Nasdaq rises but S&P, Dow dip on Caterpillar, Raytheon, 3M weakness

AMD's $35B deal with Xilinx lifts Nasdaq

Stocks ended the session mixed as tech inched higher but the broader markets were weighed down by weakness in big industrial names feeling the fallout from the coronavirus pandemic.

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The Nasdaq Composite rose 0.64% helped by AMD's $35 billion purchase of Xilinx, which was the top performer the Nasdaq 100.

AMD BUYS XILINX IN $35 BILLION DEAL

TickerSecurityLastChangeChange %
I:COMPNASDAQ COMPOSITE INDEX12198.737037-7.11-0.06%
XLNXXILINX INC.145.55+8.06+5.86%
AMDADVANCED MICRO DEVICES INC.92.66+5.47+6.27%

The Dow Jones Industrial Average and the S&P 500 struggled, ending modestly lower, after cautious comments from Caterpillar, Raytheon and 3M, all dealing with headwinds related to the economic slowdown tied to COVID-19.

TickerSecurityLastChangeChange %
SP500S&P 5003621.63-16.72-0.46%
I:DJIDOW JONES AVERAGES29638.64-271.73-0.91%
CATCATERPILLAR INC.173.59-1.49-0.85%
MMM3M COMPANY172.73-4.16-2.35%
RTXRAYTHEON TECHNOLOGIES CORP71.72-2.19-2.96%

On the stimulus front, speaking in front of cameras, President Trump said on Tuesday that additional relief would be forthcoming after the election to get the struggling U.S. economy back on track.

His comments followed Senate Majority Leader Mitch McConnell, who on Monday adjourned the Senate until Nov. 9, ending the idea that additional stimulus could happen prior to the election.

DURABLE GOODS STRONG 

On the economic front, durable goods for September came in better than expected, rising 1.9% compared to the 0.7% estimate. "Transportation equipment, up four of the last five months, led the increase, $3.0 billion or 4.1 percent to $76.8 billion" as reported by the Commerce Department. Excluding transportation, a rise of 0.8% was reported, also beating estimates.

DOW DROPS 650 POINTS AS S&P 500, NASDAQ POST WORST DAY SINCE SEPTEMBER

EARNINGS BARRAGE

TickerSecurityLastChangeChange %
NVSNOVARTIS AG90.83+1.07+1.19%
PFEPFIZER INC.38.31+1.08+2.90%
MRKMERCK & CO. INC.80.39+0.53+0.66%
LLYELI LILLY & COMPANY145.65-1.79-1.21%

Pharmaceutical companies including Novartis, Pfizer, Merck & Co. and Eli Lilly traded mixed on earnings.

Pfizer's CEO indicated it would be unlikely that results from late-stage COVID-19 vaccine trials would come before the election, which is just days away.

TickerSecurityLastChangeChange %
BPBP PLC19.56-1.54-7.30%
ECLECOLAB222.05-2.44-1.09%

BP and Ecolab Inc. headline results from the oil and gas and specialty chemical sectors.

TickerSecurityLastChangeChange %
MSFTMICROSOFT CORP.214.07-1.16-0.54%
MXIMMAXIM INTEGRATED PRODUCTS INC.83.04+0.63+0.76%
AKAMAKAMAI TECHNOLOGIES INC.103.51-0.81-0.78%

After the market closes, traders will digest results from a number of technology companies, including Microsoft Corp., Akamai Technologies and Maxim Integrated Products Inc.

ECONOMICS IN PLAY

In other economic news, the FHFA Housing price index for October and the S&P Case-Shiller Home index will be released, with economists expecting readings of 0.8% and 3.8%, respectively.

Consumer confidence for October unexpectedly dipped to 100.9 from 101.3 in September.

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In commodities, gold traded at $1,902.70 an ounce while West Texas Intermediate Crude oil rose over 2% to $39.57.

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