MARKET SNAPSHOT

U.S. stock indexes were narrowly mixed as investors sifted through a deluge of corporate earnings in the absence of economic data. Demand for U.S. government debt held up, sending Treasury yields to another decline, as markets wait for an expected Fed cut next week. Oil prices were moderately higher as the crude market appears to be stabilizing. Gold fell from its record high as the dollar strengthened.

MARKET WRAPS

EQUITIES

Strong earnings reports briefly helped power the Dow Jones Industrial Average above 47000 for the first time, the latest milestone in stocks' three-year bull run. The blue-chip average pared gains to close below the mark, but still finished at a record.

With sky-high earnings expectations baked into stock prices, Wall Street has been watching this third-quarter reporting period closely. So far, Corporate America has delivered.

Heavyweights Coca-Cola, 3M and General Motors all reported results that exceeded analyst expectations before the opening bell.

The S&P 500 was little changed, while the Nasdaq composite dropped 0.2%. The Dow rose 0.5% to a record closing level of 46924.74.

"This is a market being driven by strong fundamentals," said Scott Helfstein, head of investment strategy at asset manager Global X. "Earnings growth is largely driving equity values."

Earlier Tuesday, Asian shares continued to gain, as risk appetite gathered momentum supported by technology stocks.

China shares gained with tech heavy ChiNext closing 3.0% higher, and Shanghai and Shenzhen adding 1.4% and 1.8% each. Hong Kong's Hang Seng Index was 0.65% higher.

Japan's Nikkei saw some profit taking after it touched record highs Monday and the Index closed 0.3% higher.

Stocks in Australia rose, as the S&P/ASX 200 Benchmark Index gained 0.7%.

New Zealand's S&P/NZX 50 Index added 0.2%.

COMMODITIES

Oil futures showed signs of stabilizing after three weeks of declines, settling higher but off the day's highs.

Recent market concerns with oil on water--oil in transit or in floating storage--have likely been overdone, Amarpreet Singh of Barclays said.

"The latest concerns of an impending large build in inventories is reminiscent of late last year when some market participants expected a large surplus in 2025 even if OPEC+ maintained the voluntary adjustments, " Singh said.

WTI for November went off the board at $57.82 a barrel, up 0.5%. Brent rose 0.5% to $61.32 a barrel.

Gold futures slid 5.7%, the most in years, to bring it to a close of $4087.70 per troy ounce. That's the largest slide recorded by the front-month contract since June 2013, according to FactSet data.

Silver also posted a big downward move, falling 7.2% to $47.45 per troy ounce.

"We don't believe this marks the beginning of a serious correction," said Peter Cardillo of Spartan Capital Securities.

TODAY'S TOP HEADLINES

BlackRock ETFs Among Biggest Investors in Meta's Giant Data-Center Debt Deal

BlackRock's exchange-traded funds were among the biggest investors in the $27 billion private-debt deal backing construction of Meta's data center in Louisiana, highlighting the scale of the AI buildout and its insatiable demand for capital.

BlackRock ETFs bought more than $3 billion of bonds issued last week to finance the data center, which is called Hyperion, according to disclosures by the funds. The project is 80%-owned by private-credit manager Blue Owl Capital, while Facebook parent Meta owns the remaining 20% stake, according to S&P Global Ratings. The bond sale was arranged by Morgan Stanley.

The deal stood out for its size-the largest private-debt offering ever-and for the investment grade it was assigned by S&P. The credit-ratings firm gave the bonds an A+, recognizing Meta's role in backing for the project. But the debt yielded 6.58% at issue, a level more common in junk bonds.

Netflix Revenue and Profit Grow as Ad Business Accelerates

Netflix reported higher revenue and profit for the third quarter, driven by membership growth, increased ad revenue and price hikes, continuing a strong run for the dominant streamer.

Netflix's revenue rose 17% to $11.5 billion in the third quarter from the same period a year earlier, just below its own forecast for the period.

The company said Tuesday it recorded its best-ever quarter for ad sales and is on track to more than double revenue from that business this year.

Mattel Looks Toward Holiday Season After Order Delays Hurt Third-Quarter Sales

Mattel said U.S. retailers significantly ramped up orders in recent weeks, giving the toy company enough confidence ahead of the holidays to back its outlook for the year.

The recent acceleration at the start of the fourth quarter came after the maker of Barbie dolls and Hot Wheels cars reported that orders slumped in the third quarter amid industry-wide shifts in retailer ordering patterns.

Chief Executive Ynon Kreiz said the retailers have shifted some purchases away from direct import, where they take ownership of the product where it is made, and instead are shifting toward domestic shipping, where they purchase the goods from a company once they has arrived in the U.S. Doing so, Kreiz said, gives retailers more flexibility and time to commit to orders.

Warner Bros. Discovery Explores Sale in Potential Industry Shake-Up

Warner Bros. Discovery said it is exploring a potential sale of all or some of its media holdings, setting into motion a deal process that could reshape the entertainment industry.

Paramount recently made a second offer for the company, according to people familiar with the matter. Warner rejected it this week, one of the people said.

Warner has also received interest in its studio and streaming assets from multiple parties, people familiar with the company's thinking said.

GM Shares Surge 15% on Raised Guidance

General Motors posted surprisingly strong results Tuesday in the face of tariffs, a slowing electric-vehicle market and supply crunches, fueling the stock's best day in five years.

GM said it is making faster-than-expected progress reducing a multibillion-dollar tariff bill, while moving quickly to downsize its money-losing electric-vehicle business. Last week the company disclosed a $1.6 billion write-off related to underused EV factories.

On Tuesday, Chief Executive Mary Barra said it would rip off another EV bandage with a special charge in the fourth quarter stemming in part from its decision to stop making electric vans for commercial customers.

Coca-Cola Profit Boosted by Higher Prices

Coca-Cola said higher prices, a better mix of products and a small increase in volumes lifted its sales and earnings in the third quarter.

The beverage company said Tuesday that revenue was up 5% at $12.46 billion in the three months ended Sept. 26, clearing Wall Street forecasts by about $50 million, according to FactSet.

The top line grew 6% on an organic basis, boosted by higher prices and stronger mix levels, along with a 1% uptick in global case volume that largely came from Central Asia, North Africa, Brazil and the United Kingdom, the company said.

Expected Major Events for Wednesday

04:00/MAL: Sep CPI

05:00/JPN: Sep Steel Production

06:30/INA: Oct Bank Indonesia Board of Governors meeting and decision

09:59/CHN: Sep FDI Foreign Direct Investment

23:30/JPN: Aug Final Labour Survey - Earnings, Employment & Hours Worked

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(END) Dow Jones Newswires

October 21, 2025 16:59 ET (20:59 GMT)

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