Feed aggregator

The S&P 500 and Dow Jones indexes rose on Tuesday after a string of upbeat quarterly reports took the edge off a plunge in consumer confidence, with investors turning hopeful of a pickup in business activity as economies slowly reopen.

PepsiCo warned on Tuesday surging demand for Lays and Doritos would only partially offset a hit to business in the second quarter from coronavirus lockdowns that have shuttered restaurants, theaters and sports venues key for its soda sales.

Wall Street's main indexes pared gains in early trading on Tuesday, as data showed U.S. consumer confidence tumbled in April as coronavirus-driven lockdowns sharply disrupted economic activity and left millions of Americans unemployed.

U.S. stock markets jumped at the open on Tuesday on another round of upbeat quarterly earnings reports, even as investors braced for a likely slide in consumer confidence data later in the day.

With the pandemic hobbling the meat-packing industry, Iowa farmer Al Van Beek had nowhere to ship his full-grown pigs to make room for the 7,500 piglets he expected from his breeding operation. The crisis forced a decision that still troubles him: He ordered his employees to give injections to the pregnant sows, one by one, that would cause them to abort their baby pigs.

Oil prices were mixed on Tuesday as optimism about the easing of coronavirus-related restrictions reassured markets, although traders remained cautious with storage capacities filling up fast and supply cuts not deep enough to counter falling demand.

Investors already know how the coronavirus outbreak has hurt Ford Motor Co's bottom line, so when the automaker releases first-quarter results on Tuesday they will focus on how and when Ford plans to restart North American operations.

Southwest Airlines Co on Tuesday posted a $94 million quarterly net loss, its first in nine years, and warned of drastic revenue drops ahead as it sought to raise another $2.6 billion to help weather the coronavirus pandemic.

The U.S. goods trade deficit widened in March amid a collapse in exports of motor vehicles and parts, but overall imports continued to decline likely as the novel coronavirus outbreak disrupted the flow of goods.

BP's first-quarter profit tumbled by two thirds and its debt climbed to its highest on record as the coronavirus crisis hammered oil demand, but the energy major kept its dividend despite warning of exceptional uncertainty.

World stocks jetted to their highest in almost six weeks on Tuesday as plans to ease coronavirus lockdowns in a number of major economies helped offset more chaos in oil markets and warning of mounting bad credit at HSBC and Santander.

The U.S. Treasury Department will audit every loan for more than $2 million given under the Paycheck Protection Program for businesses hurt by the coronavirus fallout, Treasury Secretary Steven Mnuchin said on Tuesday.

Wall Street was set to open higher on Tuesday after a round of quarterly earnings reports brought upbeat signs from Pfizer and respiratory mask-maker 3M for investors increasingly hopeful of a relaunch of business across the economy.

Harley-Davidson Inc cut its quarterly dividend to just 2 cents and suspended share buybacks on Tuesday to boost its cash reserves as global lockdowns due to the coronavirus pandemic hit motorcycles sales in the first quarter.

Merck & Co Inc warned of a $2.1 billion hit to its 2020 revenue on Tuesday as social distancing due to the COVID-19 pandemic is expected to hammer sales of medically administered drugs including its blockbuster Keytruda treatment.

PepsiCo Inc warned on Tuesday organic revenue and operating profits would suffer in the second quarter as major buyers of its sodas, such as restaurants, theaters and stadiums, were forced to shut down to help control the spread of the coronavirus.

The idea of German flagship carrier Lufthansa using a type of protection from creditors is not yet off the table, a source at the airline said on Tuesday.

The premier of the German state of Bavaria on Tuesday said a warning issued by Lufthansa's CEO - that governments should not have too much influence on the airline - should be taken seriously.

U.S. stock index futures rose on Tuesday after a round of quarterly earnings reports brought upbeat signs from Pfizer and respiratory mask-maker 3M for investors increasingly hopeful of a relaunch of business across the economy.

Southwest Airlines Co on Tuesday posted a $94 million quarterly net loss, its first in nine years, and warned of drastic revenue drops ahead as it sought to raise another $2.6 billion to help weather the coronavirus pandemic.