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Stocks were flat on Tuesday as shares of major tech companies added to their late-day reversal from the previous session while Wall Street grappled with the major banks reporting earnings.
The Dow Jones Industrials resumed its upward progress, climbing 89.13 points to 26,174.93.
The S&P 500 faded 8.85 points to 3,146.37
The tech-heavy NASDAQ parted with some of its mojo, losing 95.94 points, to 10,294.91.
Facebook, Amazon and Netflix slid at least 0.4% each. Alphabet slid 0.5% and Microsoft fell 0.6%, respectively, on Tuesday. Those losses added to a broad decline for Big Tech that started on Monday and evaporated a massive rally for the broader market.
JPMorgan Chase rose more than 1% after the banking giant posted earnings and revenue that beat analyst expectations. The bank’s strong results were driven in part by a 79% surge in trading revenues amid the market’s volatile swings in the second quarter.
Strong trading revenues also helped Citigroup offset a slowdown in the company’s consumer banking business. The bank reported second-quarter results that topped analyst expectations.
Wells Fargo slid more than 5% after reporting a $2.4 billion loss for the quarter, its first quarterly loss since the financial crisis. The bank also cut its dividend to 10 cents from 51 cents a share.
While corporate profits are expected to fall by 44% in the second quarter, the financial sector is expected to see a more than 52% decline in profits
Prices for the 10-Year Treasury gained ground, lowering yields to 0.61% from Monday’s 0.63%. Treasury prices and yields move in opposite directions.
Oil prices backpedaled 22 cents to $39.88 U.S. a barrel.
Gold prices shed $12.10 to $1,802.00 U.S. an ounce.
