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US STOCKS-Wall St set for lower open as yields rise; 3M jumps after results
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US STOCKS-Wall St set for lower open as yields rise; 3M jumps after results
Oct 22, 2024 12:20 PM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window)

*

3M ( MMM ) gains after lifting adjusted profit forecast

*

GE Aerospace drops as supply constraints weigh on revenue

*

General Motors ( GM ) up after Q3 results beat estimates

*

Futures down: Dow 0.36%, S&P 500 0.47%, Nasdaq 0.59%

(Updated at 8:30 a.m. ET/1230 GMT)

By Lisa Pauline Mattackal and Purvi Agarwal

Oct 22 (Reuters) - U.S. stock indexes were on track for

a lower open on Tuesday as rising Treasury yields pressured

rate-sensitive shares, while investors parsed the latest set of

company results to gauge the health of the corporate sector.

3M ( MMM ) jumped 5.6% before the bell after the industrial

conglomerate raised the lower end of its full-year adjusted

profit forecast.

GE Aerospace fell 5.2% despite raising its profit

forecast for 2024 as persistent supply constraints impacted its

revenue, highlighting the difficulty some companies may face

this year in trying to impress investors.

"GE Aerospace had pretty good earnings overall and raised

their full year guidance ... but even with the good earnings,

not quite good enough," said JJ Kinahan, CEO, IG Group North

America.

Dow E-minis were down 157 points, or 0.36%, U.S.

S&P 500 E-minis were down 27.75 points, or 0.47%, and

Nasdaq 100 E-minis were down 121.5 points, or 0.59%.

Further pressuring equities, U.S. Treasury yields rose as

investors gauged the impact of the upcoming presidential

election on fiscal policy, while reassessing the effect of a

robust American economy on the Federal Reserve's policy

trajectory.

The yield on the benchmark 10-year note rose as

high as 4.222%, continuing a steady climb since early October,

after a bumper jobs report led investors to dial back

expectations for monetary policy easing through the year.

Rate-sensitive megacap stocks slipped, with Tesla

down 0.8% and Apple ( AAPL ) falling 1.1%.

Stocks retreated from record highs on Monday as investors

took a breather following six consecutive weeks of advances for

major indexes, even as gains in Nvidia helped the Nasdaq edge

higher.

Kinahan said asset prices were likely resetting after a

record run.

Among other earnings, General Motors ( GM ) gained 0.9%

after the legacy carmaker's third-quarter results beat Wall

Street estimates, and Lockheed Martin ( LMT ) dipped 1% after

results.

Baker Hughes ( BKR ) and Texas Instruments ( TXN ) are

scheduled to report results after the bell.

Estimated third-quarter year-over-year earnings growth for

the S&P 500 is 6.5% excluding the energy sector and 4%

overall, according to LSEG data.

Futures tracking the economically sensitive small-cap

Russell 2000 lost 0.6%.

Remarks from Philadelphia Fed President Patrick Harker are

expected later in the day.

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