Tech leads on AMD-Xilinx’s $35 billion semiconductor deal

By Chris Ciaccia FOXBusiness

Pfizer, 3M and Microsoft headline earnings docket.

Stocks opened mixed on Tuesday as tech led the way after a $35 billion semiconductor deal and as investors digested a wave of earnings from a slew of S&P 500 companies.

The Nasdaq Composite posted modest gains helped by AMD’s $35 billion purchase of Xilinx.

AMD BUYS XILINX IN $35 BILLION DEAL

TickerSecurityLastChangeChange %
I:COMPNASDAQ COMPOSITE INDEX11418.722943+59.79+0.53%
XLNXXILINX INC.125.03+10.47+9.14%
AMDADVANCED MICRO DEVICES INC.79.28-2.96-3.59%

The Dow Jones Industrial Average and S&P 500 struggled in early trading after cautious comments from Caterpillar and 3M, both dealing with headwinds related to the coronavirus pandemic.

TickerSecurityLastChangeChange %
SP500S&P 5003398-2.97-0.09%
I:DJIDOW JONES AVERAGES27585.58-99.80-0.36%
CATCATERPILLAR INC.159.37-3.94-2.41%
MMM3M COMPANY164.25-2.04-1.23%

DURABLE GOODS STRONG

On the economic front, durable goods for September came in better-than-expected rising 1.9% compared to the 0.7% estimate. “Transportation equipment, up four of the last five months, led the increase, $3.0 billion or 4.1 percent to $76.8 billion” as reported by the Commerce Department. Excluding transportation, a rise of 0.8% was reported, also beating estimates.

DOW DROPS 650 POINTS AS S&P 500, NASDAQ POST WORST DAY SINCE SEPTEMBER

EARNINGS BARRAGE

TickerSecurityLastChangeChange %
NVSNOVARTIS AG81.09-3.10-3.68%
PFEPFIZER INC.37.45-0.45-1.17%
MRKMERCK & CO. INC.78.93+0.01+0.01%
LLYELI LILLY & COMPANY133.85-7.92-5.59%

Pharmaceutical companies including Novartis, Pfizer, Merck & Co. and Eli Lilly in focus on earnings.

TickerSecurityLastChangeChange %
CATCATERPILLAR INC.159.30-4.01-2.46%
MMM3M COMPANY164.12-2.18-1.31%
RTXRAYTHEON TECHNOLOGIES CORP58.61-2.32-3.81%
SHWSHERWIN WILLIAMS668.67-2.83-0.42%
CMICUMMINS223.88+3.21+1.45%

Industrial companies such as Caterpillar, 3M & Co., Raytheon Technologies, Sherman Williams and Cummins also report.

TickerSecurityLastChangeChange %
BPBP PLC15.49-0.29-1.84%
ECLECOLAB190.53-7.66-3.87%

BP and Ecolab Inc. headline results from the oil and gas and specialty chemical sectors.

TickerSecurityLastChangeChange %
MSFTMICROSOFT CORP.211.80+1.72+0.82%
MXIMMAXIM INTEGRATED PRODUCTS INC.71.33+0.09+0.13%
AKAMAKAMAI TECHNOLOGIES INC.106.26+0.20+0.19%

After the market closes, traders will digest results from a number of technology companies, including Microsoft Corp., Akamai Technologies and Maxim Integrated Products Inc.

ECONOMICS IN PLAY

In other economic news, the FHFA Housing price index for October and the S&P Case-Shiller Home index will be released, with economists expecting readings of 0.8% and 3.8%, respectively.

Consumer confidence for October will also be released early on Tuesday, with expectations of a reading of 101.9.

In commodities, gold traded at $1,902.70 an ounce.

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