### Stock Markets Edge Higher Amid Busy Earnings Season

Major U.S. stock indexes experienced slight gains in late trading on Tuesday, recovering from earlier dips, as investors assessed a series of quarterly earnings from leading companies. The Dow Jones Industrial Average edged up by 0.1%, the Nasdaq Composite increased by 0.2%, and the S&P 500 saw fractional gains. This modest recovery came after the Dow and S&P 500, which had been at record highs, fell on Monday. In contrast, the Nasdaq ended Monday positively, driven by Nvidia (NVDA) reaching a record high. On Tuesday afternoon, Nvidia shares remained stable as the company approaches the milestone of surpassing Apple (AAPL), which was down 0.4%, to potentially become the world’s most valuable company by market capitalization.

Shares of major technology companies, including Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), and Meta Platforms (META), were also on the rise, with Microsoft leading Dow gainers with a 2.5% increase. Among other movements in the market, GE Aerospace (GE) saw a 9% drop, Verizon (VZ) declined nearly 5%, and 3M (MMM) fell 1.5%. Conversely, General Motors (GM) and Philip Morris International (PM) experienced notable rises of 10%.

Verizon disappointed investors with third-quarter results that fell short of analysts' expectations, resulting in a 4.6% decline in its stock price. Despite continued growth in wireless phone and internet subscribers, revenue remained flat at $33.33 billion, and profit fell 30% to $3.41 billion due to over $2.3 billion in one-time charges. CEO Hans Vestberg pointed to recent acquisitions and deals as setting up the company for future growth, reaffirming their full-year adjusted EPS guidance.

Philip Morris International saw its shares soar to an all-time high, closing around $130, up about 9%, after reporting better-than-expected third-quarter results. The company noted a significant increase in demand for its non-cigarette products, leading to a 6.7% rise in revenue to $2.96 billion, with record earnings per share of $1.91. Philip Morris also raised its full-year adjusted diluted EPS outlook, signifying strong overall performance.

On the other hand, Genuine Parts Co. (GPC) took a hit with shares down nearly 20%, reaching their lowest levels since early 2021. The company’s third-quarter net income fell significantly short of estimates, and it adjusted its earnings projections downward for the fiscal year, citing challenges in European markets and the industrial sector. GPC revised its full-year earnings per share projection to $6.60-$6.80, down from $8.55-$8.75.

GE Aerospace also faced a decline in share value, dropping more than 7% due to disappointing revenue in its commercial engines and services division. Despite overall revenue and profit beating estimates, the commercial division's $7.00 billion revenue fell short. The company, however, lifted its profit projections for the full year of 2024, guiding adjusted EPS to a range of $4.20 to $4.35.

Meanwhile, General Motors experienced a surge, with shares increasing significantly on the back of strong third-quarter results and an upward revision of profit guidance. GM reported adjusted EPS of $2.96 and a revenue increase to $48.76 billion. CEO Mary Barra highlighted improved profitability from electric vehicles (EVs), redesigned SUVs, better performance in China, and disciplined cost control as key contributors to the positive outlook.

Economic data remained sparse on Tuesday ahead of the week’s upcoming reports on housing, the labor market, and consumer sentiment. Investors are keeping a close watch on economic indicators and Federal Reserve statements for signals of economic stability and potential interest rate cuts. The yield on 10-year Treasurys rose to 4.20%, reflecting expectations around interest rates. Gold futures were up 0.8%, while crude oil futures increased by more than 2%, continuing their recovery. Bitcoin saw a slight decline, trading around $67,500.