Wall Street is trading unevenly in early Tuesday trading.
Sentiment surrounding AI remains somewhat fragile following comments from Broadcom and Intel yesterday about limited capital. The increased competitive threat from Chinese CXMT also played a role.
Today’s major theme is bank reports. Several of the larger players in the sector have presented their figures. Citigroup and Goldman Sachs delivered strong reports, while JP Morgan Chase’s earnings were below expectations. Financial stocks have had a tough period in recent months, with declines.
The broad S&P 500 index was down 0.1 percent at 7,803.28 at around 16.11.
Technology-heavy Nasdaq Composite is falling 0.1 percent to 27,224.73.
By sector, telecom is performing best, up 1.01 percent, while healthcare is showing the weakest performance, down 1.13 percent.
Micron Technology fell 4.5 percent due to the deteriorating AI sentiment. Marvell Technology was down 2.4 percent and Sandisk is falling 2.5 percent.
Banking giant Citigroup’s earnings per share were 7.5 percent higher than expected. The bank’s forecast for net interest income excluding Markets is growth in the “mid-to-high” 6 percent range for 2026. The previous forecast was 5-6 percent. The stock is falling 1.4 percent.
Investment bank Goldman Sachs was clearly above expectations in terms of revenue and earnings per share. Revenue increased 23 percent, primarily due to higher net revenue within Global Banking & Markets, where revenue was up 32 percent year-over-year to USD 13.46 billion. The stock is rising 1.7 percent.
Wells Fargo’s earnings were in line with expectations. Wells Fargo expects net interest income to come in at around USD 13 billion in the fourth quarter. Full-year forecasts were reiterated. The stock is falling 2.1 percent.
Investment bank JP Morgan Chase stood out as its earnings per share were 6.1 percent lower than expected. Net interest income is expected to be approximately USD 28 billion in the fourth quarter and adjusted costs USD 27.5 billion. The stock is rising 0.4 percent.
Technology giant Apple’s stock rose on Tuesday and set a new record high after the company presented a range of product launches. Among other things, Apple presented the eagerly awaited HomeView. The stock is rising 1.6 percent.
Pharmaceutical giant Johnson & Johnson is falling 4.6 percent. Adjusted earnings per share were higher than expected in Q3. The company raised its forecasts for earnings and revenue and announced that it is leaning toward spinning off its orthopedics business.
The yield on the US 10-year Treasury is falling 3 basis points to 5.22 percent.
Brent crude is falling 0.64 percent to USD 105.97 and WTI crude is unchanged at USD 93.74.
IndexPriceChange todayChange this yearS&P 5007 803,28-0,05%13,99%Nasdaq Composite27 224,73-0,08%17,14%Consumer discretionary1 875,920,17%-2,72%Consumer staples945,17-0,16%9,28%Energy1 023,860,92%48,96%Financials915,24-0,05%0,40%Healthcare1 983,53-1,13%9,84%Industrials1 421,25-0,73%8,23%Materials630,11-0,10%9,70%Real estate266,89-0,55%4,65%IT7 314,10-0,01%28,68%Utilities421,32-0,34%-2,88%Telecom482,381,01%6,63%Source: Factset
