While Tesla’s rise fueled gains in the Consumer Discretionary sector, other tech giants experienced mixed results. Nvidia lost 0.2%, and Apple fell 0.5%, reversing earlier gains. Meanwhile, UPS surged 5.2% after reporting better-than-expected third-quarter profits, supported by cost-cutting measures and rebounding delivery volumes. Molina Healthcare led the S&P 500 with a 22% jump, following strong earnings and revenue growth.
Overall, of the 159 S&P 500 companies that have reported earnings this season, about 78.6% have exceeded analyst expectations, but broader market momentum remains constrained by rising yields and uncertain economic conditions.
Economic Data Shows Resilience in Services, Mixed Manufacturing Results
On the economic front, the U.S. economy showed resilience in October. S&P Global’s flash PMI data revealed that business activity in the services sector expanded, while manufacturing…
