Stocks mostly rose Tuesday as technology stocks pulled back and investors digested mixed earnings results from big banks.
JPMorgan Chase rose 0.3%. The bank generated $15.3 billion in net income in the third quarter, up 6% from a year earlier. The increase in the share price reversed an earlier decline after the bank reported third-quarter per-share earnings that missed analysts' expectations.
Goldman Sachs gained 0.7% after the bank posted stronger-than-expected third-quarter earnings. Goldman's global banking and markets revenue grew 32% to $13.46 billion, soaring past the analyst consensus of $11.86 billion.
Citigroup fell 3.2%. The bank generated $5.2 billion in net income in the third quarter, up 40% in one year. That totaled $2.85 a share, surpassing analysts' expectations of $2.65.
Wells Fargo declined 1.6% after the bank reported net interest income of $12.52 billion for the third quarter, missing analysts' forecasts of $12.66 billion, according to FactSet.
Meta Platforms rose 2.4% after the company unveiled its new Muse Wonder model on Monday.
Apple added 0.8% after it rolled out a new range of smart home hardware.
Artificial-intelligence stocks dropped as investors took the opportunity to lock in some profit ahead of earnings season. Flash memory supplier Sandisk shed 1.9%, while hard-disk drive makers Seagate and Western Digital fell 2% and 1.8%, respectively.
Micron fell 4.8% after Tesla and SpaceX CEO Elon Musk stoked fears about growing competition in the memory chip market from China.
SK Hynix dropped 3.5% as the U.S. chip panic spread to Asia. The selloff in memory-chip makers also dragged down South Korea's benchmark KOSPI index, with trading halted at one point due to excessive volatility.
Fermi rose 21% after the electric grids developer signed an agreement with Advanced Micro Devices. AMD rose 1.1%.
Pershing Square fell 12% to $47.86 after BofA Securities lowered its price target for the stock to $38 from $54. Analysts also downgraded shares to Underperform from Neutral.
UnitedHealth rose 0.6% after the health insurer beat Wall Street's third-quarter earnings targets and raised its full-year outlook, suggesting its turnaround plan is working following a dismal 2025 for shares.
Johnson & Johnson fell 6.8%. The healthcare giant beat third-quarter earnings estimates and raised its fiscal year adjusted earnings guidance. The company's medical technology division missed Wall Street's sales target, with all four of its segments underperforming.
Syndax Pharmaceuticals tumbled 16% after the company said a phase two trial of a lung disease treatment didn't meet its primary endpoint.
Applied Materials fell 6.8% after it unveiled a $5 billion facility that it said would speed up AI chip innovation. The stock has fallen 14% over six consecutive sessions while pacing toward its longest losing streak since January 2024.
Six Flags dropped 14% after there was a fatal rollercoaster accident at the company's Georgia theme park. Six Flags didn't immediately respond to a request for comment from Barron's.
Domino's Pizza fell 3.8%. While the pizza giant reported better-than-expected earnings for the fiscal third quarter, comparable sales growth remained weak as the company works to revive demand among budget-conscious diners.