US stocks edge lower amid earnings reports and a new vaccine hiccup
- US stocks slipped on Tuesday as the third-quarter earnings season kicked off.
- JPMorgan and Citigroup reported quarterly results as investors watched for further signs of stimulus progress.
- A temporary pause in Johnson & Johnson's COVID-19 vaccine trial spooked investors awaiting a successful vaccine to help stifle the pandemic.
- Watch major indexes update live here.
US stocks slid on Tuesday as third-quarter earnings season kicked off with reports from banks like JPMorgan and Citigroup.
Major indexes also faced pressure as Johnson & Johnson said it would pause its COVID-19 vaccine trial because of an unexpected illness in a participant. The announcement sent shares lower and dented near-term hopes for a vaccine.
JPMorgan reported better-than-expected earnings, helped partly by a surge in trading revenue that was buoyed by a rise in global stocks. Citigroup also benefited from a jump in trading revenue, helping it to report earnings that beat analysts' expectations.
Here's where US indexes stood shortly after the 9:30 a.m. ET market open on Tuesday:
- S&P 500: 3,525.94, down 0.2%
- Dow Jones industrial average: 28,791.63, down 0.2% (46 points)
- Nasdaq composite: 11,857.35, down 0.2%
Aside from its vaccine hiccup, Johnson & Johnson also reported earnings that beat analysts' estimates and raised its fiscal 2020 revenue and earnings guidance.
Shares of Disney climbed after it announced it would reorganize its media-and-entertainment business to focus on its streaming ambitions with its Disney Plus service.
Gold fell as much as 1.5%, to $1,893.26 per ounce.
Oil traded higher. West Texas Intermediate crude jumped as much as 2.6%, to $40.44 per barrel. Brent crude, oil's international benchmark, rose 2.3%, to $42.68 per barrel, at intraday highs.