Wall Street indexes opened higher amid another flurry of earnings. Here’s what we’re watching in Tuesday’s session.
- Manufacturer Dover DOV 0.67% raised its full-year earnings guidance and said it had a large backlog.
- Procter & Gamble PG -1.18% reported a decline in quarterly profits and said it is raising prices for a host of household staples to counter higher costs for freight and raw materials.
- Johnson & Johnson JNJ 2.34% logged a larger profit in its third quarter, lifted by higher sales in its pharmaceutical, medical-device and consumer-health divisions.
- Travelers TRV 1.64% said net income fell in the third quarter from a year before, citing higher catastrophe losses.
- Profits at Steel Dynamics STLD 1.73% soared in the third quarter as demand remained strong and prices rose.
- Aerospace composites specialist Hexcel HXL -2.59% reported a profit for the third quarter, but continued to withhold guidance due to pandemic uncertainties.
- Cigarette company Philip Morris International PM -1.70% reported profits and revenue that topped analysts’ expectations.
- Oil-field services company Halliburton turned a profit in the third quarter but said revenue fell just short of forecasts.
Procter & Gamble’s factory in Tabler Station, W.Va.., May 28, 2021.
Photo: timothy aeppel/Reuters
- Atea Pharmaceuticals AVIR -65.96% said a trial of AT-527, its Covid-19 antiviral drug, didn’t meet its objectives. Its shares plummeted.
- Robinhood Markets HOOD 2.58% shares were wavering after the Securities and Exchange Commission said Monday that this year’s trading frenzy in GameStop GME 0.41% should lead regulators to consider whether “game-like” brokerage apps are encouraging people to trade too much.
- Ulta Beauty ULTA -10.58% issued financial targets and strategic priorities. Investors appear not to have been overjoyed, as its shares subsequently slipped.
- Teladoc Health TDOC 2.61% inched higher after Wells Fargo recommended investors buy shares of the virtual healthcare company.
- Netflix NFLX 0.16% and United Airlines UAL -2.01% are due to report after the close.
Chart of the Day
- China’s economy has been taking it from all sides: power outages, the property debt fiasco, snarled shipping lanes and, a bit further back, a brief but damaging Delta variant outbreak. Given how modest countercyclical support has been so far, next quarter will almost certainly be worse, writes Heard on the Street columnist Nathaniel Taplin.
Write to Joe Wallace at joe.wallace@wsj.com
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