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Wall Street rises as earnings kick into high gear By Reuters
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Introduction© Reuters. FILE PHOTO: A Wall Street sign outside the New York Stock Exchange in New York City, New ...

By Shreyashi Sanyal
(Reuters) - Wall Street's main indexes rose on Tuesday as earnings season moves beyond big banks, with investors keeping a close watch on the impact of higher inflation on demand even as stronger dollar dents profit.
A soaring U.S. currency led pharma major Johnson & Johnson (NYSE:JNJ) to trim its annual adjusted profit view and IBM (NYSE:IBM) Corp to warn of a nearly $3.5 billion hit.
IBM shares were down 7%, while J&J rose 0.3% as it beat quarterly earnings expectations.
"The stronger dollar becomes the issue and that is going to get a pass this earning season because we'd be more concerned if there was a degradation of demand which we're not seeing," said Art Hogan, chief market strategist at B. Riley.
Apple shares (NASDAQ:AAPL) attempted a comeback, gaining 0.2% after shedding 2% in the previous session, when a report said the company planned on slowing hiring and spending growth next year.
Other high-growth stocks such as Tesla (NASDAQ:TSLA) Inc, Microsoft Corp (NASDAQ:MSFT), Meta Platforms Inc and Amazon.com Inc (NASDAQ:AMZN) were also trading higher.
In the second-quarter earnings season, analysts expect aggregate year-on-year S&P 500 profit to grow 6%, down from the 6.8% estimate at the start of the quarter, according to Refinitiv data.
Spiraling inflation had initially led markets to price in a 100 basis points hike in interest rates in the Federal Reserve meeting later this month, until some policymakers signaled a 75 basis points increase.
At 9:45 a.m. ET the Dow Jones Industrial Average was up 240.23 points, or 0.77%, at 31,312.84, the S&P 500 was up 39.96 points, or 1.04%, at 3,870.81 and the Nasdaq Composite was up 111.99 points, or 0.99%, at 11,472.04.
All of the 11 major S&P 500 sector indexes gained with at least six of them adding more than 1% each.
Boeing (NYSE:BA) Co added 2.6% on plans by private equity firm 777 Partners to buy up to 66 more Boeing 737 MAX jets.
Hasbro Inc (NASDAQ:HAS) beat market estimates for quarterly profit, sending shares of the toymaker up 0.7%.
Netflix (NASDAQ:NFLX) shares shed 0.9% ahead of its results after market close.
Meanwhile, the yield on 10-year Treasury notes traded in a narrow range of 2.95% and 3.01%, buoying bets for riskier assets.
Advancing issues outnumbered decliners by a 7.74-to-1 ratio on the NYSE and by a 4.16-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 30 new lows, while the Nasdaq recorded 11 new highs and 12 new lows.
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