CEO Jide Zeitlin stepped aside for personal reasons and will be replaced by Chief Financial Officer Joanne Crevoiserat on an interim basis. The company owns the Coach and Kate Spade brands.

Ticker Security Last Change Change %
EBAY EBAY, INC. 71.69 -2.42 -3.27%
LNKD n.a. n.a. n.a. n.a.
TPR TAPESTRY, INC. 38.53 -1.90 -4.70%

Looking at commodities, West Texas Intermediate crude oil tacked on $1.15 to reach $41.96 per barrel while gold gained $26.50 to $1,842.40 an ounce.


U.S. Treasurys ticked higher, pushing the yield on the 10-year note down to 0.606 percent.


Germany’s DAX rose 0.96 percent and France’s CAC climbed 0.22 percent after European Union leaders agreed on a 1.8 trillion-euro ($2.06 trillion) spending package to cushion the region from economic fallout related to COVID-19. Britain’s FTSE added 0.13 percent.

In Asia, Hong Kong’s Hang Seng paced the advance, climbing 2.31 percent, while Japan’s Nikkei and China’s Shanghai Composite rallied 0.73 percent and 0.2 percent, respectively.