This live blog is refreshed throughout the day with the latest updates from the market. To find the latest Stock Market Today threads, click here.Happy Tuesday. Stock futures were mixed and oil prices were falling as investors prepared for a slew of earnings reports from major banks.
JPMorgan (JPM), Goldman Sachs (GS), Citigroup (C) and Wells Fargo (WFC) are all slated to release their results before the opening bell on Tuesday.
Shares of UnitedHealth Group (UNH) rose 3.06% in premarket trading after the nation’s largest private health insurer beat Wall Street’s third-quarter earnings expectations.
Stocks closed lower on Monday as technology and chip stocks slumped amid competitive pressures and news of advances in memory chip technology by Chinese rival ChangXin Memory Technologies (CXMT).
“Wall Street started the week in a mixed fashion, weighed down by another jump in crude prices and a sell-off in US chip names,” said Kyle Rodda, senior financial market analyst at Capital.com.
“The dip in tech stocks was the major driver of US indices. The move came amid reports that China’s CXMT has made advances in its proprietary chip, raising fears US dominance in the space could be reduced.”
Geopolitical developments will remain a swing factor as investors await U.S. inflation data and bank earnings, Rodda said, with tensions in the Middle East keeping upward pressure on oil prices.
“The will-they-won’t-they questions about whether the US will strike Iran in the imminent future continue,” he added. “Meanwhile, hopes of a de-escalation between the Russians and Ukrainians and their strikes on one another’s energy infrastructure have moderated.”
Existing-home sales data are due Tuesday, while Federal Reserve officials Christopher Waller, Tom Barkin and Susan Collins are scheduled to deliver remarks on the economy.