Investing.com – The Dow fell Tuesday as negative vaccine news and fading hopes for another round of government stimulus offset bullish quarterly results from Wall Street banks.
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 more than 1.5%, while Citigroup (NYSE:C) was down almost 5%, 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.
Elsewhere 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 nearly 3% 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 more than 2%.
In other blow to vaccine hopes, Eli Lilly (NYSE:LLY) said its late-stage trial of a coronavirus antibody treatment has been paused by U.S. health regulators over potential safety concerns.
Tech, meanwhile, turn negative as the Fab 5 traded mixed. Apple (NASDAQ:AAPL), closed nearly 3% lower, despite revealing its much anticipated slate of 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