S&P 500 closes little changed Tuesday as Treasury yields pop on hot retail sales data: Live updates

The Dow and S&P 500 finished Tuesday's session little changed, while the Nasdaq Composite slipped.

Both the Dow and S&P 500 ended close to their flatlines for the day. Meanwhile, the technology-heavy Nasdaq closed the session about 0.3% lower.

— Alex Harring

Amazon's sheer scale, strength and its digital advertising growth outlook means there's still room for the stock to rally even after the strong year so far, according to Stifel.

"The company has expanded beyond retail media to other advertising options, and announced on September 22, 2023 that it would start to include "limited" ads on its Amazon Prime Video platform, starting in early 2024," Kelley wrote. "We also note that Amazon offers broader ad tech tools and is now a Pinterest advertising partner, offering Amazon advertisers as an incremental demand source."

CNBC Pro subscribers can read the full story here.

— Lisa Kailai Han

Evercore ISI is getting more bullish on a handful of automakers and auto suppliers.

For the "first time since '19, we finally have a relatively visible path forward on elevated production" which coincides with "stock/sentiment bottom on transitory UAW stoppages and ... seasonal trade/rollover to attractive '25 valuations," wrote Chris McNally in a Tuesday note to clients.

Citing strong production and demand, the analyst upgraded shares of Rivian to an outperform rating and lifted his price target to $35. representing 78% upside from Monday's close. He also expects gross margins to break even in the second quarter of 2024, and views Rivian as on of a handful of electric vehicle names with "escape velocity."

McNally named Mobileye one of the firm's top secular picks and a "pureplay" autonomous vehicle and advanced driver assistance systems stock with high growth potential. He adjusted his price target to $55 a hare, reflecting about 54% upside from Monday's close.

The firm also lifted its price target on Tesla to $180 a share. While McNally anticipates a potential rollover in 2026, investors should brace for near-term volatility, he wrote. The new target implies 29% downside from Monday's close.

— Samantha Subin

Coinbase shares benefited on Monday from a false report that BlackRock's spot bitcoin ETF application had been approved by the SEC. While the stock quickly gave back much of its gains, investors should see the event as a dress rehearsal for the real deal, according to Barclays.

"While we continue to see limited P&L benefit to Coinbase, we view this as an early read-through to how the market could react if and when an approval comes," the firm said in a note Tuesday.

Coinbase shares opened with a 7% gain on Monday. They were up 2.5% Tuesday afternoon.

— Tanaya Macheel

Last week's uptick for the stock market was boosted by wide participation from investors, according to Bank of America.

Strategist Jill Carey Hall said in a note that both single stocks and equity ETFs had net inflows from Bank of America clients last week, with buying coming from every segment.

"All clients were net buyers, led by Institutional clients. Retail and Hedge Fund (HF) clients also saw inflows; retail clients have been net buyers for four straight weeks and HF clients for three straight weeks," the note said.

Cyclical sectors like tech and financials were the most popular buys, according to Bank of America.

— Jesse Pound

Shares of Planet Fitness traded more than 5% higher on Tuesday after Evercore ISI said rising usage of GLP-1 drugs could help the gym chain.

"Our analysis suggests that GLP-1s will have a disproportionate (positive) impact on PLNT's target demographic…and with significant number of Americans entering PLNT's demographic 'sweet spot', we think there is wave of new membership coming for the gym industry," analyst Warren Cheng wrote. "We expect 70-80% of GLP-1 joiners to join Planet Fitness."

CNBC Pro subscribers can read the full story here.

— Lisa Kailai Han

Stocks were on pace to end Tuesday lower as investors entered the final hour of the trading day.

Both the Dow and S&P 500 were on track to finish the day down 0.3% at 3 p.m. ET. The Nasdaq Composite was poised for a loss of 0.5%.

All three indexes traded above and below their flatlines over the course of the session. The Dow traded as high as 0.5% up and as low as 0.4% down. The S&P 500 rose as much as 0.5%, but slid 0.8% into the red at session lows. The Nasdaq was up 0.3% at its highest point in the session and 1.5% down at its lowest.

— Alex Harring

Hannon Armstrong added more than 4% after Morgan Stanley said the stock should rally as the firm proves its ability to maintain investment spreads in a higher rate environment.

"HASI has demonstrated success in pricing gross asset yields higher to account for higher interest rates, allowing it to generate consistent net investment margins across different funding environments," wrote analyst Andrew Percoco. "We expect the stock to migrate toward our DDM [dividend discount model]-derived fair value as execution refocuses investors on HASI's solid fundamentals."

CNBC Pro subscribers can read the full story here.

— Lisa Kailai Han

Stocks have had a rocky few days of trading over the past week following a rally to begin October.  

The S&P 500 is up 0.49% over the past week. Over the last five trading days, the index's intraday high has been confined to a range of less than 0.2%, meaning 0.2% separates the highest intraday in that period from the lowest.

According to Bespoke Investment Group, this is the S&P's tightest range since six years ago on Oct. 17, 2017.

— Tanaya Macheel

Dollar Tree jumped more than 4% after Goldman Sachs said multi-year investments could help it buck the trend against discount retailers.

Besides Dollar Tree's improving bottom line, analyst Kate McShane believes that lower freight costs will provide another tailwind for company margins in the second half of 2023.

"While incremental price and labor investments remain a concern for investors, the expected tailwind from lower freight costs should be a greater offset vs peers, noting DLTR's higher exposure to imports," she wrote.

CNBC Pro subscribers can read the full story here.

— Lisa Kailai Han

Energy stocks and News Corp. were among the S&P 500 names hitting fresh highs on Tuesday. Shares of Halliburton was trading at levels not seen since June 2022, climbing 1.4% in midday trading. Diamondback Energy was at all-time highs going back to its initial public offering in 2012.

News Corp. shares were trading at levels not seen since March 2022. The move comes after Starboard Value's Jeff Smith named the media conglomerate as a new idea, citing its "highly valuable" collection of assets.

Here are some of the other names trading at fresh highs:

• Williams Cos trading at levels not seen since June 2022
• Targa Resources trading at levels not seen since August 2015
• Constellation Energy trading at all-time high levels back to its spin-off from Exelon in January 2022
• Fair Isaac trading at all-time highs back to its IPO on the NYSE in July 1987
• Arch Capital Group trading at all-time high levels back to when it began trading on the NASDAQ in 2000
• Loews trading at levels not seen since June 2022

— Sarah Min, Gina Francolla

The S&P 500's Tuesday gains were restricted by a slide in information technology stocks.

The sectors were the worst performing of the 11 in the broad index, down 0.3% each. The other nine either traded near flat or positive, with materials leading the way with a 0.9% gain. The index has a whole traded up around 0.2%, turning green after sliding earlier in the session.

Nvidia and Western Digital weighed on the information technology sector, with the two stocks down nearly 4% and 3%, respectively. But some stocks in the sector were able to buck the trend. SolarEdge rallied more than 4% as the best performer in the sector, while First Solar and ServiceNow both followed with gains of more than 3.5% each.

Within real estate stocks, SBA Communications led the downward move with a loss of more than 1.5%. On the other hand, Federal Realty and Kimco Realty were able to each climb nearly 2%.

— Alex Harring

These are some of the companies making headlines in midday trading:

• Lockheed Martin — The defense company gained about 0.6% after it reported third-quarter results that beat expectations. The company posted $6.73 earnings per share on $16.88 billion in revenue.  Analysts surveyed by LSEG, formerly known as Refinitiv, had forecast $6.67 earnings per share on $16.74 billion in revenue. Shares of defense peers also gained on the news, with Circor International jumping 5.5% on the news. 
• Nvidia – The chip stock dropped more than 3% after the U.S. Department of Commerce said Tuesday it plans to ban the export of more artificial intelligence chips to China. Other chipmakers also moved lower on the news, including Marvell Technology Advanced Micro Devices and Broadcom.
• Dollar Tree — The discount retailer jumped 4.1% after getting an upgrade from Goldman Sachs to buy from neutral. The investment bank sees strong earnings growth potential and likes DLTR's compelling valuation. Ollie's Bargain Outlet, which was also upgraded to buy at Goldman, added 3.8%.

See the full list here.

— Hakyung Kim

JPMorgan's top strategist is telling investors to buy more gold and remain underweight on stocks.

"Our outlook is likely to remain cautious as long as interest rates remain deeply restrictive, valuations expensive, and the overhang of geopolitical risks persists," Marko Kolanovic wrote.

CNBC Pro subscribers can read the full story here.

— Sarah Min, Michael Bloom

The three major indexes all traded higher as afternoon trading kicked off, reversing course after sliding earlier in the session.

The Dow and S&P 500 were both up about 0.3% in the session. The Dow had fallen as much as 0.4% earlier in the session, while the S&P 500 was at one point down 0.8%.

The Nasdaq inched up around 0.1%. The technology-heavy index dropped 1.5% at session lows.

— Alex Harring

Third-quarter economic growth should be even better than expected due to a surprisingly resilient consumer, Goldman Sachs said Tuesday.

Following a retail sales report that easily topped forecasts, the Wall Street firm boosted its third-quarter GDP outlook by 0.3 percentage point to 4%, which would be the strongest growth since the fourth quarter of 2021.

The Commerce Department earlier reported in its advance estimate that sales grew by 0.7% in September, which Goldman said helped raise its domestic final sales growth outlook to 2.8% for the quarter.

—Jeff Cox

Stocks came off session lows in mid morning trading on Tuesday, with the Dow moving into positive territory on the day.

The Dow rose about 0.1% after falling as much as 0.4%. The S&P 500 slipped about 0.1%, making up ground after sliding as low as 0.8% down. The Nasdaq was about 0.3% in the red after falling 1.5% at session lows.

— Alex Harring

Richmond Federal Reserve President Thomas Barkin said Tuesday he supported his colleagues' decision not to hike rates in September and believes the central bank can be patient from here.

"We have time to see if we have done enough, or whether there's more work to do," said Barkin, a nonvoting member this year of the rate-setting Federal Open Market Committee, said in remarks to real estate professionals.

Speaking the same day that a Commerce Department report showing stronger-than-expected retail sales in September, he said some of the data showing robust spending and growth doesn't jibe with his on-the-ground observations that demand is slowing.

—Jeff Cox

CyberArk's strong growth outlook should help maintain its status as an industry leader, according to JPMorgan.

"Considering the company's competitive moat and ongoing importance of Identity Security, we view CYBR as well positioned for share gains and efficient CAC [customer acquisition cost] ahead," wrote analyst Brian Essex.

CNBC Pro subscribers can read the full story here.

— Lisa Kailai Han

Popular chipmakers stocks slumped on Tuesday after the U.S. Department of Commerce said it plans to tighten its restrictions on the sale of advanced artificial intelligence chips to China.

Nvidia shares shed 7%, while Advanced Micro Devices dropped about 4%. Marvell Technology, Intel and Broadcom lost about 3% each.

The U.S. government said that the new rules aim to close loopholes that emerged following last year's curb on AI chip exports.

— Samantha Subin, Kif Leswing

The Federal Reserve wont like the strong retail sales data released Tuesday morning, according to Gina Bolvin, president of Bolvin Wealth Management.

"Retail sales showed a big upside surprise today, to the Fed's dismay," Bolvin said, adding that the central bank "won't like that higher rates are not deterring consumers from spending."

Bolvin also called 2023 the "year of the consumer." With the latest data pointing to a resiliency among consumers, she said there's now a 50-50 chance that the Fed could raise interest rates more this year.

— Alex Harring

The three major indexes opened lower as Tuesday's session kicked off.

The Dow shed 0.3% shortly after 9:30 a.m. ET. The S&P 500 and Nasdaq Composite slid 0.7% and 1.1%, respectively.

— Alex Harring

UBS' chief investment office sees reasons to be optimistic about the U.S. economy as it nears a "soft-ish" landing.

"We believe the profits recession is over and the ... economy is on track for a soft-ish landing following healthy consumer activity, cooling inflation, and solid growth," the office's team wrote in a note to clients Tuesday.

The office said to expect a return to earnings per share growth in the third quarter for S&P 500 companies, with profits rising between 3% and 4%.. That goes against consensus, as FactSet polling shows a blended forecast of 0% growth in earnings per share.

— Alex Harring

In another sign of U.S. economic resiliency, retail sales rose 0.7%. Economists polled by Dow Jones expected a 0.3% increase. Excluding autos, sales increased by 0.6%. That was also above expectations.

— Fred Imbert

These are some of the stocks making notable premarket moves:

• Wyndham Hotels & Resorts, Choice Hotels — Choice Hotels dropped 2.3% after the hotel chain proposed buying Wyndham Hotels & Resorts.
• Bank of America — The bank rose 1% in Tuesday's premarket after topping Wall Street expectations in the third quarter.
• Dollar Tree — Shares of the discount retailer gained more than 2% on the heels of an upgrade from Goldman Sachs to buy from neutral. 

See the full list here.

— Alex Harring, Pia Singh

Aerospace and defense stock Lockheed Martin slid more than 2% after the company held its full-year expectations steady despite a strong quarter.

Lockheed Martin posted $6.73 in earnings per share and $16.88 billion in revenue. Analysts polled by LSEG, formerly known as Refinitiv, had anticipated $6.67 earned on a revenue of $16.74 billion.

While the company gave a positive quarterly report, it kept its expectations for full-year performance unmoved. Some investors may have expected a guidance raise given the quarter beat expectations.

— Alex Harring

Copper fell to its lowest level of the year while other industrial metals also slid amid concerns about escalating tensions in the Middle East and a focus on interest rates as Treasury yields moved higher.

Long considered an economic bellwether, copper last traded around $3.53 a pound, its lowest since Nov. 4, 2022 and down nearly 1% on the session. Aluminum and zinc also posted declines.

Markets are looking ahead to a Thursday speech from Federal Reserve Chair Jerome Powell that could provide key information on where monetary policy is headed. The dollar held its ground Tuesday against most major currencies.

—Jeff Cox, Gina Francolla

Shares of Goldman Sachs flickered as investors reacted to the bank's latest earnings report.

Goldman earned $5.47 per share on $11.82 billion in revenue for the third quarter. Analysts polled by LSEG, formerly known as Refinitiv, forecasted $5.31 in earnings per share, though that figure may not be comparable. For revenue, the analyst consensus estimate was $11.19 billion.

The stock last slipped about 0.2% in premarket trading.

— Alex Harring, Hugh Son

Bank of New York Mellon shares rose more than 1% before the bell on Tuesday after the company surpassed Wall Street expectations in the third quarter.

The bank earned $1.22 per share and $4.37 billion in revenue for the quarter. That was better than analysts had anticipated on both lines, with consensus estimates from LSEG, formerly known as Refinitiv, coming in at $1.15 earned per share and $4.33 billion in revenue.

— Alex Harring

Bank of America CEO Brian Moynihan noted the company was able to post strong results in the third quarter despite easing consumer spending.

"We generated $7.8 billion in earnings, up 10 percent from the third quarter a year ago. We added clients and accounts across all lines of business," Moynihan said in a statement when releasing earnings. "We did this in a healthy but slowing economy that saw US consumer spending still ahead of last year but continuing to slow."

The company beat Wall Street expectations on both lines in the quarter. Shares rose about 1% before the bell on Tuesday.

— Alex Harring

Shares of Johnson & Johnson climbed 1.4% in premarket trading after the company beat quarterly earnings and revenue estimates. J&J also raised its full-year guidance as sales in the company's pharmaceutical and medical devices businesses surged.

The earnings marks J&J's first quarterly results since the pharmaceutical giant separated from its consumer health spinoff Kenvue in August. J&J had lowered its full-year sales and profit guidance upon that split. Read more here.

— Pia Singh, Annika Kim Constantino

Bank of America reported earnings and revenue that beat analyst expectations, boosted by strong interest income.

The banking giant earned 90 cents per share on revenue of $25.32 billion for the third quarter. Analysts polled by LSEG expected a profit of 82 cents per share on revenue of $25.14 billion.

Shares were up slightly in the premarket.

— Fred Imbert

"From a pure market perspective, history suggests that rising geopolitical tensions are likely to have a lasting impact only if there is a supply shock that adds to inflation concerns, or a demand shock that drives downward GDP revisions," Wolfe Research strategist Chris Senyek said in a note. "In particular, we're watching oil prices, given that equity markets have generally sold off over the past two years when Brent has been above $85 and rising."

Senyek's comments come as the Israel-Hamas war continues. Oil prices and gold initially jumped as the conflict began. They have since steadies, however.

— Fred Imbert, Michael Bloom

S&P 500 earnings have fallen for three straight quarters heading into this reporting period, but UBS thinks a turnaround is in the cards.

"We believe the profits recession is over and the US economy is on track for a soft-ish landing following healthy consumer activity, cooling inflation, and solid growth," Mark Haefele, UBS Global Wealth Management CIO, said in a note.

"The macro backdrop is still supportive," he said. "The resilient US macroeconomic backdrop continues to surprise on the upside. As the third quarter progressed, consumer balance sheets were shown to be in better shape than previously thought, labor market strength continued, and inflation fell further."

— Fred Imbert, Michael Bloom

Singapore's exports fell for the 12th straight month in September, data from the Singapore government showed.

Singapore's non-oil domestic exports declined 13.2% last month, following the 22.5% contraction in August, as both electronics and non-electronics exports declined.

The drop was mainly due to lower exports to Taiwan, Indonesia and Malaysia, but NODX to China, Hong Kong and the United States rose.

The Singapore dollar weakened slightly against the U.S. dollar, dipping 0.12% to $1.3687, while the Straits Times Index edged 0.19% higher.

— Shreyashi Sanyal

Country Garden's entire offshore debt could fall into default if the Chinese property developer fails to make a $15 million coupon payment on Tuesday, when its 30-day grace period ends.

Once China's largest real estate developer, Country Garden narrowly avoided default in early September after it managed to pay $22.5 million in bond coupon payments. Its creditors voted to extend repayments on six onshore bonds by three years.

Shares of Country Garden rose 1.37% in the first hour of trading, tracking a 0.35% rise in the broader Hang Seng Index.

Read full story here.

— Shreyashi Sanyal

New Zealand's consumer inflation hit a two-year low in the third quarter.

Consumer prices rose 5.6% from a year ago, slower than the 6% increase in the second quarter, according to Statistics New Zealand data published Tuesday. The figure was still largely above the central bank's target range of 1% to 3% as prices of everything from food to housing rose.

The kiwi dollar weakened 0.44% to $0.5903 as the data supported views that the Reserve Bank of New Zealand may not hike interest rates in its November meeting. Stock markets were a touch higher, with the S&P/NZX 50 Index up 0.07%.

The country elected former businessman Christopher Luxon as its next prime minister over the weekend.

— Shreyashi Sanyal

Nelson Peltz's activist hedge fund Trian Fund Management has created a stake in insurance company Allstate, according to a report from Reuters. Allstate has struggled with the fallout from various natural disasters, the most recent of which include the Maui wildfire in Hawaii.

The move could increase the pressure on CEO Tom Wilson. The company has posted five quarters of losses.

Allstate shares jumped 3.8% Monday during after hours trading.

— Hakyung Kim

Forget about Monday's 0.5% slide in the price of gold.

What's been impressive is how well the gold price has held up in the face of soaring interest rates and a bull market in the U.S. dollar, Strategas Securities' head of technical analysis Chris Verrone wrote to clients early Monday.

Gold last week notched its fourth best weekly advance over the past 10 years, Verrone wrote, and the precious metal has proven remarkably resilient in the face of 10-year Treasury yields jumping 4.5 percentage points since mid-2020, inflation-adjusted yields rising 3.75 points, fed funds 5.5 points higher and the dollar climbing 20%. Meanwhile, gold is unchanged since then. "Impressive, all things considered," Strategas said.

— Scott Schnipper, Michael Bloom

U.S. stock futures opened in the green Monday night.

Dow Jones Industrial Average futures inched up 35 points, or 0.1%. Futures tied to the S&P 500 and Nasdaq 100 added 0.1% and 0.06%, respectively.

— Hakyung Kim