Us Stocks Mix After Earnings Release

last updated on

Us Stocks Mix After Earnings Release

Us Stocks Mix After Corporate Earnings Release

The US stocks are showing a mixed price action on Tuesday after the release of the quarterly corporate earnings. The highlight was the banking sector with a lot of big names releasing their quarterly earnings.

As of now, DJIA is down by 0.6% or around 265 points. Similarly, the S&P 500 index is trading with a +0.1% or 4-point gain. As for the Nasdaq composite index, it is up by 0.2% or around 35 points.

Banking Sector Posts Above Forecast Q3 Earnings

The investors are now focused on the earnings release for the 3rd quarter and it seems that the banking sector is doing really well.

Goldman Sachs gained 2% as the company's earnings for Q3 were above the forecast. For Goldman Sachs, the 'Global Banking & Market' was a major contributor to the company's strong performance. The company generated around $8.55 billion in net revenue during the quarter.

Bank of America (BAC), another big US stock in the banking sector, also gained 1.9% after posting a record net profit. Similarly, Walgreens Boots Alliance (NASDAQ: WBA) also released its earnings, which were slightly above the forecast.

Also, the WBA has announced plans to close 1200 stores during the next 3 years. All of these developments were welcomed by the investors as WBA stocks gained almost 10%.

Amidst all of this, Boeing (BA) gained 0.2% as the company secured a credit agreement worth $10 billion. At the same time, the company is also planning to raise around $25 billion.

Meanwhile, oil prices are moving lower on Tuesday as there are serious concerns about demand after the recent data from China.

The Brent contract is down by 4.7% and is trading around $73.79. Meanwhile, the US WTI is trading at $70.07 per barrel with a -5.1% change for the day.

Over all, both of these oil benchmarks are down for the day which shows that investors are concerned about the China's economic growth.

Trending Stories