Wall Street today: US stocks mixed after earnings from UnitedHealth, Bank of America

Wall Street stocks were mixed on Tuesday as investors digested quarterly earnings from companies such as UnitedHealth and Bank of America.

At 09:49 a.m. the Dow Jones Industrial Average fell 222.22 points, or 0.52 per cent, to 42,843.00, the S&P 500 gained 4.97 points, or 0.08 per cent, to 5,864.82 and the Nasdaq Composite gained 34.53 points, or 0.19 per cent, to 18,537.21.

At 09:32 am the Dow Jones Industrial Average fell 148.47 points, or 0.34 per cent, to 42,916.75, the S&P 500 gained 5.04 points, or 0.09 per cent, to 5,864.89, and the Nasdaq Composite gained 32.39 points, or 0.18 per cent, to 18,535.07.

Stocks of Bank of America and Goldman Sachs rose at least 1 per cent each after reporting stronger earnings than expected.

Citigroup shares slipped 1.5 per cent after its quarter results. Charles Schwab shares jumped 8.4 per cent after delivering better profit.

Drugstore chain Walgreens Boots Alliance soared 10.7 per cent after topping Wall Street estimates on earnings.

Wolfspeed surged 35.8 per cent after the Biden-Harris administration announced that it plans to provide up to $750 million in direct funding to the chipmaker.

Artificial Intelligence-giant Nvidia stock lost 1.6 per cent after a record high close on Monday.

Iphone maker Apple’s stock rose 2.5 per cent.

UnitedHealth Group shares fell 9.5 per cent despite reporting better quarter results.

In the bond market, the yield on the 10-year Treasury fell to 4.05 per cent from 4.10 per cent late on Friday.

Crude oil

Oil prices tumbled more than 4 per cent on Tuesday as Iran supply disruption concerns eased.

Brent crude futures fell $3.29, or 4.3 per cent, to $74.17 a barrel at 1312 GMT. West Texas Intermediate futures lost $3.38, or 4.6 per cent, hitting $70.45 a barrel.

Bullion

Gold prices were steady on Tuesday as the US dollar remained near two-month highs.

Spot gold was steady at $2,652.72 per ounce at 1108 GMT while US gold futures nudged up 0.1 per cent to $2,669.20.

Spot silver eased 0.1 per cent to $31.14 per ounce.