Wall Street Stalls as S&P 500 Slips 0.1% Despite Strong Q3 Earnings
Updated
Updated · The Seattle Times · Oct 13
Wall Street Stalls as S&P 500 Slips 0.1% Despite Strong Q3 Earnings
3 articles · Updated · The Seattle Times · Oct 13
Summary
U.S. stocks stayed near records but barely moved Tuesday, with the S&P 500 down 0.1%, the Dow off 190 points and the Nasdaq 0.2% lower.
Nearly 30% profit growth is expected for S&P 500 companies in the summer quarter, and early reports mostly beat forecasts, but gains in names like Goldman Sachs and UnitedHealth faded while Wells Fargo missed on revenue.
JPMorgan rose 0.1% after giving stronger net interest income guidance even as Jamie Dimon warned about elevated asset prices, inflation, rising rates and geopolitical risks.
Micron sank 5.1% on concerns China's CXMT is advancing in memory chips, while Bumble jumped 56.2% after agreeing to a $1.3 billion all-cash buyout by Ithaca Holdings.
Treasury yields eased with oil, as Brent crude fell 0.5% to $106.11 and the 10-year yield slipped to 5.22% amid continued uncertainty over the war with Iran.