Dow Climbs Into the Close as Nasdaq Slips S&P 500 Flat

At the closing bell Tuesday, the Dow Jones Industrial Average finished at 46,924.7, up 218.10 (+0.47%); the S&P 500 ended at 6,735.33, up 0.20 (+0.00%); and the Nasdaq Composite closed at 22,953.7, down 36.88 (–0.16%). The Russell 2000 settled at 246.96, down 1.20 (–0.48%). In commodities, Crude Oil Dec ’25 traded at $57.37 (+0.35, +0.61%), while Gold Dec ’25 fell to $4,122.00 (–237.40, –5.45%).

A recent WSJ article warned of trends that indicate investors are worried about a correction but not everyone agrees. “Utilities used to be that boring sector … but now they become a backdoor play into the AI revolution because they supply the power that all of these data centers need,” said Kevin Mahn, president and CIO at Hennion & Walsh, in an interview with AInvest. He also flagged market-implied odds for two additional Federal Reserve rate cuts this year “a 99% chance of a rate cut next week in October and then [a] chance of a rate cut in their December meeting,” he said, citing Bloomberg, while cautioning that investors often underestimate volatility clustering around market highs.

That same AI power theme runs straight through GE Vernova’s earnings report due Wednesday before the bell, where the debate is less about demand than delivery. Jonathan Sakraida, senior industrials analyst at CFRA, said he’s “expecting about EPS of 1.72,” but stressed that the reaction hinges on forward profitability, “it’s going to really be about what are margins going to look like next year?” He points out that success hinges on execution, turning slot-reservation agreements into shipped turbines and converting pricing leverage into sustained margin expansion. “Pricing power is significant,” Sakraida said, even as older backlog could dilute near-term mix. Investors will also watch Wind losses narrowing toward 2025 goals and free-cash-flow cadence in Power and Electrification.

Earnings Tuesday offered a clearer picture of consumer strenght. Coca-Cola reported adjusted EPS of $0.82, four cents ahead of Wall Street’s $0.78 consensus, with revenue up 5.4% to $12.5 billion. Organic sales rose 6% and comparable operating margin expanded to 31.9%, as disciplined pricing offset currency and cost pressures. CEO James Quincey described the approach as “flexible and adaptive,” adding that Coke is “offering choice across our total beverage portfolio and leveraging our franchise model’s strengths.” The company raised free-cash-flow guidance to $9.8 billion.

General Motors posted $2.80 in adjusted EPS on $48.6 billion of revenue and lifted 2025 guidance—EBIT to $12–$13 billion and FCF to $10–$11 billion—while trimming expected tariff impacts to $3.5–$4.5 billion. North American margins landed at 6.2%. CEO Mary Barra credited execution and a strong lineup: “Thanks to the collective efforts of our team… we are raising our full-year guidance.” GM closed the quarter with $21.8 billion in cash and authorized $3.5 billion in buybacks, even as EV strategy remains a swing factor amid a $1.6 billion impairment and a 13.8% U.S. EV share.

Things still look good, whether it’s utilities feeding data centers, GE Vernova converting demand into margins and cash, or brands like Coke and OEMs like GM using price and cost discipline to navigate a still-resilient economy. Mahn put it like this, “We’re just in batting practice of a double header,” a reminder that the AI cycle—and the electrical grid standing behind it—may be early in a long game.