By Dhirendra Tripathi
Investing.com -- Stocks rose on Tuesday on strong results from Johnson & Johnson and others that whet investors’ risk appetites.
The S&P 500 was edging closer to a new record high, after hitting its last one in late September, with just a half-hour left in the trading day. Bitcoin also rose as ProShares’ new Bitcoin futures ETF began trading. The biggest cryptocurrency was also approaching its all-time high.
Covid-19 vaccine maker Johnson & Johnson (NYSE: JNJ ) rose 3.1% after it raised its earnings forecast for the year. Reuters reported that analysts now expect S&P 500 earnings to rise 32.4% from a year earlier, citing Refinitiv data.
Investors to what executives are saying about rising costs and supply issues as well as labor shortages. Procter & Gamble Company (NYSE: PG ) weighed on consumer staples stocks after it said higher commodity and freight costs would eat into profit, and forced it to raise prices for household goods.
While we await regulators’ decision on whether Americans can mix and match their Covid vaccines and booster shots, another maker of a Covid antiviral pill had a rough day. Atea Pharmaceuticals Inc (NASDAQ: AVIR ) dropped 60% after bad news from a trial of its pill.
Wednesday brings the Federal Reserve’s latest Beige Book report from its 12 district banks. Here are three things that could affect markets tomorrow:
1. Tesla earnings
Electric vehicle maker Tesla Inc (NASDAQ: TSLA ) will release its third quarter earnings Wednesday. According to a poll of analysts by Investing.com, the company is expected to clock a profit per share of $1.52 on revenue of $13.57 billion. Analysts will be listening for word about its progress building vehicles in China.
2. Verizon earnings
Telecommunications giant Verizon Communications Inc (NYSE: VZ ) is seen posting earnings per share of $1.36 in the third quarter and revenue of $33.32 billion. Analysts will be listening for word on labor shortages and its 5G rollout.
3. IBM earnings
International Business Machines (NYSE: IBM )’s third-quarter revenue is expected to touch $17.78 billion with EPS at $2.53.
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