Wall Street saw a mixed session on Tuesday, with the S&P 500 and Nasdaq edging higher while the Dow Jones dipped. Investors digested a blend of corporate earnings results, including from UnitedHealth and Bank of America.
By mid-morning, the Dow Jones Industrial Average dropped 222.22 points (0.52%) to 42,843.00, while the S&P 500 gained 4.97 points (0.08%) to 5,864.82, and the Nasdaq Composite added 34.53 points (0.19%) to 18,537.21.
The financial sector led gains, with Bank of America rising 2.2% after exceeding third-quarter profit expectations, and Charles Schwab jumping 7.8% after beating estimates. The broader Banks Index reached its highest level in over two years. However, Citigroup fell 1.5% and Goldman Sachs slipped 0.4%, despite early optimism.
The Dow was weighed down by an 8.8% drop in UnitedHealth, which reported higher medical costs in the third quarter. Energy stocks also declined as crude oil prices dropped by 4%, with Exxon Mobil losing 3.1% and Occidental Petroleum shedding 3.4%.
Growth stocks were mixed, with Nvidia falling 1.6% after reports that the U.S. may limit exports of advanced AI chips. In contrast, Apple surged 2.5%.
As more S&P 500 companies report earnings this week, the market awaits justification for high valuations, especially in the tech sector. Notably, Boeing rose 0.4% after announcing plans to raise up to $25 billion through stock and debt offerings.
Walgreens Boots Alliance soared 13.6% after surpassing lowered expectations for its fourth-quarter adjusted profit.
Investors are also watching the Federal Reserve closely, with a 25 basis point interest rate cut in November expected by 88% of traders.
Advancing issues outnumbered decliners, with the S&P 500 posting 81 new 52-week highs and no new lows, while the Nasdaq Composite recorded 68 new highs and 20 new lows.
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