Stock market live Tuesday: Second day of losses, Dow closes at session low, record Covid-19 cases

The Dow Jones Industrial Average and S&P 500 spent the majority of Tuesday's session in the red as a record number of Covid-19 cases in the U.S. weighed on stocks, as did stalled stimulus negotiations. The two indexes were on track for a second straight day of losses after each declined last week. The Nasdaq Composite, however, traded in the green as tech stocks advanced.

Stocks post second day of losses, Dow closes at session low

The Dow accelerated its losses in the final hour of trading. The 30-stock benchmark shed 221 points for a loss of 0.8%. At one point during the session the 30-stock benchmark had been up 22 points. The S&P 500 also closed in the red, declining 0.3%. The Nasdaq Composite, however, spent the entire day in positive territory, and finished the session with a gain of 0.64%. — Pippa Stevens

Final hour of trading: Dow and S&P 500 slip amid coronavirus worries, Nasdaq rises

The Dow and S&P 500 were lower in the final hour of trading as traders fretted over the rising number of U.S. coronavirus cases. The Dow dipped 181 points, or 0.7%. The S&P 500 slipped 0.2%. The Nasdaq outperformed, rising 0.6% as stocks benefitting from the stay-at-home trend of the pandemic gained broadly. —Fred Imbert

David Einhorn sees 'enormous' tech bubble

Greenlight Capital's David Einhorn believes there's an "enormous" speculative bubble in technology stocks, which have outperformed the broader market this year. The hedge fund manager pointed to 10 signs that a bubble is brewing, including "extraordinary" valuations.

CNBC PRO subscribers can read about his picks here, as well as his full case for the tech bubble. — Yun Li

Bank of America clients bought nearly $3 billion in stocks last week

Data compiled by Bank of America strategists showed the bank's clients bought $2.971 billion in U.S. stocks after two weeks of being net equity sellers. BofA clients were keen on tech and industrial names, with the sectors seeing inflows of $495 million and $469 million, respectively. Institutions and hedge funds led the buying, accounting for 84% of the inflows. —Fred Imbert, Michael Bloom

Markets at midday: Dow falls for a second day amid coronavirus uncertainty

The Dow traded 43 points lower, or 0.2%, around midday as the U.S. coronavirus case count continues to rise. The S&P 500 eked out a 0.2% gain and the Nasdaq Composite outperformed with a 0.8% pop. The Nasdaq's gains came as shares of Facebook, Amazon, Alphabet, Microsoft and Apple all rose. —Fred Imbert

Stocks making the biggest moves midday

  • Shopify – Shares popped 4% after the Canadian e-commerce company unveiled a partnership with TikTok .
  • Harley-Davidson — The motorcycle maker rallied more than 25% after reporting better-than-expected third quarter results. Revenue from Harley-Davidson's motorcycles was higher than expected along with sales from parts and accessories.
  • Eli Lilly — Shares of the pharmaceutical company fell 5% after missing on the top and bottom lines of its quarterly earnings,

Read more about midday movers here. — Maggie Fitzgerald

Retail sector growth slowing in Texas

Texas retail sales growth slowed in October while the number of retail jobs shrank, according to a survey from the Dallas Fed. The retail sector was part of a broader softening of the service sector in the state, according to the regional Fed branch.

"Retail labor market indicators deteriorated slightly in October, with net declines in employment and a shortening in average workweek length," the Dallas Fed said in a release. — Jesse Pound

Crucial Covid vaccine data expected from Pfizer unlikely before election

Pfizer executives said Tuesday that they do not expect to announce preliminary results from the phase-three trial of its Covid-19 vaccine candidate before the election. The data was previously expected before the end of October. Pfizer is developing the drug with German company BioNTech. — Jesse Pound, Berkeley Lovelace Jr.

U.S. daily new coronavirus cases hit another record

The average number of new daily coronavirus cases in the U.S. hit another record on Monday as 36 states reported rises in the number of hospitalized patients.

Over the past seven days, the U.S. reported an average of 69,967 new cases every day, the highest seven-day average recorded yet, according to a CNBC analysis of Johns Hopkins University data. The seven-day average is up more than 19% compared with a week ago, according to CNBC's analysis.

The average number of patients hospitalized with Covid-19 over the past seven days rose by at least 5% in 36 states as of Monday, according to a CNBC analysis of data from the Covid Tracking Project. —
Will Feuer, Yun Li

Dow drops 100 points

The Dow and S&P 500 have turned negative, with the Dow falling about 125 points as Caterpillar and 3M weighed on the average. The Nasdaq Composite was flat. — Jesse Pound

Shopify jumps after announcing partnership with TikTok

Shares of Shopify popped 4% in morning trading Tuesday after the Canadian e-commerce company unveiled a partnership with TikTok to help its merchants advertise on the Chinese social media platform. Shopify said the deal will allow its clients to sell product in the form of video ads, where TikTok users can click on an ad to buy the product. Shopify has experienced a record surge in demand this year as a slew of small businesses moved operations online during the forced shutdowns. The stock has risen 172% in 2020. — Yun Li

Stocks open little changed

The major indexes opened slightly above the flatline on Tuesday following Monday's sharp sell-off. The Dow inched up 15 points, while the S&P 500 gained 0.2%. The Nasdaq Composite was outperforming with a 0.4% rise. — Jesse Pound

Durable goods orders surge, point to higher GDP reading

Demand for durable goods surged more than expected in September, indicating potential further upside for third-quarter economic growth. New orders rose 1.9% for the month, compared to the 0.4% expectation from a Dow Jones economists survey. Excluding transportation, orders were up 0.8%, which was better than the 0.4% FactSet estimate, while the overall gain was 3.4% excluding defense. Transportation was the biggest driver, rising 4.1%, or $3 billion. Durable goods comprises about 10% of U.S. GDP, which is projected to increase at a 32% annualized pace in the third quarter, according to Dow Jones. The Commerce Department releases the first estimate of Q3 GDP on Thursday. — Jeff Cox

Pfizer’s coronavirus vaccine trial near complete enrollment

Pfizer's late-stage coronavirus vaccine trial has enrolled more than 42,000 volunteers, the company announced Tuesday when it released a mixed third-quarter earnings report. It said nearly 36,000 of the volunteers have already received the second of its two-dose Covid-19 vaccine. The phase three trials are a critical last step needed to get the vaccines cleared for distribution. Pfizer expects to apply for an emergency use authorization with the Food and Drug Administration next month.— Berkeley Lovelace Jr.

Caterpillar reports a 54% drop in earnings in the third quarter

Caterpillar on Tuesday reported a sharp drop in earnings in the third quarter as equipment sales declined across all regions and segments. The Dow component posted adjusted earnings per share of $1.34 on revenue of $9.9 billion in the quarter. Its third-quarter sales marked a 23% decline year over year and profit per share dropped 54% compared to the same quarter a year ago. Still, the Deerfield, Illinois-based company's results came in above Wall Street's expectations. Analysts were expecting adjusted earnings per share of $1.18 on revenue of $9.798 billion, according to Refinitiv. — Yun Li

Here are Tuesday’s biggest analyst calls of the day: Foot Locker, Live Nation, UPS, Tesla & more

  • UBS upgraded UPS to buy from neutral.
  • Jefferies downgraded Live Nation to hold from buy.
  • Bank of America downgraded Waste Management to underperform from neutral.
  • RBC upgraded SiriusXM to outperform from sector perform.
  • Berenberg initiated Skechers, Canada Goose, and Foot Locker as buy.
  • UBS downgraded Sunrun, SolarEdge, and SunPower to sell from neutral.
  • Citi raised its price target on Tesla to $137 from $117.

Pro subscribers can read more here. - Michael Bloom

UPS upgraded to buy at UBS, shares rise

Shares of UPS are trending higher in premarket trading after UBS upgraded the stock to buy from neutral. The firm said in a note to clients that it expects UPS to be able to raise prices in the fourth quarter and 2021. Pro subscribers can read more about the call here. — Jesse Pound

3M reports better-than-expected results

Manufacturer 3M posted third-quarter earnings and revenue that beat analyst expectations as sales for health care and personal safety equipment rose more than anticipated. 3M posted a profit of $2.43 per share on revenue of $8.35 billion. Analysts polled by Refinitiv expected earnings per share of $2.26 on revenue of $8.32 billion. —Fred Imbert

JPMorgan creates blockchain unit

JPMorgan has created a new business unit called Onyx with over 100 staffers to house its blockchain and digital currency programs. One use case for Onyx internally is processing paper checks more efficiently. Takis Georgakopoulos, the bank's global head of wholesale payments, said the bank's JPM Coin was being used commercially for the first time this week by a large technology client. — Jesse Pound, Hugh Son

Restaurant Brands tops estimates

Restaurant Brands International beat top and bottom-line estimates during the third quarter despite the ongoing impacts of Covid-19. The owner of Burger King, Tim Hortons and Popeyes earned an adjusted 68 cents per share for the quarter, which was ahead of the 63-cent per share profit analysts polled by FactSet had been expecting. Revenue came in at $1.34 billion, which was slightly higher than the expected $1.33 billion. Restaurant Brands said that over 96% of its restaurants around the world were once again open as of September. Looking forward, the company plans to transform over 10,000 drive-thrus across the U.S. and Canada by mid-2022 thanks to the installation of digital menu boards.

Shares of Restaurant Brands International were slightly lower during premarket trading on Tuesday. — Pippa Stevens

Charles Schwab says it is laying off 1,000 employees following TD Ameritrade merger

Charles Schwab said Monday it is laying off 1,000 employees from the combined Schwab-TD Ameritrade company.

"We have begun notifying individuals that their roles have been eliminated and they will be leaving the firm," Schwab said in a press release. "These reductions are part of our efforts to reduce overlapping or redundant roles across the two firms."

The $26 billion Schwab-TD Ameritrade merger closed earlier this month, creating a behemoth online brokerage with more than $6 trillion in client assets and 28 million brokerage accounts. Schwab also said despite the layoffs it will continue to hire in strategic areas critical to support its growing client base. Schwab said it doesn't expect any further layoffs in 2020. — Maggie Fitzgerald

AMD to buy rival Xilinx for $35 billion

Chip maker AMD announced on Tuesday it will buy rival semiconductor manufacturer Xilinx for $35 billion in an all-stock deal. The acquisition is expected to close at the end of 2021 and comes as AMD makes a push at expanding its data center business. Xilinx shares popped more than 11% in the premarket on the news. AMD stock slipped about 2%. —Fred Imbert

Wall Street tries to rebound from Monday's sell-off, Dow futures up 100 points

U.S. stock futures rose on Tuesday morning as traders tried to recover from the previous day's massive sell-off. Dow Jones Industrial Average futures gained 109 points, or 0.4%. S&P 500 futures advanced 0.5% along with Nasdaq 100 futures. The 30-stock Dow suffered on Monday its biggest one-day pullback since early December, dropping 650 points. That drop came as expectations for a U.S. fiscal deal being reached before the election declined and coronavirus cases continued to rise. —Fred Imbert