General Motors Sinks 6% Despite Earnings Beat and New Buyback as Outlook Narrows; Ford Slips, Tesla Barely Budges
GM narrowed its full-year adjusted operating profit range to $14.5 billion to $15.5 billion from $14 billion to $16 billion, and adjusted EPS guidance to $12.75 to $13.75 from $12 to $14. The board approved a new $20 billion multiyear share repurchase authorization with no end date, following a completed $6 billion program. Ford fell 2% in morning trading. 24/7 Wall St.
Oil Slips as Iran Talks Fuel Volatility
December Brent settled 0.7% lower at $108.79 and expiring November WTI fell 1.8% to $101.79 as uncertain U.S.-Iran negotiations whipsawed prices; an unconfirmed report that the two sides were close to a deal knocked crude off five-month highs before it was judged inaccurate. Iranian attacks on tankers in the Strait of Hormuz kept a risk premium in place, while trend-following advisers sitting at maximum long left the market exposed to profit-taking. Bloomberg
Dow Jones Industrial Average rises on earnings, cheaper Crude Oil
The Dow reached its highest level in more than five weeks, with UnitedHealth, Amazon, IBM and 3M the largest point contributors after 3M raised its 2026 profit forecast. Health care led the S&P 500's sectors, while AI stocks pulled the Nasdaq 100 lower, and the 10-year Treasury yield fell alongside crude. FXStreet
| Asset | Close | Chg | % |
|---|---|---|---|
| S&P 500^GSPC | 7,712.57 | +21.84 | +0.28% |
| Nasdaq Composite^IXIC | 26,424.82 | -6.07 | -0.02% |
| Dow Jones^DJI | 52,495.88 | +529.85 | +1.02% |
| CBOE Volatility Index^VIX | 17.31 | -1.13 | -6.13% |
| U.S. Dollar IndexDXY · 4:00 PM ET | 101.73 | -0.27 | -0.26% |
| Brent CrudeICE Dec '26 · 2:30 PM ET settle | $108.79 | -$0.76 | -0.69% |
| WTI CrudeNYMEX Nov '26 · 2:30 PM ET settle | $101.79 | -$1.87 | -1.80% |
| GoldCOMEX Dec '26 · 1:30 PM ET | $4,142.10 | -$18.00 | -0.43% |
| Tenor | Close | Chg | % |
|---|---|---|---|
| 1-MonthT-bill | 4.10% | -1bp | -0.24% |
| 3-MonthT-bill | 4.26% | -1bp | -0.23% |
| 6-MonthT-bill | 4.36% | -1bp | -0.23% |
| 1-YearT-note | 4.51% | +1bp | +0.22% |
| 2-YearT-note | 4.79% | +2bp | +0.42% |
| 5-YearT-note | 4.94% | 0bp | 0.00% |
| 10-YearT-note | 5.12% | -3bp | -0.58% |
| 30-YearT-bond | 5.42% | -6bp | -1.09% |
Earnings offset renewed pressure on the AI-linked complex: the S&P 500 rose 0.28% to 7,712.57 and the Dow 529.85 points, or 1.02%, to 52,495.88, while the Nasdaq Composite slipped 6.07 points, or 0.02%, to 26,424.82. The VIX fell 1.13 to 17.31. Health Care (+2.37%) led, followed by Real Estate (+1.70%) and Utilities (+1.26%); Technology (-0.28%) was the only sector to close lower, leaving ten of 11 sectors higher. Equifax (+11.33%) and Hasbro (+11.20%) led S&P 500 gainers, ahead of Moderna (+6.69%), 3M (+5.78%) and Gartner (+5.74%). General Motors (-6.84%) was the index's weakest name after narrowing its full-year outlook, followed by DaVita (-6.23%), Genuine Parts (-5.12%), Comfort Systems USA (-4.57%) and Howmet Aerospace (-3.82%).
Crude gave back part of its recent advance on shifting U.S.-Iran negotiation headlines: December Brent settled 0.69% lower at $108.79 and November WTI fell 1.80% to $101.79 on its expiry day, leaving the Brent-WTI spread at $7.00 against $5.89 on Monday. The long end of the Treasury curve rallied, with the 10-year down 3bp to 5.12% and the 30-year down 6bp to 5.42%, while the 2-year rose 2bp to 4.79%, flattening 2s10s to 33bp from 38bp. The dollar eased (DXY 101.73, -0.27) and gold fell 0.43% to $4,142.10 (1:30 PM ET print).
The Fed is in its pre-meeting quiet period ahead of the October 27-28 FOMC, leaving earnings, crude and the remaining data to set direction. Third-quarter usual weekly earnings follow Wednesday at 10:00 AM ET, weekly jobless claims Thursday at 8:30 AM ET, and the final October University of Michigan consumer survey Friday at 10:00 AM ET. September durable goods and new home sales follow on October 27, the first day of the FOMC meeting. With November expired, December becomes the front NYMEX WTI contract.