Dow sets new record close just below 47,000 on strong Coca-Cola, 3M earnings: Live updates

The Dow Jones Industrial Average finished Tuesday’s session at record levels.

The blue-chip index surged 218.16 points, or 0.47%, to reach 46,924.74. The broad market S&P 500 was flat at 6,735.35, while the Nasdaq Composite declined 0.16%, closing at 22,953.67.

— Sean Conlon

Sign at the entrance to the Hilton Hotel in Midtown Manhattan.

Erik Mcgregor | Lightrocket | Getty Images

Hilton Worldwide earnings due Wednesday will kick off the third-quarter reporting season for hospitality stocks. Bernstein is cautioning that the U.S. should notably see a weak quarterly period for these companies’ RevPAR growth, or revenue per available room.

“The headline is likely to be a continued deceleration in RevPAR growth, with the US in particular seeing RevPAR declines across Q3, while Europe suffers with difficult y/y comps, and Americas ex-US slowing. We expect all asset light groups to report RevPAR growth between -0.3% and +0.5%, well off the longer term LSD trend, but reasonably well anticipated in cautious guidance and we expect no misses. Q4 looks riskier,” analyst Richard J. Clarke wrote in a note to clients. ” Overall we would be cautious into Q4.”

Clarke added that he has noticed a significant drop-off in the global hotel construction pipeline and expects soft commentary on the trend.

The analyst views Hyatt as best positioned amid the hotels, citing its exposure to better performing segments such as the higher-end cohort. He kept his outperform ratings on Hyatt Hotels and Marriott International, and reiterated Hilton market perform.

Shares of Hyatt and Marriott are down almost 5% and about 4% this year, respectively, while Hilton has added more than 7%.

— Pia Singh

General Motors‘ post-earnings rally put the stock on track to notch its best day in more than half of a decade.

Shares rallied more than 15% after the automaker beat expectations for earnings and raised its guidance. The Detroit-based company also said its expects next year’s results to surpass 2025’s.

If Monday’s climb holds through the closing bell, it would mark GM’s best day since March 2020, when shares surged around 20% in one session. The stock is also tracking for its second best day on record.

General Motors shares, 1-day

Shoppers in Walnut Creek, California, US, on Tuesday, Oct. 7, 2025.

David Paul Morris | Bloomberg | Getty Images

The September consumer price index report coming out Friday will command full attention from financial markets, even as some investors will view the data with a skeptical eye.

With the Bureau of Labor Statistics already under scrutiny this year for its broad menu of data releases, the government shutdown gripping Washington, D.C. will only raise concerns from parts of Wall Street about whether the inflation reading will present a full picture.

“Skeptics like me are going to be focused on how clean is this data,” said Vishal Khanduja, head of broad markets fixed income at Morgan Stanley Investment Management. “What were the accommodations made for the lack of full personnel staff showing up? What adjustments were made before the data got reported?” Read more.

— Jeff Cox

On Tuesday, nine stocks in the S&P 500 traded at new all-time highs.

Names that hit this milestone included:

• Ralph Lauren trading at all-time highs back to its IPO in June 1997
• American Express trading at all-time high levels back to its IPO in May 1977
• Quest Diagnostics trading at all-time high levels back to its spin-off from Corning in 1996
• Laboratory Corp. of America trading at all-time high levels back to National Health Lab Holdings merger with Roche Biomedical
• GE Aerospace trading at all-time highs back to GE’s establishment as a public company in 1892 (GE Aerospace launched as a standalone public company in April 2024 and is a result of the 3-way separation that produced GE Aerospace, GE HealthCare, and GE Vernova)
• Jacobs Solutions trading at all-time high levels back through our history to 1974
• Raytheon Technologies trading at all-time highs back to when the United Technologies name was adopted in 1975
• Apple Inc. trading at all-time high levels back to its IPO in December 1980
• TE Connectivity trading at all-time highs back to its IPO in 2007

Six other stocks in the index traded at new 52-week highs. On the other hand, Robert Half was the only name trading at new 52-week lows.

— Christopher Hayes, Lisa Kailai Han

A bus passes near Warner Bros. Studio on Sept. 12, 2025 in Burbank, California.

Mario Tama | Getty Images

• Warner Bros Discovery —The HBO and CNN owner surged more than 12% after saying it was open to a sale. The WBD board “will evaluate a broad range of strategic options,” from pursuing a planned separation of the company by mid-2026, a sale of the entire company or separate deals for Warner Bros. or Discovery Global.
• Beyond Meat — The plant-based meat products maker rallied more than 40%, adding to Monday’s 127% surge — which was its best one-day gain ever. The moves are reminiscent of the swings it saw in 2021, when retail traders tried to send Beyond Meat shares “to the moon.”
• Cleveland-Cliffs — The mining company dropped more than 16%, giving back most of its gain from the previous session, following a downgrade to underweight from equal weight at Wells Fargo. The bank said Cleveland-Cliffs’ 21% surge on Monday was an overreaction by investors to the miner saying it would explore rare earth metals mining.

Read more here.

— Fred Imbert

Beyond Meat has regained a bit of its meme mojo status, surging 60% on Tuesday.

The food company known for its plant-based meat alternatives is having an incredible week, with shares surging more than 127% Monday in its best day ever after Roundhill Investments, which develops thematic ETFs, added the name to its Roundhill Meme Stock ETF (MEME).

It continued that rally Tuesday after Beyond Meat announced a deal with Walmart to expand distribution to more stores across the U.S. Read more.

BYND, 1-day

The Dow Jones Industrial Average rose 0.9% on Tuesday, hitting a fresh all-time intraday high of 47,125.66.

This marks its first all-time intraday high since Oct. 3, 2025. The blue-chip index was last up 293 points, or 0.6%.

DIJA 1M chart

At their current levels, the S&P 500, Nasdaq Composite and Nasdaq-100 are all trading less than 0.75% away from their respective all-time intraday highs.

— Christopher Hayes, Lisa Kailai Han

The benchmark 10-year Treasury yield continued to fall on Tuesday, increasing its distance from the 4% threshold.

The yield on the 10-year Treasury was last down more than 3 basis points to 3.955%.

US10Y, 1-day

Other Treasury yields declined as well. The yield on the 2-year Treasury pulled back more than 1 basis point to 3.449%, and the yield on the 30-year Treasury slid more than 3 basis points to 4.542%.

The moves come amid increasing optimism among investors that the current U.S. government shutdown is soon going to end.

— Sean Conlon

US President Donald Trump (R) speaks during a meeting with Australia’s Prime Minister Anthony Albanese in the Cabinet Room at the White House in Washington, DC, on Oct. 20, 2025.

Saul Loeb | AFP | Getty Images

President Donald Trump’s presidency has been uniquely good for businesses, according to Bill Ackman, CEO of Pershing Square Capital Management.

“I think Trump has been the most pro-business president we’ve ever had,” Ackman said Tuesday morning on CNBC’s “Squawk Box.”

Ackman pointed to infrastructure and tax bills as having positive effects for businesses. He also noted that the Federal Reserve is “accommodative” of interest rate cuts. Read more.

— Alex Harring

Sopa Images | Lightrocket | Getty Images

Wells Fargo has downgraded Cleveland-Cliffs after the steelmaker’s stock rallied more than 20% during Monday’s session on potential rare earths discoveries.

Wells cut Cleveland-Cliffs’ rating to underweight, the equivalent of sell. The bank gave Cliffs a price target of $11 per share, suggesting a 32% pullback from Monday’s close of $16.18.

CEO Lourenco Goncalves said Monday that Cleveland-Cliffs may have found rare earths deposits at its iron ore mines in Michigan and Minnesota. It is unclear whether the deposits are economically viable.

“We don’t know of other deposits in the region, and would be skeptical of an attractive return, absent further information,” Wells’ analyst Timna Tanners told clients.

“These announcements did not justify the stock’s move, in our view,” Tanners wrote.

— Spencer Kimball

Stocks opened Tuesday’s session flat.

The S&P 500 traded just above the flatline shortly after 9:30 a.m. ET, as did the Dow Jones Industrial Average. The Nasdaq Composite fell 0.1%.

— Sean Conlon

Warner Bros. Discovery said Tuesday it’s expanding its strategic review of the business and is open to a sale, sending shares of the company 8% higher in premarket trading.

Earlier this year, WBD announced plans to split into two separate entities, a streaming and studios business and a global networks business. It’s also been fielding takeout interest from the newly merged Paramount Skydance.

But on Tuesday, WBD said it’s received “unsolicited interest” from multiple parties and will now review all options. In the meantime, it’s still moving toward the previously announced separation, the company said.

“We continue to make important strides to position our business to succeed in today’s evolving media landscape by advancing our strategic initiatives, returning our studios to industry leadership, and scaling HBO Max globally,” CEO David Zaslav said in a statement. “We took the bold step of preparing to separate the Company into two distinct, leading media companies, Warner Bros. and Discovery Global, because we strongly believed this was the best path forward.” Read more.

WBD, 1-day

Here are some of the stocks making big moves before the bell Tuesday:

• General Motors — The Detroit automaker jumped 10.5% after raising its full-year guidance and posting an earnings beat. GM earned an adjusted $2.80 per share its third quarter, versus the $2.31 a share expected from analysts polled by LSEG. Revenue was $48.59 billion, compared to the $45.27 billion consensus estimate. The company now expects full-year adjusted EPS to come in between $9.75 to $10.50, up from its prior guidance of $8.25 to $10.
• Coca-Cola — The beverage and snack giant’s third-quarter earnings and revenue topped expectations, sending shares about 3% higher. Adjusted earnings were 82 cents per share on revenue of $12.41 billion. Analysts were anticipating adjusted earnings of 78 cents a share on revenue of $12.39 billion, per LSEG.
• 3M — The maker of Post-it sticky notes rose 2.6% on quarterly results that beat analyst expectations. 3M earned $2.19 per share, excluding certain items, on revenue of $6.32 billion. Analysts polled by LSEG expected earnings of $2.08 per share on revenue of $6.25 billion.
• Crown Holdings — The stock is up 8% after the metal packaging products manufacturer posted better-than-expected earnings for the third quarter,. The company earned an adjusted $2.24 per share on revenue of $3.2 billion. Analysts polled by FactSet expected a profit of $1.99 per share on revenue of $3.14 billion.

Read here for the full list.

— Michelle Fox

Customers shop at the Fifth Avenue Apple Store on new product launch day on Sept. 19, 2025 in New York City.

Michael M. Santiago | Getty Images

Analysts at Goldman Sachs and Wells Fargo raised their price targets on Apple heading into the iPhone maker’s fiscal fourth-quarter earnings release.

Apple is set to report earnings after the bell on Oct. 30.

Goldman Sachs, which has a buy rating on Apple, raised its 12-month price target to $279 per share from $266. This revised forecast is approximately 6% higher than Apple’s Monday closing price of $262.24.

Analyst Michael Ng expects Apple to post a beat on both the top and bottom lines. Specifically, he believes that Apple will deliver earnings of $1.81 per share on revenue of $103.5 billion, while consensus calls for earnings of $1.77 on revenue of $101.8 billion. Services revenue, a key metric analyzed by Wall Street, should also bode well, he added.

“Services revenue growth (+13% yoy) should maintain momentum despite weakening App Store spending trends (+10% v. F3Q25 +13% yoy) on continued DD% momentum across iCloud+, TAC, AppleCare+, Apple Pay, and other subscription services,” he said.

CNBC Pro subscribers can read more here.

— Lisa Kailai Han

U.S. President Donald Trump and Australia’s Prime Minister Anthony Albanese hold a signed agreement on rare earth and critical minerals during a meeting in the Cabinet Room at the White House, in Washington, D.C., U.S., October 20, 2025.

Kevin Lamarque | Reuters

China on Tuesday responded to the U.S.-Australia critical minerals deal by saying resource-rich rare earth countries should take “a proactive role” in stabilizing their critical minerals supply chains.

A spokesperson for China’s Ministry of Foreign Affairs was asked about the U.S. and Australia critical minerals deal which has been framed as an effort to counter Beijing’s dominance.

“The formation of global production and supply chains is the result of market and corporate choices,” Guo Jiakun said, according to NBC.

“Resource-rich nations with critical minerals should play a proactive role in safeguarding the security and stability of the industrial and supply chains, and ensure normal economic and trade cooperation,” he added. Read more.

— Sam Meredith

A customer fills a Coca-Cola cup with Coke at a soda fountain at a food court outside a Costco Wholesale warehouse store in Hawthorne, California, on August 27, 2025.

Patrick T. Fallon | Afp | Getty Images

Coca-Cola shares rose more than 2% in the premarket after the beverage giant reported fiscal third-quarter results that beat the Street.

The company earned 82 cents per share, adjusted, on revenue of $12.41 billion. Analysts polled by LSEG expected a profit of 78 cents per share on revenue of $12.39 billion.

Read more here.

— Amelia Lucas, Fred Imbert

General Motors shares jumped 6% after the automaker posted an earnings beat and issued stronger guidance.

The company earned an adjusted $2.80 per share on revenue of $48.59 per share. Analysts polled by LSEG expected a profit of $2.31 per share on revenue of $45.27 billion.

GM’s new outlook also signals strength for the automaker heading into the fourth quarter and beats Wall Street analysts’ current expectations for the last three months of the year.

Read more here.

— Fred Imbert, Michael Wayland

Japan’s new Prime Minister Sanae Takaichi speaks during a press conference at the prime minister’s office in Tokyo on October 21, 2025.

Eugene Hoshiko | Afp | Getty Images

The iShares MSCI Japan ETF (EWJ) fell 1% after Sanae Takaichi won the lower House vote in Japan to become the country’s first woman prime minister. She received 237 votes, clinching the majority of the 465-seat chamber, according to public broadcaster NHK.

Japan’s Nikkei 225 closed off its highs after Takaichi clinched her victors, ending the day up 0.3%.

— Fred Imbert, Nur Hikmah Md Ali

Crown Holdings shares jumped more than 8% in after-hours trading on the back of the packaging company’s quarterly results.

The company, which makes metal beverage and food cans among other products, raised its full-year guidance after seeing strong third-quarter sales. Crown Holdings expects to earn between $7.70 and $7.80 per share, after adjustments, compared with its prior forecast of between $7.10 and $7.50 per share.

In the third quarter, Crown earned $2.24 per share, excluding items, while analysts polled by FactSet expected $1.99 per share. Revenue came out at $3.2 billion for the period, higher than the $3.14 billion expected from analysts. Volume growth in the company’s European beverage business helped drive revenue.

Shares of Crown Holdings are up about 14% year to date.

— Pia Singh

A sign stands above a Zions Bank branch in Orem, Utah, U.S.

George Frey | Bloomberg | Getty Images

Shares of Zions Bancorp jumped more than 3% in extended trading after the regional bank said its third-quarter earnings rose to $221 million, or $1.48 per share, from $204 million, or 1.37 per share, a year ago.

Revenue of $861 million in the period, exceeded analysts’ estimates of $843 million, per LSEG.

Baird analyst David George, who last week upgraded Zions to outperform, said Monday evening that the quarterly results look “very good.”

“They beat on all relevant metrics and the core business continues to perform well. We’re happy that there was such a great panic opportunity late last week,” George said on CNBC’s “Closing Bell.”

Zions Bancorp stock performance over the past year.

Zions on Thursday disclosed a $60 million loan loss after finding “apparent misrepresentations” from two borrowers. That led the bank to lose $1 billion of its market cap in one day, and also fueled a deeper sell-off in the market amid worries that there might be potentially greater issues in the regional banking sector.

Shares of Zion are down 4% year to date and more than 8% so far this month. Shares rose 4.7% on Monday ahead of the results.

— Pia Singh