The stock market opened lower on Tuesday, putting the S&P 500's five-day winning streak at risk, although it was inching towards breakeven later in the day. Earnings reports indicate a mixed outcome across sectors, highlighting a $0.17 profit beat by General Motors, while Paccar fell short of profit estimates. In addition, housing sector results were inconsistent, with LGI Homes missing expectations while Sherwin-Williams fared better. Political tensions continued as Amazon's pricing strategy drew criticism, while the government sought to support domestic manufacturing by reducing tariffs for auto companies.
Stock markets opened lower on Tuesday, threatening to break the S&P 500's five-day winning streak, although the market is moving back towards breakeven now.
Commerce Secretary Howard Lutnick promised to 'reward...companies who manufacture domestically' by reducing tariffs on foreign auto parts used to manufacture cars in the U.S.
General Motors reported this morning that its Q1 profits came in at $2.78, $0.17 ahead of analyst forecasts, indicating a strong performance in the automotive sector.
In housing, LGI Homes missed badly, but paintmaker Sherwin-Williams beat expectations, illustrating the mixed earnings reports coming out in various industries.
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