US stocks trade mixed as investors digest wave of corporate earnings results

• US stocks were mixed in Tuesday trades as investors digested a wave of corporate earnings results.
• Of the 42 companies that have reported so far, overall profits are beating estimates by a median of 6%, according to Fundstrat.
• The IMF cut its global GDP growth forecast to 3.6% in 2023 due to the economic fallout of Russia's invasion of Ukraine.

US stocks were mixed in Tuesday's trading session as investors continue to digest a wave of first-quarter corporate earnings results.

Of the 42 S&P 500 companies that have reported so far, overall profits are beating estimates by a median of 6% while revenue is beating by 3%, according to Fundstrat.

Oil prices fell on Tuesday as the IMF cut its global GDP growth forecast to 3.6% in 2023, as it highlighted Russia's invasion of Ukraine as a "severe setback" to the post-pandemic economic recovery.

Here's where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday:

• S&P 500: 4,396.37, up 0.11%
• Dow Jones Industrial Average: 34,512.14, up 0.29%
• Nasdaq Composite: 13,311.96, down 0.15%

While many investors are on recession watch as inflation and interest rates surge, Evercore ISI said strong corporate earnings will show that the economy is not headed towards a recession. The firm expects the stock market to continue its rise in 2022 and 2023.

"You think about a year like 1994, which is a lot of the comparison, and actually the last year, the only year in the last 40, when both stocks and bonds were down for the whole year, as they are sitting here in mid April, is that the market just sort of digested it," Evercore's Julian Emanuel told CNBC on Monday.

Federal Reserve official James Bullard said he wouldn't rule out a 75-basis-point interest-rate hike from the US central bank this year, because inflation is "far too high." But he doesn't expect such an increase to take place right away. "More than 50 basis points is not my base case at this point," Bullard said Monday at a virtual event hosted by the Council on Foreign Relations.

West Texas Intermediate crude oil fell as much as much as 3.07% to $104.31 per barrel. Brent crude, oil's international benchmark, fell as much as 2.92% to $109.86.

Bitcoin rose 0.71% to $40,997. Ether prices rose 0.69% to $3,060.

Gold fell as much as 1.10% to $1,964.50 per ounce. The yield on the 10-year Treasury added five basis points to 2.91%.