Wall Street experienced a volatile session on Tuesday (October 14th) as investors weighed mostly positive bank earnings, Federal Reserve comments, and ongoing US-China trade tensions. The S&P 500 failed to sustain its rebound and closed down 0.2%, while the Nasdaq fell 0.8%, pressured by tech companies like Nvidia, while the Dow Jones Industrial Average rose 203 points.
Major banks, including Citigroup (+3.9%), Wells Fargo (+7.1%), JPMorgan (-1.9%), and Goldman Sachs (-2%), delivered better-than-expected results, supporting the financial sector, although some top performers declined after earlier gains. Stocks initially sold off after China imposed sanctions on five South Korean Hanwha Ocean units in the US, escalating maritime trade tensions.
Meanwhile, President Trump threatened to implement trade measures, including restrictions on cooking oil exports. Federal Reserve Chairman Jerome Powell's remarks reinforced expectations of a potential interest rate cut in October and suggested the central bank may pause its balance sheet reduction. (alg)
Source: Trading Economics
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