The Dow Jones Industrial Average closed higher on Tuesday as investors assessed the latest round of quarterly corporate earnings. The Dow rose over 100 points, while the S&P 500 Index and Nasdaq Composite slipped 0.07% and 0.3% lower, respectively.
Here's how the market settled on Tuesday:
S&P 500 Index (NYSE: SPY): -0.07% or -2.86 points to 4,016.95
Dow Jones Industrial Average (NYSE: DIA): +0.31% or +104.40 points to 33,733.96
Nasdaq Composite Index (NASDAQ: QQQ): -0.27% or -30.14 points to 11,334.27
Earnings were in focus on Tuesday. Union Pacific (NYSE: UNP) shares fell 3% after the railroad company's results fell short of expectations. 3M (NYSE: MMM) shares fell over 6% after the company reported an earnings miss and posted disappointing full year guidance. 3M also announced it will cut 2,500 jobs.
General Electric (NYSE: GE) shares rose 1% after industrial giant posted quarterly results that topped Wall Street expectations. "2022 marked the beginning of a new era for GE," CEO Larry Culp said in a statement. "We successfully launched GE HealthCare, delivered strong financial performance, made significant operational progress, and continue our steadfast commitment to our customers."
Verizon (NASDAQ: VZ) shares rose 2% despite the telecom issuing disappointing full year adjusted earnings outlook after the company reported its best subscriber growth in 7 years last quarter. Johnson & Johnson (NYSE: JNJ) reported mixed quarterly results and posted full year outlook for earnings that was slightly higher than analyst estimates.
Elsewhere for stocks, Amazon (NASDAQ: AMZN) announced Tuesday a new prescription perk for U.S. Prime members called RxPass. The pharmacy service will allow Prime members to get as many drugs as needed for a list of 50 generic medications. The service costs $5 per month per person and delivery is free.
Walmart (NYSE: WMT) said Tuesday it is raising its minimum range for store employees to $14 per hour, representing a roughly 17% increase. Starting in early March store employees will make between $14 to $19 per hour and the pay increase will impact about 21% of Walmart's 1.6 million employees.
On Tuesday, trading for more than 200 stocks on the New York Stock Exchange were affected by a technical issue, including Morgan Stanley (NYSE: MS), AT&T (NYSE: T), Nike (NYSE: NKE) and McDonald's (NYSE: MCD). The stock exchange announced that it will be canceling some of the early trades from the session.
Looking ahead, all eyes will be on Microsoft's (NASDAQ: MSFT) earnings due out after closing bell.