Stock Market Today: Live Updates

The stocks that changed at noon were as follows:

• Spotify Technology — Shares soared 12% after the music streaming company reported better-than-expected second-quarter earnings. Gross and operating profits also beat expectations. Analysts said they maintained a cautiously optimistic outlook despite weak monthly active user numbers, pointing to strong margins and the company’s focus on premium subscribers and bundles.
• United Parcel Service — The delivery company’s shares fell more than 12% to a 52-week low after second-quarter sales and profits both missed expectations. UPS reported earnings of $1.79 per share on revenue of $21.8 billion. Analysts surveyed by LSEG were expecting earnings of $1.99 per share on revenue of $22.18 billion. The stock is also headed for its worst day on record.
• MSCI — Shares soared more than 9% after the company reported second-quarter profits that beat Wall Street expectations. MSCI posted earnings of $3.64 a share, excluding overhead, on revenue of $707.9 million. That beat analysts surveyed by FactSet’s expectations of $3.55 a share on revenue of $696.4 million.

See the complete list here.

Sean Conlon

Shares of United Parcel Service fell more than 13% on Tuesday after the company reported disappointing second-quarter earnings.

UPS missed analysts’ expectations for revenue and profit and lowered its full-year outlook. The company now expects revenue of about $93 billion in 2024, up from a previous forecast of as much as $94.5 billion.

The company reported adjusted earnings of $1.79 per share on sales of $21.8 billion, below LSEG’s expectations of $1.99 per share on sales of $22.18 billion.

EtherFunds is now officially traded on US exchanges

Ethereum prices were down slightly on Tuesday morning. The cryptocurrency is up more than 50% so far this year, but it didn’t seem to see the same preemptive demand that Bitcoin experienced ahead of the debut of tracking funds.

Existing home sales fell in June even as the median sales price hit a record high, the National Association of Realtors said Tuesday.

Sales for the month totaled 3.89 million units, down 5.4% both month-on-month and year-on-year, and below Dow Jones’ forecast of 3.95 million units.

However, the median sales price rose 4.1% year over year to $426,900, setting a new record high for the second consecutive month and marking the 12th consecutive month of increases. Unsold inventory increased 4.1%, to its highest level since May 2020.

Jeff Cox

Stocks opened little changed on Tuesday.

The S&P 500 lost 0.05%, the Nasdaq Composite lost 0.1%, and the Dow Jones Industrial Average lost 60 points, or 0.15%.

Samantha Sabin

Shares of beverage giant Coca-Cola were trending higher in premarket trading after the company reported better-than-expected second-quarter results.

Coca-Cola reported adjusted earnings per share of 84 cents on revenue of $12.36 billion for the quarter. Analysts surveyed by LSEG had expected earnings per share of 81 cents on revenue of $11.76 billion. In North America, organic revenue increased 10% year over year despite a 1% decrease in unit case volume.

The company also said it raised its full-year organic revenue growth forecast to 9%-10% from 8%-9% previously, according to Street accounts from FactSet.

Services activity in the Philadelphia region fell to its lowest level in more than a year in July, according to a survey released Tuesday.

The Philadelphia Fed’s index of non-manufacturing business conditions plummeted to -10 from 15.1 in June, the lowest since April 2023. The index measures the percentage difference between companies reporting expansion and those reporting contraction.

The survey also showed a sharp drop in new orders and sales indexes, while the employment index fell to -4.9, the first negative figure since June 2023.

Jeff Cox

Let’s take a look at some of the companies that are garnering attention before the bell rings.

• Spotify Technology — Music streaming stocks soared 13% after Spotify Technology reported better-than-expected second-quarter earnings, with gross profit beating expectations as well as operating profit.
• General Motors — Auto stocks rose 4.6% after General Motors handily beat second-quarter earnings estimates and said it would restructure its struggling self-driving car and China businesses.
• Coca-Cola Company — The beverage company’s shares rose 1.7% after a better-than-expected earnings report. Coca-Cola reported adjusted earnings per share of 84 cents on revenue of $12.36 billion. Analysts surveyed by LSEG had expected earnings per share of 81 cents on revenue of $11.76 billion. The company also raised its full-year outlook for organic revenue.

See the complete list here.

Sarah Min

UPS shares fell more than 7% after second-quarter sales and profit fell short of expectations.

The courier company reported earnings per share of $1.79 on revenue of $21.8 billion. Analysts surveyed by LSEG were expecting earnings per share of $1.99 on revenue of $22.18 billion.

U.S. domestic and international packaging sales fell short of consensus estimates. The company also now expects full-year capital expenditures of $4 billion, below the $4.5 billion forecast previously and the $4.63 billion predicted by analysts polled by FactSet.

General Motors reported strong second-quarter earnings, sending its shares up nearly 5% in early trading.

The automaker earned an adjusted profit of $3.06 per share on revenue of $47.97 billion. Analysts had expected a profit of $2.75 per share on revenue of $45.46 billion, LSEG said.

“We had a really great first half and second quarter and we’re looking forward to another very strong year,” GM Chief Financial Officer Paul Jacobson said at a news conference. “We expect seasonal raw material cost increases and some pricing headwinds that we had anticipated in the second half of the year.”

European stocks were modestly higher on Tuesday as investors awaited the latest earnings reports from regional companies.

The pan-European Stoxx 600 index was up 0.15% as of 9:46 a.m. London time. Sectors were mixed, with mining stocks down 1.39% while tech stocks added 1.28%.

European markets saw a series of earnings reports and updates from companies including Porsche, Thales, Randstad and Banco Sabadell. LVMH is due to report results after the European market close on Tuesday.

Sophie Kiderlin

The CBOE Volatility Index (VIX) 10-day volatility gauge rose to 32 last week, the highest level since April, according to data compiled by Canaccord Genuity analyst Michael Welch.

Welch said that of the five times the measure (which is separate from the index itself) has hit that level in the past two years, only one of those times coincided with a short-term low in the stock market. On the other four occasions, the S&P 500 fell between 2% and 10%, he noted.

Nicknamed Wall Street’s “fear index,” the VIX is a measure of market volatility.

Alex Harring

An Ethereum exchange-traded fund is set to launch in the United States on Tuesday, roughly six months after the debut of a bitcoin fund.

Among the firms that have been racing to launch Ethereum funds are large asset managers such as BlackRock, Fidelity and VanEck, along with crypto-focused firms such as Bitwise, 21Shares and Grayscale (which is essentially converting its multi-billion-dollar Ethereum trust into two ETFs with different fee levels).

Demand for an Ethereum ETF is expected to be lower, at least initially, than a bitcoin ETF, which has attracted more than $16 billion in net inflows so far, according to FactSet. Still, the fund is another sign of how cryptocurrencies are becoming increasingly intertwined with the traditional financial system.

“Today’s approval is further evidence that cryptocurrencies are here to stay as an asset class,” Ophelia Snyder, co-founder and president of 21Shares, said in a statement.

Jesse Pound

Some of the stocks that made notable moves in extended trading were:

• Cadence Design Systems — This electronic design stock fell 1.6% after a weak earnings outlook for the current quarter. Cadence expects third-quarter earnings per share of $1.39 to $1.49, while analysts surveyed by FactSet are expecting $1.61 per share.
• Crown Holdings — The packaging products maker’s shares rose 6% after the company gave a better-than-expected full-year earnings outlook. Crown now expects earnings per share of between $6 and $6.25, beating analysts surveyed by FactSet’s forecast of $5.97 per share.
• NXP Semiconductors — The semiconductor company fell 8% after its second-quarter adjusted earnings fell short of market expectations. NXP reported adjusted earnings of $3.20 per share, compared with the consensus estimate of $3.21 per share, according to LSEG.

See the complete list here.

Alex Harring

Stock futures tracking the Dow, S&P 500 and Nasdaq 100 were little changed as of Monday night just after 6 p.m. ET.

Alex Harring