00:00Wall Street ended mix on Tuesday, October 14, as investors digested mostly positive quarterly results from big U.S. banks,
00:09comments from Federal Reserve Chair Jerome Powell and an ongoing U.S.-China trade war.
00:15A slew of major lenders reported solid results on strong performance in the investment banking segment, helping the S&P 500 banking index rally.
00:24Wells Fargo surged and was on track for its best day in six months, and Citigroup also jumped after both lenders beat estimates for third-quarter profit.
00:35JPMorgan Chase raised its full-year forecast for net interest income, and Goldman Sachs beat Wall Street expectations for quarterly profit.
00:43However, shares of JPMorgan and Goldman Sachs, which have outperformed most rivals this year, both fell.
00:49BlackRock's assets under management hit a record $13.46 trillion, lifting its shares.
00:57NASDAQ down a little bit, you know, which suggests this is moving away from the tech trade and maybe more towards, you know, industrials.
01:07But also, the last time I looked, the Russell 2000 was also up a lot, so small cap stocks.
01:13So investors, on the one hand, they seem to be more in looking for safer kinds of stocks, so moving away from tech, moving away from the higher volatility names to lower volatility names.
01:30But at the same time, they're also looking at the small cap stocks, so it's a little bit of a bifurcated market.
01:37The S&P 500 moved lower after U.S. President Donald Trump said Washington was considering terminating some trade ties with China, including in relation to cooking oil.
01:48That came after the two countries began charging additional pot fees on ocean shipping firms that moved everything from holiday toys to crude oil.
01:56Global equities were shaken on Friday, October 10, after Trump threatened 100% tariffs on Chinese goods after Beijing imposed controls on the export of rare earth minerals, although he softened his tone over the weekend.
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