Dow Jones: Blue Chips Hit Record, Beyond Meat Soars, Netflix on Deck as US Stocks Rally on Earnings
What’s Driving the Dow’s Outperformance Today?
Dow components were the session’s biggest beneficiaries of upbeat earnings reports. General Motors surged over 15% after raising its full-year earnings outlook and reporting a stronger-than-expected Q3. The company also reassured markets by lowering its projected tariff-related impact.
3M climbed 5.6% following its second upward revision to annual profit guidance this year. Coca-Cola added 3.3% after its earnings and revenue exceeded estimates. Crown Holdings gained 4% after posting solid results and boosting guidance, adding to strength in traditional industrials.
Meanwhile, RTX soared 9% on strong aerospace and defense demand, and GE Aerospace rose over 2% following its earnings beat and raised outlook. Amazon’s 2.6% advance offered additional support to the Dow.
Why Did Tech Stocks Stall Despite Strong Fundamentals?
Mega-cap tech stocks paused after a strong run-up, with Nvidia, Alphabet, and AMD each falling between 0.4% and 2%. The Nasdaq’s slight decline reflects traders locking in profits ahead of key earnings reports from Tesla, Netflix, and IBM.
According to FactSet, the “Magnificent Seven” stocks are projected to grow earnings by nearly 15% year-over-year, more than double the broader S&P 500 average. However, high valuations mean even modest disappointments could weigh on sentiment.