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Stock indexes moved higher following a bevy of big-name earnings reports. Pfizer and Caterpillar are among those in the spotlight.
Overseas, the Bank of Japan said it would consider its 1% cap on Japanese 10-year government bond yields a reference point, rather than a hard limit. Japanese bond yields rose and the yen fell.
Chinese economic surveys showed factory orders there shrank and construction activity slowed. Chinese stock indexes, particularly Hong Kong’s Hang Seng, fell.
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Pinterest (PINS): Shares were recently up 18%
BP (BP): Shares fell more than 4%
Stellantis (STLA) shares rose nearly 4%
Caterpillar (CAT): Shares fell 5%
Pfizer (PFE): stock declined 1.6%
JetBlue Airways (JBLU): stock slumped 14%
Nvidia (NVDA): stock declined 2% pic.twitter.com/GNv84kkDZm— The_Journalbiz (@the_journalbiz) October 31, 2023
Factset chart
VF Corp. (VFC): The apparel maker pulled its guidance for the fiscal year, slashed its dividend and said it would replace the president of its Vans brand. Shares fell 12% in morning trading.
Pinterest (PINS): Pinterest swung to a profit and posted double-digit revenue growth in the third quarter, topping Wall Street’s expectations. Shares were recently up 18%.
BP (BP), (UK: BP): The British oil-and-gas major’s quarterly results missed analysts’ expectations and the company warned its refining margins would be lower in the months ahead. BP’s American depositary receipts fell more than 4%.
Stellantis (STLA), (IT: STLAM): The Jeep maker said its quarterly revenue and vehicle shipments rose, but that lost production from the U.S. strike translated to a significant sales hit. U.S.-listed shares rose nearly 4%.
Anheuser-Busch (BUD), (BE: ABI): The world’s largest brewer backed it annual guidance despite a decline in North American volumes, as the fallout from a promotion with a transgender influencer continues. U.S.-listed shares climbed around 5%.
Arista Networks (ANET): The network equipment maker reported higher quarterly profits and revenue and signaled demand for its cloud and AI offerings remains strong. Shares rallied around 12%.
Caterpillar (CAT): Shares of the construction equipment maker fell more than 5% after it issued an underwhelming sales outlook for the current quarter.
Pfizer (PFE): The pharmaceutical giant swung to a loss and posted a sharp drop in quarterly sales, weighed down by soft demand for its Covid-related products. Its stock declined 1.6%.
JetBlue Airways (JBLU): The airline’s stock slumped 14% premarket after the airline forecast a wider-than-expected loss in the current quarter.
Nvidia (NVDA): The chip company’s stock declined more than 2%. New U.S. export controls may compel it to cancel billions of dollars in next-year orders for its advanced chips to China.
