Stocks stall as Boeing, Caterpillar earnings miss

Stocks finished little changed on Wednesday after two industrial heavyweights released their quarterly results.

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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.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES28004.89+222.93+0.80%
SP500S&P 5003120.46+23.83+0.77%
I:COMPNASDAQ COMPOSITE INDEX8540.828717+61.81+0.73%

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.

TickerSecurityLastChangeChange %
CATCATERPILLAR INC.145.31+1.87+1.30%
BABOEING COMPANY371.68+4.24+1.15%

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.

TickerSecurityLastChangeChange %
SNAPSNAP INC.13.94-0.43-2.99%
CMGCHIPOTLE MEXICAN GRILL INC.754.66+5.46+0.73%
FBFACEBOOK INC.195.10+1.95+1.01%
TSLATESLA INC.352.17+2.82+0.81%

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.