Trading on Wall Street was mixed in the early going following a third straight losing session, as major U.S. companies continued to report their most recent financial results. Futures for the S&P 500 rose 0.5% before the bell, while futures for the Dow Jones Industrial Average dipped 0.1%.
Tesla emerged as a big winner overnight, gaining nearly 14% after reporting a jump in third-quarter profit driven by stronger electric vehicle sales. CEO Elon Musk predicted 20% to 30% sales growth for the next year, despite challenges faced by the broader EV sector.
Package delivery company UPS saw a 7.5% climb after surpassing Wall Street's sales and profit targets. Competitor FedEx also experienced a modest 2.8% rise.
Southwest Airlines posted record third-quarter revenue that exceeded forecasts, with profit falling to $67 million due to increased labor and other expenses. The company announced plans to accelerate the repurchase of $250 million worth of its stock under a $2.5 billion share-buyback program.
American Airlines, on the other hand, saw a 1.8% decline after reporting a third-quarter loss. Boeing's shares dropped by 3.9% following factory workers' rejection of the company's latest contract offer, leading to a six-week strike halting production of its bestselling jetliners.
In Europe, major indices showed positive movements with Germany's DAX climbing 0.8%, the CAC 40 in Paris gaining 0.7%, and Britain's FTSE 100 up by 0.6%.
Asian markets displayed mixed performances, with Japan's Nikkei 225 ending 0.1% higher, while China's Hang Seng and Shanghai Composite index declined. Market sentiment was impacted by concerns over China's economic outlook and the U.S. presidential election.
Rising Treasury yields exerted pressure on stocks throughout the week, with higher yields potentially deterring investors from purchasing stocks at elevated prices. However, a slight decrease in the 10-year Treasury yield provided some relief to the stock market.
U.S. benchmark crude oil prices rose, with Brent crude also experiencing an increase. The dollar weakened against the Japanese yen but strengthened against the euro.
