US stocks traded mixed on Tuesday as investors digested a slew of quarterly corporate earnings, with the banking sector taking center stage.
At 09:40 ET (13:40 GMT), the Dow Jones industrial average was down 265 points, or 0.6%, while the S&P 500 was trading 4 points, or 0.1% higher, and the NASDAQ composite was up 35 points or 0.2%.
The focus is on bank profits
Investors’ attention was on the third-quarter earnings season, which began in earnest on Tuesday.
The banking sector took center stage, with Goldman Sachs ( NYSE:GS ) shares up 2% after the investment banking giant beat expectations for the third quarter, with Global Banking & Markets a key driver of the strong performance, generating quarterly net income of $8.55 billion.
Bank of America ( NYSE:BAC ) rose 1.9% after the second-largest U.S. lender reported net earnings per share that beat expectations despite a year-over-year decline as higher wages investment banking helped to offset the slight decrease in net interest income on a year-over-year basis.
Elsewhere, shares of Walgreens Boots Alliance ( NASDAQ:WBA ) rose 10% after the pharmacy chain operator said it would close 1,200 stores over the next three years as part of a restructuring, and narrowly beat Wall Street’s downbeat estimates. for fourth quarter adjusted earnings.
Boeing (NYSE:BA) shares rose 0.2% in volatile trading after the aerospace giant struck a $10 billion credit deal with a consortium of banks and filed a registration statement with the U.S. markets regulator, which will allow it to raise up to $25 billion through the offering of various securities and classes of shares.
Crude falls on demand fears
Oil prices fell sharply on Tuesday, adding to recent losses on growing concerns about slowing demand growth, particularly from top exporter China.
By 09:40 GMT, Brent was down 4.7% at $73.79 a barrel, while U.S. crude futures (WTI) were trading 5.1% lower at $70.07 a barrel. barrel.
Both benchmarks were about 2 percent lower on Monday and continued to slide after China recorded a fifth straight monthly drop in oil imports, fueling fears of weak demand.
Those fears were compounded by the Organization of the Petroleum Exporting Countries downgrading its oil demand outlook for the third straight month.
Oil prices were also weighed down by traders pricing in a risk premium after a report on Monday said Israel would not attack Iran’s oil and nuclear facilities. Such a strike would signal a major escalation of the conflict and has investors worried about a supply disruption from the oil-rich region.
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Reference;
Nurse, P. (2024) US stocks mixed after deluge of quarterly corporate earnings By Investing.com, Investing.com. Investing.com. Available at: https://www.investing.com/news/stock-market-news/us-stock-futures-steady-after-wall-st-logs-record-highs-earnings-awaited-3662510 (Accessed: 15 October 2024).
