NEW YORK: Wall Street stocks climbed early Tuesday following a wave of mostly solid earnings from General Motors, Lockheed Martin and others.
The busiest stretch of earnings season began in earnest Tuesday with a heavy calendar of results.
General Motors jumped 4.1 percent after raising its full-year profit forecast, while Lockheed Martin gained 2.2 percent after topping its earnings forecast on a 13.6 precent jump in revenues.
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.2 percent at 38,329.44.
US stocks rise ahead of tech earnings
The broad-based S&P 500 gained 0.6 percent to 5,038.41, while the tech-rich Nasdaq Composite Index advanced 0.7 percent to 15,562.52.
After last week’s losses, US stocks began the week Monday on a solid note, advancing amid relief that there was no escalation in tensions between Iran and Israel over the weekend.
Where the market goes next could depend on results later in the week from Tesla and tech giants, said Quincy Krosby of LPL Financial.
The electric car maker, which enjoyed scorching growth for most of 2022 and 2023, has experienced setbacks that analysts say have raised the stakes for the first-quarter report, due later Tuesday.
“What’s going to matter the most to the market, could be Tesla after the close” on Tuesday, Krosby said. “And then over the next couple of days, mega tech stocks, their earnings, and especially their guidance.”
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