Key facts
- Healthcare stocks, led by large-cap drugmakers like Eli Lilly, drove gains.
- Energy sector led losses, with Meta Platforms pulling down communication services.
- Investors are monitoring corporate earnings for growth outlook amid macroeconomic risks.
- Steel Dynamics fell after missing profit estimates.
- General Motors shares dropped on pressure from higher commodity costs.
- 3M gained after expanding its data-center partnership with Amazon.
US stocks saw mixed movements on Tuesday, with the Dow Jones Industrial Average and S&P 500 gaining ground while the Nasdaq Composite advanced modestly. A rally in healthcare stocks, particularly large-cap drugmakers like Eli Lilly, Amgen, Pfizer, Johnson & Johnson, and AbbVie, boosted the market. However, the energy sector led losses, and Meta Platforms' decline weighed on the communication services sector. Investors are closely monitoring upcoming corporate earnings reports from companies like SpaceX, Netflix, Meta, and Tesla for insights into company growth amidst macroeconomic risks. Concerns about semiconductor financing and debt loads also persist. In other market news, Steel Dynamics missed third-quarter profit estimates, and General Motors shares dropped due to anticipated higher commodity costs and lower truck sales. 3M saw gains after expanding its data-center partnership with Amazon.