Stock market news live: Stocks rise, Apple hits all-time high - Yahoo Finance

U.S. stocks rose and pointed to a second straight day of gains as investors monitored a slew of corporate earnings releases, the latest coronavirus developments and the Federal Reserve for its monetary policy decision out later this afternoon.

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9:31 a.m. ET: Stocks open higher after strong earnings results, Apple hits record high

The three major U.S. stock indices opened higher Wednesday morning after a batch of corporate earnings results came in stronger than expected.

Shares of Apple (AAPL) were among the big advancers, with the stock up nearly 3% around market open to an all-time high. The tech giant reported earnings results Tuesday afternoon that topped consensus estimates, driven by a jump in iPhone revenue on the heels of a strong holiday purchasing season.

Here were the main moves in markets, as of 9:34 a.m. ET:

• S&P 500 (^GSPC): +0.45% or +14.64 points to 3,290.88

• Dow (^DJI): +0.63% or +181.4 points to 28,904.25

• Nasdaq (^IXIC): +0.61% or +57.11 points to 9,327.64

• Crude oil (CL=F): +0.47% or +0.25 to 53.73 a barrel

• Gold (GC=F): -0.06% or -1.00 to 1,568.80 per ounce

An Apple store is seen in Los Angeles, California, United States, April 22, 2016. Apple Inc (AAPL) will report its second quarter results April 26. Picture taken April 22, 2016. REUTERS/Lucy Nicholson

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9:05 a.m. ET: General Electric, McDonald’s shares point to higher open after earnings results

General Electric (GE) shares popped more than 8% in early trading Wednesday after the company’s 2020 industrial free cash flow guidance topped expectations, suggesting its turnaround plan was picking up steam.

GE sees full-year adjusted industrial free cash flow between $2 billion and $4 billion, above expectations for $2.2 billion. This closely watched metric of efficiency rose to $2.3 billion in 2019, beating the company’s own guidance for $0 to $2 billion. Fourth-quarter adjusted earnings per share of 21 cents on revenue of $26.2 billion also topped consensus estimates.

McDonald’s (MCD) delivered adjusted earnings of $1.97 per share on revenue of $5.35 billion, topping expectations on both metrics. Global comparable same store sales increased 5.9%, versus a rise of just 5.3% expected, and U.S. comp sales also topped estimates with a 5.1% rise.

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8:30 a.m. ET: U.S. advanced goods trade deficit widens in December

The U.S. trade deficit for goods widened for the first time since August in December, the Commerce Department said in its advanced report Wednesday.

The goods trade deficit increased to $68.3 billion in December from $63 billion the prior month, rising above consensus expectations for an increase to $65 billion, according to Bloomberg consensus data. This comprised a 0.3% increase in exports and 0.2% rise in imports.

The rise in exports was driven in part by a 2.8% increase in capital goods shipped overseas. Imports of industrial supplies including oil rose 9.5% in December.

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7:45 a.m. ET: Boeing posts annual loss, rising costs as 737 Max woes continue

Beleaguered aircraft giant Boeing (BA) reported its first annual loss since 1997 as costs mounted in operational disruptions and customer concessions amid the near year-long grounding of the 737 Max.

The company’s full-year GAAP loss per share totaled $1.12, while its core non-GAAP loss per share was $3.47 on revenue of $76.6 billion. In the last three months of the year alone, core losses per share were $2.33 on revenue of $17.9 billion, representing a sales decline of 37% over the same period last year.

Boeing’s expected costs associated with the grounded 737 Max have risen to more than $18 billion, or double what had been previously disclosed. On top of the more than $9 billion in costs already reported, Boeing said it was taking a $2.6 billion pretax write-down to compensate airline customers. It also said its deferred production costs would rise by $2.6 billion, and it reported an additional $4 billion in expected “future abnormal costs” as it eventually re-starts the 737 Max program.

Here’s what newly installed CEO David Calhoun had to say about results, according to a statement:

"We recognize we have a lot of work to do. We are focused on returning the 737 MAX to service safely and restoring the long-standing trust that the Boeing brand represents with the flying public. We are committed to transparency and excellence in everything we do.  Safety will underwrite every decision, every action and every step we take as we move forward. Fortunately, the strength of our overall Boeing portfolio of businesses provides the financial liquidity to follow a thorough and disciplined recovery process."

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7:31 a.m. ET: U.S. stock futures point to slightly higher open

Contracts on the three major indices rose during the pre-market session, adding to Tuesday’s gains of more than 1% in each of the S&P 500 and Nasdaq.

Positive earnings results from component companies including Apple (AAPL) and McDonald’s (MCD) helped push Dow futures about 100 points higher in early trading.

Here were the main moves during the pre-market session, as of 7:31 a.m. ET:

• S&P futures (ES=F): 3,290.5, up 12.25 points or 0.37%

• Dow futures (YM=F): 28,808.00, up 98 points or 0.34%

• Nasdaq futures (NQ=F): 9,149.75, up 44.5 points or 0.49%

• Crude oil (CL=F): $53.91 per barrel, up $0.43 or 0.8%

• Gold (GC=F): $1,570.00 per ounce, up $0.20 or 0.01%

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., November 27, 2019. REUTERS/Brendan McDermid

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2020-01-29 14:36:00Z
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