Dow Drifts Lower as Negative Vaccine News Offsets Stronger Bank…

Investing.com – The Dow fell Tuesday, shrugging off mostly bullish quarterly results in the wake of negative vaccine news and fading hopes for a further stimulus package.

The Dow Jones Industrial Average fell 0.73%, or 209 points. The S&P 500 was down 0.80%, while the Nasdaq Composite slipped 0.22%.

Wall Street banks kicked off the earnings season, but better-than-expected quarterly results from JPMorgan and Citigroup on provisions for bad debt and higher trading revenue were largely cast aside.

JPMorgan Chase (NYSE:JPM) fell about 2%, while Citigroup (NYSE:C) was down more than 4%, dragging the broader financials deeper into the red ahead of more earnings from banks, including Goldman Sachs (NYSE:GS), Wells Fargo (NYSE:WFC), Morgan Stanley (NYSE:MS) and Bank of America (NYSE:BAC) later this week.

Else on the earnings front, Delta Air Lines (NYSE:DAL) reported a wider loss in the third quarter, as the impact on air travel demand from the ongoing pandemic continued to weigh, sending its shares 2% lower.

Johnson & Johnson (NYSE:JNJ) consensus topping quarterly results did little to offset a setback in its Covid-19 vaccine trial. The company said it has paused trials after a patient had fallen ill. Its shares were down 2%. 

Tech, meanwhile, turn negative as the Fab 5 traded mixed. Apple (NASDAQ:AAPL), down nearly 2%, gave up some of its gains from a day earlier as revealed four new 5G-enabled iPhones.

The company debuted four new smartphones: iPhone 12, iPhone 12 mini, iPhone 12 Pro and iPhone 12 Pro Max. Prices range from $699 for the mini to $1,099 for the iPhone 12 Pro Max. The iPhone 12 and iPhone 12 Pro will be hitting stores on Oct. 23.

The new handsets have been hailed by some as a game changer to the company’s upgrade cycle.

Amazon.com (NASDAQ:AMZN) pared gains as it got its two-day Prime Day event underway. The two-day shopping bonanza is

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