CNBC Daily Open: The S&P could still have legs despite stalling

Other than the Nasdaq, markets mostly fell 
U.S. markets were mixed Tuesday. The S&P 500 and Dow Jones Industrial Average dipped somewhat but were adjacent to the flatline. However, the Nasdaq Composite added 0.18%. The pan-European Stoxx 600 scale fell 0.21%. German bundle institution SAP roseate 2.1% aft posting glowing third-quarter earnings, portion Maersk mislaid 3.1% contempt upgrading its full-year forecast. 

Inflation is slowing, but truthful is growth 
Most countries successful the satellite person managed to little inflation, according to the International Monetary Fund. Global header ostentation volition autumn to 3.5% connected an yearly ground by the extremity of 2025, from an mean of 5.8% successful 2024, the bureau said Tuesday. The IMF forecast planetary maturation to beryllium 3.2% for 2024 and 2025, which it called a "stable yet underwhelming" number. 

Motoring ahead 
Shares of General Motors popped astir 10% aft it reported earnings. The U.S. automaker handily bushed Wall Street's expectations for its third-quarter net and revenue. On the backmost of specified affirmative results, GM raised its net guidance for 2024 — the third time it's done truthful this year.  

Norway money reaps $76 cardinal successful profit 
Norway's Government Pension Fund Global, the world's largest sovereign wealthiness fund, reported third-quarter nett of 835 cardinal Norwegian kroner ($76.3 billion). The money credited a rallying banal marketplace boosted by little involvement rates for those numbers. Still, the fund's instrumentality for the 3rd 4th was 4.4%, 0.1 percent points little than a benchmark acceptable by Norway's Finance Ministry.  

[PRO] Politics arsenic important arsenic profits 
The U.S. votes for its adjacent president successful astir 2 weeks. The situation for corporations and markets volition beryllium starkly antithetic depending connected who becomes the country's 47th president and which enactment gains power of Congress. Hence, Bank of America thinks investors should instrumentality an progressive relation successful picking stocks to trade connected the election. 

The S&P is up much than 22% twelvemonth to day and has breached aggregate grounds closes connected its mode to that peak. 

Still, the broad-based index's ascent has slowed successful caller days. On Tuesday, the S&P ticked down 0.05% for its archetypal back-to-back losing time since aboriginal September.  

On the rally pause, Barclays wrote: "We present urge moving to the sidelines. We deliberation investors are apt to arsenic well; the hazard rally should stall for the adjacent fewer weeks." 

When a fast-moving conveyance stalls, however, it could inactive rev backmost to life. Notably, each large U.S. indexes are trading supra some their 50- and 200-day moving average, suggesting they person guardant momentum. 

Indeed, UBS Wealth Management this period upgraded its standing connected U.S. stocks to charismatic from neutral. "We deliberation a 'no landing' script is affirmative for US and planetary equities," said UBS GWM Chief Investment Officer Mark Haefele.  

There are "signs that the long-run inclination maturation complaint whitethorn beryllium higher than antecedently estimated," added Haefele. 

The International Monetary Fund besides thinks maturation successful the U.S. volition stay robust. In its latest World Economic Outlook, the IMF accrued its estimation for U.S. GDP successful 2024 to 2.8% from its 2.6% forecast successful July, portion raising its 2025 maturation forecast for the country. It's the lone precocious system that had its economical trajectory revised upwards by the IMF for some years. 

The U.S. has its consumers to convey for that. "The resilience of depletion is mostly the effect of robust increases successful existent wages," the IMF wrote successful its report. 

With the looming statesmanlike predetermination and precocious banal valuations, the way up for markets whitethorn beryllium rocky for now. But the S&P mightiness persist successful scaling the rocky ridges of an ever-ascending upland range.   

— CNBC's Brian Evans, Hakyung Kim, Pia Singh and Samantha Subin contributed to this report.