Stock indexes futures and index ETFs relinquished some ground on Tuesday as investors examined earnings from some of the major financial institutions, as the third quarter earnings season commenced, and Amazon Prime Day is in full swing, and coronavirus stimulus talks continue.
After a robust performance on Monday, the Dow Jones Industrial Average DJIA slipped 0.35%, while the S&P 500 lost 0.41%. Meanwhile, the tech-heavy Nasdaq Composite has been flirting with breakeven levels throughout the day.
On Monday, the Dow advanced 250.62 points, or 0.9%, to 28,837.52, while the S&P 500 gained 57.09 points, or 1.6%, to 3,534.22, and the Nasdaq Composite led all indexes, with a 296.32 points increase, or 2.6%, to 11,876.26. The indices notched four consecutive days of gains before what looks to be a reprieve on Tuesday.
The major stock index ETFs are showing weakness on Tuesday along with their underlying benchmarks, as the SPDR Dow Jones Industrial Average ETF (DIA), SPDR S&P 500 ETF Trust (SPY), and Invesco QQQ Trust (QQQ) are all slipping as of 130PM EST.
Investors were also contemplating several major corporate announcements on Tuesday, including earnings results from JPMorgan Chase, which beat projected earnings but demonstrated more anemic revenues.
The banking giant said Tuesday it had net income of $$9.443 billion, or $2.92 a share in the third quarter, in contrast with $9.080 billion, or $2.68 a share, in the year-prior period. Still, revenue slipped to $29.941 billion from $30.014 billion, and the company stock slipped 1.76% amid the news.
Citigroup Inc. and BlackRock Inc, also reported third-quarter profit and revenue that beat analysts’ expectations. Following the losses in the financial sector, most bank ETFs are down on the day however, including the SPDR® S&P Bank ETF (KBE), which has lost over 2% on Tuesday.
Amazon.com‘s Prime Day event and the anticipated launch of the 5G Apple iPhone is predicted to delight