Tuesday, 02 January 2024 12:17 GMT

U.S. Stocks End Tuesday with Mixed Results


(MENAFN) U.S. stock markets finished Tuesday with mixed results as investors reacted to the start of the third-quarter earnings season from major Wall Street banks.

The Dow Jones Industrial Average climbed 202.88 points, or 0.44 percent, ending at 46,270.46. Meanwhile, the S&P 500 dropped 10.41 points, or 0.16 percent, to 6,644.31. The tech-heavy Nasdaq Composite fell 172.91 points, or 0.76 percent, closing at 22,521.70.

Among the 11 key sectors of the S&P 500, eight posted gains, led by consumer staples and industrials, which rose 1.72 percent and 1.17 percent respectively. Technology and consumer discretionary lagged, falling 1.59 percent and 0.26 percent.

Wall Street’s banking giants reported stronger-than-anticipated quarterly results. JPMorgan Chase, Citigroup, Goldman Sachs, and Wells Fargo all surpassed earnings estimates ahead of the market open.

Despite this, JPMorgan shares declined 1.9 percent following CEO Jamie Dimon’s caution over "uncertainty stemming from complex geopolitical conditions, tariffs and trade uncertainty, elevated asset prices and the risk of sticky inflation." Wells Fargo led S&P 500 gainers with a 7.2 percent surge, Citigroup climbed 3.9 percent, and Goldman Sachs slipped 2 percent.

Blue-chip stocks like Walmart, Caterpillar, and American Express propelled the Dow higher with gains around 5 percent, 4.5 percent, and 3 percent respectively.

In economic commentary, U.S. Federal Reserve Chair Jerome Powell said Tuesday that the employment and inflation outlook remains mostly unchanged since September’s policy meeting but noted that "the downside risks to employment appear to have risen."

"I will stress again that these projections should be understood as representing a range of potential outcomes whose probabilities evolve as new information informs our meeting-by-meeting approach to policymaking," Powell added.

He also warned that the ongoing government shutdown, which has delayed critical economic data including the jobs report, could complicate policy decisions if it persists into mid-October.

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