Stocks finished little changed on Wednesday after two industrial heavyweights released their quarterly results.
The Dow Jones Industrial Average gained 45.85 points, or 0.17 percent. The S&P 500 and Nasdaq were higher by 0.28 percent and 0.19 percent, respectively.
|I:DJI||DOW JONES AVERAGES||35677.02||+73.94||+0.21%|
|I:COMP||NASDAQ COMPOSITE INDEX||15090.200353||-125.50||-0.82%|
Dow component Caterpillar reported earnings and revenue that fell short of expectations as dealers slashed their inventories amid global trade uncertainty. The equipment maker also cut its per-share profit expectations for the year.
Meanwhile, fellow Dow component Boeing said third-quarter sales fell 21 percent year over year to a better-than-expected $19.98 billion as the grounding of its best-selling 737 Max continued to halt deliveries. The planemaker’s adjusted earnings of $1.45 a share were well below expectations. Boeing says it still expects the 737 Max to return to the skies before the end of the year.
|BA||THE BOEING CO.||212.97||-1.37||-0.64%|
Elsewhere on the earnings front, Snap reported daily active users rose by a better-than-expected 7 million, but gave a disappointing revenue forecast for the fourth quarter.
The fast-casual burrito chain Chipotle reported third-quarter same-store sales rose 11 percent, topping the 9.3 percent gain that was expected. Adjusted earnings came in at a better-than-expected $3.82 a share on in-line revenue of $1.4 billion.
Facebook shares gained as CEO Mark Zuckerberg testified before a House panel on the social network’s proposed cryptocurrency Libra.
Tesla slid ahead of its third-quarter results, which were due out after the closing bell. Wall Street analysts surveyed by Refinitiv were expecting an adjusted loss of 41 cents a share on revenue of $6.34 billion.
|CMG||CHIPOTLE MEXICAN GRILL, INC.||1,792.21||-51.62||-2.80%|
On the commodities front, West Texas Intermediate crude oil rallied 2.2 percent to $55.80 a barrel after the Energy Information Administration’s weekly inventory report showed a surprise draw of 1.7 million barrels.
U.S. Treasurys were little changed, with the 10-year holding near 1.76 percent.