Stock market today: Live updates

McDonald’s may be slated for more upside ahead, according to Morgan Stanley.

The restaurant stock moved marginally higher in the premarket after analyst Brian Harbour kept his overweight rating on the name and hiked his price target by $44 to $340. That implies more than 9% upside from Monday’s close.

As earnings season gets underway, the analyst believes that McDonald’s performance domestically is “looking brighter.”

“The fundamental shift in 3Q doesn’t seem that profound, but there is evidence things are moving in the right direction (not all of the industry seemed to see this), and sentiment/stock performance have clearly followed, with the U.S. at last maybe a source of upside in 2H,” he wrote in a Tuesday note. “Some sales catalysts are still to come, including perhaps a permanent value relaunch in 2025.”

That said, Harbour believes international sales might still be challenged and lead to mixed third-quarter results. He also said he’s “a bit more tactically cautious” this quarter.

Shares have risen 4.5% this year and more than 23% in the past three months.

— Sean Conlon

Shares of Goldman Sachs were last trading 3% higher on Tuesday morning after the bank reported a third-quarter beat on both the top and bottom lines.

Earnings for Goldman Sachs came out to $8.40 per shares, higher than the $6.89 analysts were expecting, per LSEG. The bank’s $12.7 billion revenue also topped the $11.8 billion estimate.

Financial institutions such as Goldman could benefit as the Fed continues to reduce rates. Shares have rallied 36% this year.

— Lisa Kailai Han

Walgreens Boots Alliance shares jumped more than 7% in the premarket Tuesday. The move comes after the retail drugstore chain reported fiscal fourth-quarter earnings and revenue that topped expectations, and said it plans to close roughly 1,200 stores by 2027.

Walgreens reported adjusted earnings of 39 cents per share, more than the per-share earnings of 36 cents expected by analysts polled by LSEG. Revenue of $37.55 billion topped the forecasted $35.76 billion.

The stock is down more than 60% year to date.

— Sarah Min, Annika Kim Constantino

Investors should take hold of SM Energy ahead of its earnings report, according to TD Cowen.

Analyst Gabe Daoud upgraded his rating on the stock to buy from hold, and his updated price target implies more than 34% upside from Monday’s close.

“While we’re cautious [on] crude we believe SM stands out as retaining multiple resource catalysts – at a time when that’s largely nonexistent in [earnings and profits] – that can shape a more capital efficient ’25 [versus] what’s appreciated,” he said in a note to clients on Tuesday. “We see dividend coverage down to ~$49/bbl which can prove defensive in a volatile tape.”

While the stock was down around 3% premarket on Tuesday, it has risen more than 15% in 2024 and about 14% in the past one month.

CNBC Pro subscribers can read the full story here.

— Sean Conlon

Now is the time to buy shares of Consolidated Edison, according to Citi.

Analyst Ryan Levine sees the rate cases for its two subsidiaries – namely, Consolidated Edison Company of New York (CECONY) and Orange and Rockland Utilities (O&R) – will spur earnings-per-share acceleration.

“We are upgrading ED to Buy on the view that the upcoming O&R and CECONY will result in favorable EPS accretion of ~2.7% in ’26 due to regulatory priorities, datacenter noise in staff calculation, & treasury rate movements before considering potential favorable future NY legislation,” he wrote in a note to clients this week.

Levine also hiked his price target by $13 to $116, which reflects more than 12% upside from Monday’s close.

Shares rose about 1% in premarket trading Tuesday after his call. The stock has risen more than 13% this year.

— Sean Conlon

A number of negative catalysts are set to drive shares of Etsy lower, according to Goldman Sachs.

“While Street estimates (and our own modeling) seek to reflect more normalized growth levels in a better backdrop for discretionary consumer spending, visibility remains low on the timing of any such recovery,” analyst Eric Sheridan said, noting that consensus gross merchandise sales estimates for next year have already been revised down. “We monitor consumer survey data from HundredX, which currently does not suggest an imminent positive inflection in purchase intent.”

The stock fell more than 4% in the premarket following the call. Shares have had a tough year, losing nearly 39%.

CNBC Pro subscribers can read the full story here.

— Sean Conlon

UnitedHealth shares were down 3.7% after the insurance giant trimmed the top end of its full-year earnings guidance.

The company now sees 2024 earnings per share between $27.50 and $27.75. Earlier this year, UnitedHealth had issued a forecast ranging between $27.50 per share and $28 per share.

UnitedHealth did post third-quarter numbers that beat expectations. The company earned $7.15 per share on revenue of $100.82 billion. Analysts polled by LSEG expected a profit of $7 per share on revenue of $99.28 billion.

— Fred Imbert

Bank of America reported better-than-expected results for the third quarter, sending shares slightly higher in the premarket.

The bank posted a profit of 81 cents per share on revenue of $25.49 billion. Analysts expected earnings of 77 cents per share on revenue of $25.3 billion.

The results were driven in part by strong trading revenue.

— Fred Imbert

China stocks fell Tuesday even as broader Asia-Pacific markets rose after the Dow Jones Industrial Average and the S&P 500 reached new record highs overnight. 

Mainland China’s CSI 300 dropped 2.66% to end at 3,855.99, while Hong Kong’s Hang Seng index was down about 4% by its final hour of trading, a day after China’s September export and import data sharply missed expectations.

Japan’s Nikkei 225 gained 0.77% to close at 39,910.55, while the broad-based Topix rose 0.64% to reach 2,723.57. South Korea’s Kospi rose 0.39% to end at 2,633.45, while the small-cap Kosdaq gained 0.4% to reach 773.81. 

Australia’s S&P/ASX 200 rose 0.79% to end trading at 8,318.4. 

— Dylan Butts

European stocks opened broadly higher Tuesday, with the Stoxx 600 index up by 0.34% at 8:15 a.m. in London.

However, major bourses were mixed, with Germany’s DAX up 0.52% as France’s CAC 40 and the U.K.’s FTSE 100 fell by 0.13% and 0.08%, respectively.

— Jenni Reid

Nvidia shares ended Monday’s session at an all-time closing high, bringing the chipmaker’s market cap above $3.4 trillion.

The stock jumped 2.4% to finish the session at $138.07, beating its prior closing high of $135.58 seen June 18. Shares are now up more than 178% in 2024 alone as the artificial intelligence boom continues taking Wall Street by storm.

Nvidia is the second-most valuable publicly traded U.S. company. It’s currently behind Apple, which has a market cap of about $3.55 trillion.

— Alex Harring, Kif Leswing

Coty shares tumbled more than 3% in extended trading on Monday after the beauty company said first-quarter revenue growth was smaller than previously expected.

The New York-based company said revenue grew at a rate of between 4% and 5% in the quarter on a like for like basis. That’s lower than the prior guidance of 6% growth for the three-month period.

Shares of Coty have bucked 2024’s market uptrend, diving more than 26% year to date.

— Alex Harring

Futures tied to the Dow, S&P 500 and Nasdaq 100 all sat near flat shortly after 6 p.m. ET.

— Alex Harring