U.S. stocks opened with muted moves after all three major indexes closed at record highs. Meanwhile, the Federal Reserve is set to begin its two-day policy meeting against a backdrop of sharpening inflation concerns. Here are the stocks we’re watching in Tuesday’s session.
- Tesla shares fell in opening trading after CEO Elon Musk tweeted that a deal for Hertz to buy Tesla vehicles isn’t signed yet. It also recalled 11,000 vehicles due to a software glitch.
- Commercial real-estate company Simon Property Group raised its projections for the year as the company expects shoppers to continue returning to its malls.
- Car-rental company Avis Budget Group said its profit and revenue rose for the third quarter as revenue a day and rental days increased, and demand continued.
- McKesson posted adjusted earnings per share above what analysts expected, driven by profits from the company’s government contract for distributing Covid-19 vaccines.
- Drugmaker Pfizer posted third-quarter adjusted earnings that topped analysts’ estimates and it raised fiscal 2021 guidance.
- Estee Lauder , which produces skin and hair care, makeup and fragrance products, provided a downbeat outlook as inflation, supply chain disruptions and Covid-19 restrictions are expected to continue.
- Shares of Rogers rallied 30% after the market opened, after the engineered materials company agreed to be acquired by DuPont for about $5.2 billion.
- DuPont announced third-quarter earnings that beat expectations, cut its full-year outlook and confirmed that it has agreed to acquire Rogers, part of a transformation of the company.
- Under Armour posted third-quarter sales and earnings that beat Wall Street’s expectations.
- T-Mobile US, Mondelez International and Lyft will release earnings after markets close.
Chart of the Day
- Federal Reserve Chairman Jerome Powell used the bulk of a widely anticipated speech in late August to explain why he was still confident that this year’s inflation surge would prove temporary. His remarks haven’t aged well.
Write to Caitlin Ostroff at caitlin.ostroff@wsj.com