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US stocks mixed after deluge of quarterly corporate earnings

Published 10/15/2024, 07:44 AM
Updated 10/15/2024, 09:48 PM
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Investing.com-- U.S. stocks traded in a mixed fashion Tuesday as investors digested a series of quarterly corporate earnings, with the banking sector in the spotlight. 

At 09:40 ET (13:40 GMT), the Dow Jones Industrial Average fell 265 points, or 0.6%, while the S&P 500 index traded 4 points, or 0.1%, higher and the NASDAQ Composite gained 35 points, or 0.2%. 

Bank earnings in spotlight 

Investor focus was squarely on the third-quarter earnings season, which has picked up in earnest on Tuesday. 

The banking sector has been in the spotlight, with Goldman Sachs (NYSE:GS) stock up 2% after the investment banking giant beat third-quarter expectations, with Global Banking & Markets a key driver of the strong performance, generating quarterly net revenues of $8.55 billion.

Bank of America (NYSE:BAC) stock rose 1.9% after the second-largest US lender posted net profit per share that topped expectations despite slipping compared to the prior year, as higher investment banking fees helped it offset a slight year-on-year decline in net interest income.

Elsewhere, Walgreens Boots Alliance (NASDAQ:WBA) stock soared 10% after the pharmacy chain operator said it would shut 1,200 stores over the next three years as part of a reorganization, as well as narrowly beating Wall Street's lowered estimates for fourth-quarter adjusted profit.

Boeing (NYSE:BA) stock rose 0.2% in volatile trading after the aerospace giant entered a credit agreement worth $10 billion with a consortium of banks, but also filed a registration statement with the U.S. markets regulator that will allow it to raise up to $25 billion through an offering of various debt securities and classes of stock.

Crude slumps on demand fears 

Oil prices fell sharply Tuesday, adding to recent losses on growing concerns over a slowdown in demand growth, particularly from top exporter China.

By 09:40 ET, the Brent contract dropped 4.7% to $73.79 per barrel, while U.S. crude futures (WTI) traded 5.1% lower at $70.07 a barrel.

Both benchmarks had settled about 2% lower on Monday, and have continued to retreat after China logged a fifth straight monthly decline in oil imports, spurring fears of weak demand.

These fears were exacerbated by the Organization of the Petroleum Exporting Countries cutting its oil demand outlook for a third consecutive month.

Oil prices were also dented by traders pricing out a risk premium after a report on Monday said Israel will not attack Iran’s oil and nuclear facilities. Such a strike would have marked a major escalation in the conflict, and had investors concerned about a disruption to supply from this oil-rich region.

 
(Ambar Warrick contributed to this article.)

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