Markets moves on Wall Street were muted Tuesday, with U.S. stocks holding near record highs as investors looked to an onslaught of corporate earnings and economic data later in the week.
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9:35 a.m. ET: Stocks tick lower around market open
The three major indices opened slightly to the downside Tuesday morning as corporate earnings results began rolling in.
JPMorgan led advances in the 30-stock Dow after posting record revenue and net income in the fourth quarter.
Here were the main moves in markets, as of 9:35 a.m. ET:
S&P 500 (^GSPC): -0.13% or -4.24 points to 3,283.89
Dow (^DJI): +0.02% or +7.2 points to 28,914.25
Nasdaq (^IXIC): -0.11% or -10.39 points to 9,262.19
Crude oil (CL=F): +0.67% or +$0.39 to $58.47 a barrel
Gold (GC=F): -0.44% or -6.8 to 1,543.80 per ounce
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8:30 a.m. ET: Inflation tame in December
Consumer prices rose by a modest 0.2% in December, Labor Department data showed on Tuesday, moderating slightly from the prior month and half the pace of October’s jump. The data should comfort the Federal Reserve as it looks to keep rates on hold to encourage growth.
Excluding volatile food and energy prices, CPI rose 0.1% month on month, or slightly below expectations for a 0.2% increase. But over last year, this core measure of underlying price changes matched expectations, rising 2.3%.
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8:30 a.m. ET: A tale of two banks: Wells Fargo and Citigroup
JPMorgan’s record Q4 sets the tone for Tuesday’s trading, Wells Fargo (WFC) and Citigroup (C) brought up the rear — with starkly different results. Citi saw profits surge 15% during the waning months of 2019 as credit and an eye-popping 49% spike in fixed-income trading activity bolstered the bottom line. Yet Wells Fargo suffered a startling 55% profit slump, hurt by the hangover of low rates and regulatory scandals.
WFC’s stock swooned by over 2%, while Citi’s edged higher in pre-market action.
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7:50 a.m. ET: Delta profits from Boeing’s 737 MAX woes
At least one beneficiary has emerged from Boeing’s ongoing mess with its flagship plane. Airline giant Delta (DAL) posted fourth quarter profits that beat Wall Street’s estimates — citing an influx of customers that fled rivals because of canceled flights stemming from the 737 MAX’s grounding. The stock surged over 4% in pre-market action from Monday’s close.
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7:45 a.m. ET: JPMorgan shares rise after big Q4 earnings beat
Shares of JPMorgan Chase (JPM) jumped more than 1.5% in early trading after the largest U.S. bank by assets reported much stronger than expected fourth-quarter results.
Here were the key figures versus the expectations, according to analysts polled by Bloomberg.
Revenue (adjusted): $29.2 billion vs $27.9 billion expected.
Earnings per share (adjusted): $2.57 vs $2.36 per share expected
CEO Jamie Dimon highlighted a more constructive geopolitical and macroeconomic backdrop as helping buoy the bank to record revenue and net income in the fourth quarter.
“While we face a continued high level of complex geopolitical issues, global growth stabilized, albeit at a lower level, and resolution of some trade issues helped support client and market activity towards the end of the year,” Dimon said in a statement. “The U.S. consumer continues to be in a strong position and we see the benefits of this across our consumer businesses.”
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7:36 a.m. ET: Stock futures hug the flatline as earnings kick off
U.S. stocks futures drifted Tuesday morning as investors digested an early set of corporate earnings results, mostly from major financial institutions.
Contracts on the S&P 500 hovered near Monday’s record levels, boosted by optimism surrounding U.S.-China relations after the Trump administration dropped China from a watchlist for currency manipulation.
Here were the main moves during the pre-market session, as of 7:36 a.m. ET:
S&P futures (ES=F): 3,288.75, down 1 point or 0.03%
Dow futures (YM=F): 28,892, up 21 points or 0.07%
Nasdaq futures (NQ=F): 9,081.25, down 7 points or 0.08%
Crude oil (CL=F): $58.45 per barrel, up $0.37 or 0.64%
Gold (GC=F): $1,543.20 per ounce, down $7.40 or 0.48%
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2020-01-14 14:36:00Z
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