Nasdaq 100: Newmont Falls on Gold Plunge as Netflix Earnings Loom Over US Tech Sector

Stocks Hold Steady as Earnings Beat Lifts Select Sectors

U.S. stocks paused Tuesday after Monday’s rally, as traders weighed a busy slate of earnings while awaiting key reports from major tech firms later in the week.

At 14:04 GMT, the Dow Jones Industrial Average edged up 32 points, or 0.07%, while the S&P 500 dipped 0.15% and the Nasdaq Composite declined 0.35%.

More than 75% of S&P 500 companies reporting so far have surpassed earnings expectations, according to FactSet, offering a bullish undertone despite economic data remaining sparse due to a government shutdown.

With Netflix and Tesla results due in the next 48 hours, investor focus is intensifying on the “Magnificent Seven” group of tech firms, projected to deliver 14.9% earnings growth year-over-year — more than double the pace of the broader index.

Which Sectors Gained Ground and Which Lagged?

Consumer discretionary led the pack, up 0.68%, while industrials and financials also posted modest gains. Energy, materials, and utilities dragged the most, with materials off by 1.22% and energy down 0.61%, weighed by a pullback in metals and oil prices. Communication services and technology also lost ground, reflecting softness in mega-cap growth stocks ahead of earnings.

Notably, health care stocks slipped 0.28% despite strong quarterly updates from companies like Elevance Health and Hologic, suggesting selective enthusiasm within the sector.

What Drove the Biggest Stock Moves?

General Motors surged over 13% after raising its full-year earnings forecast and posting third-quarter results that exceeded estimates on both revenue and profit. The automaker also lowered its expected hit from tariffs, helping boost sentiment across industrial names. 3M gained more than 2% on a solid earnings beat, reinforcing strength in old-economy blue chips.

Coca-Cola advanced nearly 4% after topping third-quarter forecasts, while Crown Holdings soared 8% following a strong earnings print. In contrast, Newmont Corporation tumbled over 8%, tracking weakness in gold prices that also dragged down peers like Coeur Mining and Pan American Silver.

How Are Earnings Season and the Fed Shaping Sentiment?

Traders are largely optimistic heading into another heavy earnings week. Big Tech’s performance remains pivotal for broader sentiment, especially given the sector’s influence on recent gains. Analysts warn, however, that lofty valuations could limit upside even if results exceed estimates.

In parallel, the Federal Reserve remains in focus. Market participants are pricing in a potential quarter-point rate cut at the October meeting, with Friday’s CPI data expected to offer key insights on inflation. Any cooling in consumer prices could reinforce the Fed’s dovish tilt, supporting risk assets into year-end.

Outlook: Can Strong Earnings Keep the Rally Alive?

With economic releases delayed and the earnings calendar heating up, equities may continue to take cues from corporate results. Netflix reports after the close Tuesday, with Tesla set to follow on Wednesday — both will be critical for sentiment, especially given their influence within the “Magnificent Seven.”

If these tech leaders deliver as expected, and inflation data supports a softer policy stance, the S&P 500 could maintain recent momentum. However, any disappointments — particularly from heavyweight tech — could swiftly derail this rally.

More Information in our Economic Calendar.