The major U.S. averages had a positive day of trading Wednesday, with the Dow Jones Industrial Average falling under the pressure of Boeing (BA) for most of the session before using a late-day run to close trading in the green.
The Dow finished the day up 0.68%, or 172 points to 25,414, while the S&P 500 rose 0.91%, or 26 points to 2,846, and the Nasdaq rose 1.17%, or 91 points to 7,932.
A Can of Coke Is Gonna Cost You More Thanks to Tariffs
Coca-Cola (KO) shares are rising 1.6% after the company reported nearly doubling its second-quarter profits year over year, but it says it will have to raise prices on its carbonated sodas in North America due to increased metal costs thanks to U.S. tariffs on Chinese imports.
"There is some broad-based push on input costs that have kind of come in and affected ours and many other industries as well," CEO James Quincey said.
In addition to raising prices, the company plans to lower costs by jettisoning "zombie" brands and products. The company's Middle East and North Africa unit identified more than 125 underperforming products.
The company says it has pulled 60% of those brands with plans to eliminate the rest by the end of the year.
Facebook Is Back Out of China
Facebook (FB) is back out of China, one day after the social media company received permission to open a subsidiary in the country.
Facebook had planned to open the $30 million Facebook Technology subsidiary as well as run a startup incubator that would have made small investments and given advice to local businesses.
The change of direction was a result of a disagreement between local officials in Zhejiang, a province that also houses Chinese internet giant Alibaba (BABA) , and the Cyberspace Administration of China, the country's central internet regulator.
CEO Mark Zuckerberg has expressed doubt recently that Facebook would be able to expand to China due to the strict regulations the country's communist leadership places on the internet.
Deutsche Bank Stock Falls In Spite of Profitable Quarter
Deutsche Bank (DB) shares are down 2.4% Wednesday following the release of the German bank's second-quarter earnings report.
Deutsche Bank reported a 14% decline in net income due to softness in its trading segment. The firm earned $469 million during the period.
Overall sales and trading revenue was down 14% in the quarter, weighed down by a 17% decline in fixed-income trading revenue and a 6% decline in equities-trading revenue.
For contrast, U.S. banks overall saw their fixed-income and equities-trading revenue increase 8% and 14% respectively.
GM Blames Trump Tariffs for Tepid Outlook
GM (GM) shares are down nearly 6% after the company lowered its full-year outlook, saying that the tariffs placed on aluminum and steel will hurt its bottom line.
GM now expects to earn about $6 per share this year, down from its previous view between $6.30 and $6.60 per share.
GM's second-quarter net income rose 40% to $2.39 billion, or $1.81 per share on an adjusted basis. Analysts were expecting the company to earn $1.78 per share. The company also reported revenue of $37.76 billion.
Former Fiat Chrysler CEO Sergio Marchionne Has Died
Former Fiat Chrysler (FCAU) CEO Sergio Marchionne has died at the age of 66, the carmaker's controlling family shareholder confirmed. The cause of death has not been identified, but Marchionne recently underwent surgery.
Chrysler recently announced that Marchionne fell ill after shoulder surgery in Zurich. He was replaced as CEO last weekend after his prognosis took a turn for the worse.
"Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone," said FCA Chairman John Elkann.
U.S. futures were falling ahead of Wednesday's opening bell as markets continue to navigate the latest earnings releases as well as geopolitical and international trade issues.
Dow futures were falling 0.35%, indicating an open 89 points lower, while S&P futures fell 0.2%, indicating an open 6 points lower, and Nasdaq futures fell 0.12%, indicating an open 9 points lower.
Asian markets were mixed with the Hang Seng and Nikkei rising 0.9% and 0.46% respectively. The Shanghai Composite declined 0.07%.
In Europe, the FTSE 100 fell 0.88%, the DAX declined 0.67% and the CAC 40 declined 0.14%.