US benchmark equity indexes closed mixed Tuesday as investors evaluated the latest set of corporate earnings.

The Nasdaq Composite rose 0.2% to 18,573.1, while the S&P 500 fell 0.1% to 5,851.2. The Dow Jones Industrial Average was little changed at 42,924.9. Consumer staples led the gainers among sectors, while industrials saw the steepest decline.

In company news, Philip Morris International (PM) shares surged nearly 11%, the best performer on the S&P 500, after the tobacco company posted higher-than-expected third-quarter results and lifted its full-year earnings guidance amid strong demand for smoke-free products.

General Motors (GM) was the second-top gainer on the S&P 500, up 9.8%, after the automaker logged bigger-than-expected gains in third-quarter results and lifted the mid-point of its 2024 earnings guidance.

Genuine Parts (GPC) shares sank nearly 21%, the worst performer on the S&P 500, as the company cut its full-year adjusted earnings outlook following a third-quarter miss.

Verizon Communications' (VZ) third-quarter earnings came in ahead of Wall Street estimates, but revenue missed expectations. The telecommunications giant's shares dropped 5%, the worst performer on the Dow.

The US 10-year yield rose 2.4 basis points to 4.21%, while the two-year rate added one basis point to 4.03%.

In economic news, the US economy is expected to see stronger growth this year than previously forecast, though China is poised for a slowdown, while commodity markets face risks from escalating geopolitical conflicts, the International Monetary Fund said.

Global headline inflation is expected to reach 3.5% in the fourth quarter of next year, slightly below the average during the two decades before the coronavirus pandemic. There are signs that the battle against price growth "has largely been won," IMF Economic Counsellor Pierre-Olivier Gourinchas said.

Manufacturing activity in the US Mid-Atlantic region improved more than expected in October, but remained in contraction territory, data from the Federal Reserve Bank of Richmond showed.

West Texas Intermediate crude oil increased 2.4% to $72.24 a barrel. "Oil prices steadied as a top US diplomat renewed efforts to push for a ceasefire in the Middle East and as slowing demand growth in China continued to weigh," D.A. Davidson said in a note to clients.

Gold rose 0.9% to $2,762.40 per troy ounce, while silver jumped 2.7% to $35 per ounce.