The U.S. stock market closed with the Dow up $529.85, while the Nasdaq edged lower. Reports on negotiations with Iran supported lower oil prices, and the market moved in response to earnings from major companies.
The Dow Jones Industrial Average closed at 52,495.88, up $529.85 from the previous day, while the Nasdaq closed at 26,424.82, down 6.07 points. Crude oil prices remained lower amid reports that negotiations with Iran were nearing an agreement, while views spread that concerns about an additional rate hike at the October FOMC meeting had eased in financial markets.
Equifax reported better-than-expected adjusted EPS for the third quarter, as AI-driven cost reductions offset slowing mortgage demand. The company consequently raised its full-year margin outlook.
Toymaker Hasbro reported better-than-expected EPS for the third quarter and raised its full-year outlook as demand for popular trading card games remained strong, sending its shares higher.
3M reported better-than-expected third-quarter EPS and raised its full-year outlook. Its shares were supported by the signing of an agreement with AWS to supply materials and components for data centers, while online retailer Amazon.com (AMZN) also rose.
Meanwhile, automaker GM reported better-than-expected EPS in Q3, but its shares fell after the CEO warned of headwinds and the company narrowed its earnings outlook range. Apple announced a supplier partnership aimed at domestic production, but its shares fell after its investment rating was downgraded on weak shipments.