Stocks traded mixed on Tuesday, Nov. 13, as Wall Street sought to rebound from the previous session's sharp selloff on reports of progress in U.S.-China trade talks.
The Dow Jones Industrial Average ended off 101 points, or 0.4%, at 25,286, the S&P 500 fell 0.15%, and the Nasdaq ended flat. Nvidia Corp. (NVDA) rose 5% and Advanced Micro Devices Inc. (AMD) jumped 3%.
The results come after stocks slid on Monday, Nov. 12, with technology shares pulling equities sharply lower. The Dow lost more than 600 points and the Nasdaq slumped nearly 2.8%. The S&P 500 lost 2%. All three benchmarks suffered their worst day since Oct. 24.
The South China Morning Post reported Tuesday that Beijing's chief trade negotiator, Liu He, will travel to Washington as part of a mission to set up talks between Donald Trump and Chinese President Xi Jinping later this month at the G-20 Summit in Argentina.
Oil prices fell for a 12th consecutive session, the longest losing streak on record. The declines were prompted by Trump who tweeted on Monday that oil "should be much lower based on supply" just hours after Saudi Arabia said it would reduce its export pace in December by 500,000 barrels a day in order to address a global supply glut. West Texas Intermediate crude fell 2.3% to $58.57 a barrel.
Home Depot Inc. (HD) posted stronger-than-expected third-quarter earnings and boosted its full-year profit guidance as the world's largest home-improvement retailer saw solid same-store sales growth in the United States despite a slowing housing market.
Home Depot said earnings for the three months ended in September were $2.51 a share, topping analysts' estimates of $2.26, and rose 36.4% from the same period last year. Revenue rose 7.2% to $26.3 billion, narrowly beating the Wall Street consensus. Comparable U.S. same-store sales were up 5.4% while rising 4.8% across all markets.
Home Depot said it now expects full-year earnings of as high as $9.75 a share, up from a prior estimate of $9.42 and analysts' forecasts of $9.55. The stock ended slightly lower.
Apple Inc. (AAPL) fell 1% on Tuesday after analysts at Goldman Sachs cut their estimate for iPhone sales and total sales for the tech giant's 2019 fiscal year.
Goldman slashed its full-year total iPhone unit sale forecast by 6%, and trimmed its revenue estimate by 3.5%, after one of Apple's key suppliers, Lumentum Holdings Inc. (LITE) , issued a profit warning on Monday that triggered a 5% decline for Apple. Goldman also cut its price target on Apple to $209 from $222.
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General Electric Co. (GE) rose 7.8% after announcing a deal to reduce its ownership stake in Baker Hughes (BHGE) to just above 50%, a release from lock-up restrictions that prevented GE from shedding shares of the oilfield services company until July 2019, and a series of long-term commercial agreements with Baker Hughes.
GE Gains on Plans to Reduce Stake in Baker Hughes Tyson Foods Inc. ( TSN) posted fiscal fourth-quarter earnings of $1.58 a share, beating estimates of $1.33. The stock fell 6%, however, after the meat processor said it expects fiscal 2019 adjusted earnings of $5.75 to $6.10 a share; analysts were expecting $6.21. Amazon.com Inc. ( AMZN) confirmed Tuesday that it will build its second headquarters outside of Seattle in two cities - Arlington, Virginia and Long Island City, New York. Amazon Confirms New Headquarters Will Be in Northern Virginia and NYC q