Financial stocks led gains on the Dow Jones Industrial Average on Tuesday. Semiconductor shares sold off. The divergence marked the opening of the quarterly earnings season, with bank results driving early market movement.
JPMorgan and Goldman Sachs shares rose following their respective quarterly reports. This propelled the XLF financials sector to the top of the Dow's gainers. In contrast, the tech sector declined as chip stocks extended losses. Micron and SK Hynix led the memory maker slide amid a global sector sell-off. Nvidia and AMD also saw their shares drop.
Microsoft extended gains from the previous session after unveiling its latest AI chip. Long-dated bonds eased, with the 10-year Treasury yield hovering near 5.21%. Energy markets showed mixed signals: Brent crude oil futures dropped to $105 per barrel, while West Texas Intermediate crude hovered below $92 per barrel. UnitedHealth Group, Johnson & Johnson, and Wells Fargo were among other notable stocks attracting investor attention this morning.