Stocks – Wall Street Flat as Investors Digest Mixed Earnings 

Investing.com – Wall Street was flat on Tuesday after a mixed batch of earnings reports dampened sentiment.

The was up 21 points or 0.1% by 9:55 AM ET (13:55 GMT), while the rose 1 point or 0.1% and the fell 16 points or 0.2%.

Shares of tech giant Alphabet (NASDAQ:) fell 2.3% after the company’s fell further than expected due to higher costs in cloud computing, while Beyond Meat (NASDAQ:) tumbled 19.5%, after a surprise profit was offset by a warning that further discounting would be needed to defend market share. The company’s post-IPO lockup period, which covers almost 80% of its shares, is also looming.

General Motors (NYSE:), meanwhile, rose 5.1% after its earnings beat forecast, despite a hit from the lengthy strike by UAW workers that only ended last week.

Elsewhere, pharma giants Pfizer (NYSE:) and Merck (NYSE:) were up 3.8% and 2.2% respectively after the drug companies raised their full-year forecasts.

Third-quarter earnings of companies have largely been better than expected, with over 78% of the 204 that have reported so far surpassing profit expectations, according to Refinitiv data.

“It’s a little bit of a retracement trade from yesterday’s move in the equity markets,” said John Brady, senior vice president at R.J. O’Brien & Associates in Chicago, adding that the overall earning picture remained “decent”.

Investors are also focused on the meeting which starts today and concludes on Wednesday. The central bank is expected to cut rates for the third time this year on Wednesday due to concerns that the U.S. economy is slowing.

In commodities, the , which measures the greenback against a basket of six major currencies, was flat at 97.540 and slipped 0.6% to $1,486.95 a troy ounce. tumbled 1.5% to $54.95 a barrel.

-Reuters contributed to this report

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.