Boeing Drops 10.7% After Reporting Loss

AI stocks led Wall Street higher on Tuesday.

• The S&P 500 rose 45.83 points, or 0.6%, to 7,722.60.
• The Dow Jones Industrial Average rose 15.99 points, or less than 0.1%, to 52,377.57.
• The Nasdaq composite rose 308.43 points, or 1.2%, to 26,477.81

The majority of stocks within the S&P 500 fell, but gains for several influential AI stocks made up for that, the AP reports. Broadcom climbed 4% after announcing a $63 billion financing deal where several Wall Street firms will help Anthropic get access to Broadcom's XPU AI accelerators and networking solutions.

Elsewhere in the industry, Nvidia rose 0.9% and was one of the strongest forces behind Broadcom pushing the S&P 500 higher. CoreWeave, a company that's borrowed money to buy AI chips that it rents out to customers over the cloud, jumped 7.9% following some severe swings that have hit hour-to-hour in recent days.

• General Motors climbed 5.5% after saying it's moving its stock from a listing on the New York Stock Exchange to the Nasdaq. The automaker said the Nasdaq, which is home to several of the world's biggest technology stocks, is a fit for its tech-driven strategy. The move could also allow GM to join the Nasdaq 100 index, which would force investment funds that mimic the index to buy it. GM began trading on the NYSE in 1911.
• JetBlue Airways flew 19% higher even though it reported a larger loss for the summer than analysts expected. CEO Joanna Geraghty said the company expects to return to making sustained operating profits next year and to deliver at least $1 in earnings per share in 2028. Investors may have been bracing for something worse after the airline's stock came into the day with a loss of nearly 48% for the year so far.
• Another travel company, Royal Caribbean Group, also helped lead the market and rose 5.5%. The cruise operator delivered a stronger profit for the summer than analysts expected, while raising its forecast for profit over the full year.

• On the losing side of Wall Street, Boeing fell 10.7% after reporting a larger loss for the latest quarter than analysts expected. The company said that with wing production happening at a slower pace than expected, it is unlikely to ramp up production of the 737 Max until the second half of next year, CNBC reports.
• Hilton Worldwide Holdings sank 2.1% after reporting weaker revenue for the summer than analysts expected. It also gave a range as a forecast for profit in the final three months of the year whose midpoint fell below analysts' expectations. The hotel company said it expects to see "increased impact from the Middle East" during the quarter.
• Sherwin-Williams fell 2.7% after delivering a weaker profit than analysts expected. High mortgage rates have helped chill the housing industry, which in turn pressures demand for the paints and coatings Sherwin-Williams sells. "Customer sentiment and the leading indicators we track point to muted demand over the remainder of the year and into 2027," CEO Heidi Petz said. At the same time, her company is dealing with inflation pushing up its costs for raw materials.