S&P 500 Profits and Losses Today: Results and Guidance Arista Networks Beat Estimates

Key foods

  • The S&P 500 rose 0.65 percent on Tuesday, Oct. 31, 2023, ahead of Wednesday’s Federal Reserve decision, key earnings news and Friday’s jobs report.
  • Arista Networks topped the S&P 500 as the cloud computing network equipment maker beat earnings, sales and guidance estimates.
  • Shares of VF Corporation fell after the parent of The North Face and Vans stepped back from its leadership, fired Vans’ chief and announced plans to turn around the company.

US stocks advanced with the S&P 500 gaining 0.65% ahead of the Federal Reserve’s decision on future interest rates on Wednesday.

Investors are also likely to keep an eye on key corporate earnings results and the October employment report due out on Friday. The Dow, S&P 500 and Nasdaq were all in the red in October.

Arista Networks ( ANET ) was the best-performing stock on the S&P 500 on Tuesday. Shares rose 14 percent after the maker of cloud computing networking equipment beat revenue, earnings and outlook forecasts and added so-called enterprise market customers. Companies, government institutions and educational institutions.

Global tensions have boosted demand for arms, prompting Lidos Holdings (LDOS) to raise its full-year guidance. The defense contractor’s stock jumped 8 percent.

GE HealthCare Technologies ( GEHC ) reported better-than-expected results as demand for its medical equipment increased due to an increase in elective surgeries that were postponed during the COVID-19 pandemic. The stock rose 5.4 percent.

Shares of VF Corporation ( VFC ) fell 14% as the North Face and Vans owner scrapped its full-year outlook, replaced Vans’ chief and announced a turnaround plan.

Catalent ( CTLT ) revealed it will delay its quarterly results, and the news sent the health technology provider’s stock tumbling 13.9%.

Shares of Caterpillar ( CAT ) fell 6.7 percent after the major equipment maker reported a decline in backlogs and provided guidance for the current quarter that was less than expected.

Shares of Amgen ( AMGN ) fell 2.8 percent as sales of some of the drug company’s key drugs fell.

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