The S&P 500 posts back-to-back losses for the first time since September as the rally stalls

Starbucks (SBUX) just pre-announced its earnings results, and they are very ugly.

After getting to know Starbucks’ new CEO, Brian Niccol, over the last decade, I can say with confidence:

The benchmark S&P 500 (^GSPC) experienced its first consecutive negative days since September 6 after the index closed just below zero on Tuesday.

In keeping with the S&P 500, the Dow Jones Industrial Average (^DJI) also closed below the flatline, while the tech-heavy Nasdaq Composite (^IXIC) gained about 0.2%.

Yahoo Finance’s Anjalee Khemlani reports:

Walmart (WMT) said Tuesday it will offer same-day prescription delivery services in six states. The plan is to launch in all 49 states where the company operates a pharmacy by January.

The top six states are Arkansas, Missouri, New York, Nevada, South Carolina and Wisconsin. North Dakota is the only state where Walmart does not operate a pharmacy.

The move brings Walmart into the competitive space of online pharmacy and same-day retail delivery with players such as Amazon (AMZN) Pharmacy, Walgreens (WBA) and CVS (CVS).

The new service will be integrated into Walmart’s existing delivery service, where patients can add their prescription to their shopping cart along with other items – a key differentiator, according to Walmart – and schedule a delivery appointment. It will apply all new or existing prescriptions and insurance coverage as if the patient came to the store to pick it up, Walmart said in its announcement.

Shares were up about 2% in late afternoon trading.

Read more here.

Trump Media & Technology Group (DJT) shares hit their highest level since July on Tuesday, rising as much as 10% as investors bet on former President Donald Trump’s improving chances of winning the November election in exactly two weeks win.

Shares of the company, home of the Republican candidate’s social media platform Truth Social, have surged recently as both domestic and foreign betting markets shifted in favor of a Trump victory, with prediction sites such as Polymarket, PredictIt and Kalshi all Trump’s victory shows presidential chances ahead of those of the Democratic candidate and current Vice President Kamala Harris.

But national average polls show both candidates in incredibly close races, particularly in key battleground states like Pennsylvania and Michigan that will likely decide the fate of the election.

Trump Media folded at the end of March after merging with special purpose acquisition company Digital World Acquisition Corp. to the Nasdaq stock exchange. But the stock has had a rocky run since then, with shares fluctuating between highs and lows as the moves were typically tied to a volatile news cycle.

Over the past six months, the stock has lost about 8% – a huge improvement after rallying after the stock bottomed out last month.

Trump owns around 60% of DJT. At current levels of over $33 per share, Trump Media has a market cap of around $6.7 billion, giving the former president a stake worth around $4 billion. Immediately after the company’s stock market debut, Trump’s stake was worth just over $4.5 billion.

Read more here.

Energy (XLE), consumer staples (XLP) and real estate (XLRE) led sector action on Tuesday, with markets falling for a second straight session as traders priced in a longer-term higher monetary policy stance from the Federal Reserve.

Oil prices stood out: WTI crude oil (CL=F) rose about 3% and traded above $72.50 a barrel. Brent crude oil (BZ=F), the international benchmark, rose more than 2% to trade just above $76 a barrel.

Information Technology (XLI), Materials (XLB) and Consumer Discretionary (XLY) were the day’s biggest laggards.

Jennifer Schonberger of Yahoo Finance reports:

The International Monetary Fund said on Tuesday that the global economy is on track for a soft landing this year and in 2025, but elections around the world bring a “high” level of uncertainty due to possible changes in trade and financial policies these prospects with them.

The IMF said an increase in global tariffs could exacerbate trade tensions, disrupt global supply chains and weigh on medium-term growth prospects by limiting positive spillover effects from innovation and technology transfer that once boosted growth in emerging and developing economies.

Read more here.

Treasury yields have surged over the past month as a host of stronger-than-expected economic data and signs that inflation’s path toward the Fed’s 2 percent target may take longer than initially hoped.

The data pushed the 10-year Treasury yield (^TNX) up nearly 50 basis points last month, hovering around 4.2%, its highest level since July. As our chart below shows, the debate among investors appears to be more about how quickly the Fed will cut rates next year than whether the central bank will cut rates again in November.

As of Tuesday morning, markets were still expecting about an 88% chance that the Fed will cut interest rates at its November meeting, according to the CME FedWatch Tool. But by the end of next year, markets expect the Fed will likely make one fewer rate cut than was priced in on Oct. 4, and two fewer cuts than markets had forecast on Sept. 18, the day on in which the Fed cut interest rates by half a percentage point.

Shares of General Motors (GM) rose more than 7% on Tuesday morning as the automaker raised its profitability forecast for the third time this year.

Yahoo Finance’s Pras Subramanian reports:

For the quarter, GM reported revenue of $48.78 billion, comfortably beating Bloomberg consensus estimates of $44.69 billion and higher than the previous quarter’s nearly $48 billion. GM’s third-quarter sales were also 10.5% higher than a year ago.

The company posted adjusted earnings per share of $2.96, easily beating expectations of $2.44. The company reported EBIT-adjusted earnings of $4.115 billion, up 15.5% year-over-year, with EBIT-adjusted margin increasing to 8.4% year-over-year from 8.1%.

Read more here.

U.S. stocks fell on Tuesday as investors digested the recent bond market selloff and prepared for the next wave of earnings reports.

The S&P 500 (^GSPC) fell more than 0.5%. The Dow Jones Industrial Average (^DJI) fell more than 120 points, or 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) fell about 0.6%.

A variety of companies reported their third-quarter results on Tuesday morning.

The biggest premarket movers were GE Aerospace (GE), Verizon (VZ), 3M (MMM) and Philip Morris (PM). GE Aerospace shares fell over 5% and Verizon shares fell around 3% on mixed third-quarter reports. Paint maker Sherwin Williams (SHW) fell 4% after a profit decline. Lockheed Martin (LMT) and Moody’s (MCO) fell less than 1% despite strong results.

Meanwhile, Philip Morris rose 3% after raising its forecast due to higher cigarette prices and its booming smoke-free products business. General Motors (GM) rose 1.4% and technology and manufacturing group 3M rose 6% after beating earnings.

Here are more details on the companies’ performance (expected according to Bloomberg consensus estimates):

Economic data: Philadelphia Fed Non-Manufacturing Index (October); Richmond Fed Manufacturing & Business Conditions Index (October)

Earnings: General Motors (GM), 3M Company (MMM), RTX Corporation (RTX), Verizon Communications (VZ), GE Aerospace (GE), Lockheed Martin (LMT), Quest Diagnostics (DGX), Philip Morris (PM), Denny’s Corporation (DENN), Sherwin-Williams (SHW), Interpublic Group of Companies (IPG), Norfolk Southern Corporation (NSC), Texas Instruments (TXN), PulteGroup (PHM), Enphase Energy (ENPH)

Here are some of the biggest stories you may have missed overnight and this morning:

GM reports third-quarter profit beat and raises profit forecast again

Nvidia plans to invest in Thailand as Southeast Asia becomes an AI hub

ASML: Growth in 2026, US-China tensions will continue

Bullish Citi raises 3-month gold price outlook to $2,800

Trump tariffs: How big companies could escape “blanket tariffs.”