AM Report: 11 Jul 18: Investors buy defensive names ahead of earnings

US sharemarkets traded higher on Tuesday as the June quarter reporting season commenced with more than 20 S&P500 companies releasing results. PepsiCo was a notable outperformer, its shares lifting by 4.8% after the drink and snacks maker said that it expects "substantially higher" earnings growth for the fiscal fourth quarter. Consumer staples' Walmart (+1.5%) and Procter & Gamble (+2.3%) also outperformed. Tesla shares rose by 1.2% on reports the company is planning to build a large factory in China, producing 500,000 vehicles per year. The Dow Jones rose by 143 points or 0.6%

 

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