By Mark DeCambre, MarketWatch , Sunny Oh

A quartet of Dow components reported quarterly results on Tuesday, including McDonald's, P&G, United Tech and Travelers

U.S. stocks were mixed Tuesday as consumer spending stocks pulled the Nasdaq lower amid a torrent of corporate earnings reports that included McDonald's and Travelers Cos. posting weaker-than-expected earnings.

How are major indexes performing?

The S&P 500 index was up 5 points, or 0.2%, to 3,012. The Nasdaq Composite Index shed 10 points, or 0.1%, to 8,152. The Dow Jones Industrial Average gained 90 points, or 0.3%, to 26,917, despite worse-than-expected third-quarter results from McDonald's and Traveler Cos (http://www.marketwatch.com/story/dow-components-mcdonalds-and-travelers-disappoint-on-earnings-offsetting-pg-and-united-techs-gains-2019-10-22).

On Monday, the Dow ended the day 57.44 points, or 0.2%, higher at 26,827.64, weighed by a decline in shares of Boeing Co.'s stock (BA), following a report on Friday that said the company may have misled federal aviation authorities (http://www.marketwatch.com/story/boeing-stock-at-its-lowest-in-two-months-after-report-jet-maker-may-have-misled-faa-2019-10-18) about the safety of the 737 Max jet.

The S&P 500 index rose 20.52 points, or 0.7%, to end at 3,006.72, leaving it 0.6% away from its record closing high of 3,025.86 set on July 26. The Nasdaq Composite Index climbed 73.44 points, or 0.9%, to finish at 8,162.99, about 2% from its July peak.

What's driving the market?

Investors were keeping a close eye on Tuesday's deluge of corporate results, including nearly one-fourth of the S&P 500 index components this week and four Dow components that reported early Tuesday.

For the third quarter, S&P 500 index companies are likely to report a year-over-year decline in earnings of 4.7%, but year-over-year growth in revenues of 2.6%, with a possible net profit margin of 11.3%, which would be the first time index companies have reported three straight quarters of year-over-year declines in net profit margin since Q1 2009 through Q3 2009, FactSet analyst John Butters said.

Against the backdrop of slowing economic growth, analysts have cut projections for 2020 earnings for S&P 500 corporations by 0.5%, according to Bloomberg News, citing its proprietary data provider (https://www.bloomberg.com/news/articles/2019-10-21/knife-hits-2020-profit-estimate-in-replay-of-pre-plunge-revision), despite results that have mostly come in better than expected so far in the third-quarter.

But "so far, earnings season has been much better than most initially feared, as the banks painted a healthy picture of the U.S. consumer," wrote Edward Moya, senior market analyst at brokerage Oanda, in a Tuesday note. "This week, we will see how consumer staples and discretionary companies soften their outlooks."

In economic data, investors received an update on the health of the U.S. housing market with existing-home sales for September falling by 2.2% (http://www.marketwatch.com/story/existing-home-sales-dip-22-in-september-as-buyers-face-limited-inventory-2019-10-22) to an annualized pace of 5.38 million.

On the international trade front, President Donald Trump said Monday that talks between Washington and Beijing are going "very well (http://www.marketwatch.com/story/trump-says-us-china-trade-deal-coming-along-very-well-2019-10-21)." Top trade negotiator Robert Lighthizer also said that the U.S. aims to finish the first phase of talks by mid-November when the two countries meet in Chile.

Elsewhere, U.K. Prime Minister Boris Johnson was preparing to see his Brexit plan put up for another vote, with lawmakers being asked to approve the plan in principle, followed by a vote on the government's schedule for debate and possible amendments.

Which stocks are in focus?

Tile Shop Holdings(TTS) shares plunged after the company said it would voluntarily delist its shares from the Nasdaq. The cost of home-improvement materials have soared as a result of the U.S.-China trade war. Tile's shares were down almost 80% year-to-date.

Procter & Gamble Co. shares (PG) were gaining after the company delivered its third-quarter results and dialed up its expectation for 2020 sales growth, up 3% to 5% from previous guidance of 3% to 4% growth.

McDonald's Corp. stock (MCD) fell after earnings fell short of Wall Street estimates.

Shares of Dow-component United Technologies Corp.(UTX) rose after the company beat earnings' expectations, and raised its earnings outlook for 2019.

Travelers Cos. stock (TRV) fell sharply (http://www.marketwatch.com/story/travelers-stock-falls-after-earnings-miss-2019-10-22) after the insurer saw earnings decline and fall short of expectations.

United Parcel Service Inc. stock (UPS) slipped despite the package-shipping company delivering third-quarter results that outperformed analysts' consensus estimates.

Shares of Hasbro Inc. (HAS) sank Tuesday, after the toy maker reported third-quarter profit and revenue that missed expectations, as weakness in franchise brands and trade uncertainty offset strength in partner brands.

Biogen Inc. shares (BIIB) were on track for their biggest gain in 20 years Tuesday after the company filed for regulatory approval for an Alzheimer drug called aducanumab (http://www.marketwatch.com/story/biogens-stock-blasts-off-after-surprise-reversal-on-alzheimers-drug-earnings-beat-2019-10-22) and the biotechnology company surprised investors by saying its treatment was ready to start the regulatory approval process.

Under Armour Inc. (UAA) (http://www.marketwatch.com/story/under-armour-names-patrik-frisk-ceo-succeeding-ceo-and-founder-kevin-plank-2019-10-22)(UAA) stock rose after the sportswear brand announced CEO Kevin Plank was stepping down (http://www.marketwatch.com/story/under-armour-names-patrik-frisk-ceo-succeeding-ceo-and-founder-kevin-plank-2019-10-22)and named Patrik Frisk its new chief effective as of Jan. 1, 2020.

JetBlue Airways Corp. (JBLU) said Tuesday it had a net income of $187 million (http://www.marketwatch.com/story/jetblue-shares-fall-premarket-as-earnings-beat-but-airline-offers-soft-guidance-2019-10-22), or 63 cents a share, in the third quarter, up from $50 million, or 16 cents a share, in the year-earlier period.

Shares of Lockheed Martin Corp. (LMT) were slightly down after the defense contractor reported third-quarter results, with sales $15.17 billion, versus $14.32 billion a year ago, above the FactSet consensus $14.87 billion.

How are other markets performing?

The 10-year Treasury note yield was nearly flat at 1.793% on Tuesday.

West Texas Intermediate crude for November delivery was (http://www.marketwatch.com/story/oil-prices-set-for-second-skid-in-a-row-as-investors-fret-about-crude-demand-2019-10-21)up 73 cents, or 1.4%, to trade at $54.04 a barrel on the New York Mercantile Exchange.

Gold for December delivery on Comex fell $1.20, or 0.1%, at $1,481.20 an ounce, after slipping 0.4% to settle at $1,488.10 an ounce on Monday.

The ICE U.S. Dollar Index , which tracks the performance of the greenback against six major rivals, rose about 0.06% to 97.39.

Global equities saw gains. The Stoxx Europe 600 rose 0.2%. In Asia, China's CSI 300 index finished up 0.4% and the Shanghai Composite Index gained 0.5%, while Hong Kong's Hang Seng Index advanced 0.2%.

(END) Dow Jones Newswires

October 22, 2019 13:33 ET (17:33 GMT)

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