Stocks rose Tuesday as investors focused on a fresh slate of earnings reports, and traders monitored the latest moves in Treasury yields.
The Dow Jones Industrial Average gained 204.97 points, or 0.62% to close at 33,141.38. The S&P 500 added 0.73% to finish the session at 4,247.68, and the Nasdaq Composite climbed 0.93% to 13,139.87.
Coca-Cola reported earnings and revenue that topped estimates, sending the stock up 2.9%. Spotify, meanwhile, popped 10% after the audio streaming giant posted third-quarter results that beat expectations.
General Motors shares ticked down 2.3% after the company pulled its full-year outlook amid rising costs due to the United Auto Workers union strikes. The automaker did post better-than-expected third-quarter results.
Alphabet and Microsoft are among companies posting results after the market closes. Other tech names reporting this week include Amazon and Meta.
But even if the roster of tech names reporting earnings this week beat Wall Street expectations, valuations for the broader field of these firms remain too high, according to Bahnsen Group chief investment officer David Bahnsen.
"No matter what results we see from big tech earnings this week, the results won't justify their outlandish valuations," he said. "Even with the declines in big tech stock prices over the past three months, big tech stocks are still too expensive and are priced for perfection and then some, and that's a dynamic that is not likely to end well."
Around 150 S&P 500 companies are slated to report this week. Thus far, the season is off to a solid start. Roughly 23% of S&P 500 companies have already reported earnings, and 77% of them have posted earnings surpassing analysts' expectations, according to FactSet.