Stocks finished mixed on Tuesday as market sentiment was weighed down by the latest earnings results. The Dow Jones Industrial Average fell nearly 400 points, while the S&P 500 Index dipped 0.2% and the Nasdaq Composite rose 0.15%.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Pulling the Dow lower, Goldman Sachs
Rival Morgan Stanley
Tuesday's earnings results followed mixed quarterly reports from other major banks such as JPMorgan Chase
Elsewhere, Bank of America
"We push back the timing of our outlook for a mild recession in the U.S. economy by about one quarter given durability in consumer spending on account of strong labor markets, excess savings, declining energy prices, and easier financial conditions," the firm said in a client note, quoted by CNBC. "That said, we think the headwinds will lead consumers to reduce spending and push the saving rate higher as the year progresses."
The tech sector is set to kick-off its earnings season this week, with a report from Netflix
This week will also have talks from global business leaders as they meet in Davos, Switzerland for the World Economic Forum. Politicians, CEOs and billionaires will speak on the possibility of a global recession, lingering post-pandemic supply chain issues, climate change, and Russia's war with Ukraine.
The session's moves follow a long weekend, with the U.S. stock market closed on Monday in observance of Martin Luther King Jr. Day. On Friday, all three major averages posted their second consecutive winning week.