Wall Street’s major indexes dipped at the open on Tuesday as renewed US-China trade tensions and mixed bank earnings dampened investor sentiment, according to Sukriti Gupta and Twesha Dikshit of Reuters. Investors now await Fed Chair Jerome Powell’s remarks for guidance on monetary policy. They write:
Wall Street’s main indexes dipped on Tuesday as renewed concerns over a U.S.-China trade conflict dampened sentiment, while investors parsed results from big U.S. banks, which kicked off the third-quarter reporting season.
BlackRock’s assets under management hit a record $13.46 trillion and JPMorgan Chase raised its full-year forecast for net interest income after beating expectations for third-quarter profit. BlackRock’s shares rose 0.7% in choppy trading, while JPMorgan dipped 4.1%.
Goldman Sachs fell 4.6% despite beating Wall Street expectations for quarterly profit.
Citigroup slipped 0.9% and Wells Fargo rose 2.9% after beating estimates for third-quarter profit.
The S&P 500 banking index, which has outperformed the S&P 500 this year, dropped 1.4% despite strong results from major lenders. […]
On Tuesday, Washington and Beijing began charging additional port fees on ocean shipping firms after Trump’s threat to impose additional 100% tariffs on Chinese goods on Friday over Beijing’s rare earths export controls knocked Wall Street’s main indexes off their record levels. […]
The S&P 500 posted eight new 52-week highs and seven new lows, while the Nasdaq Composite recorded 29 new highs and 76 new lows.
Read more here.
