Stocks were lower Tuesday morning, with the Dow Jones Industrial Average pulling back after reaching a milestone Monday and the S&P and Nasdaq slightly lower. Big bank stocks including Goldman Sachs (GS) and Bank of America (BAC) were mixed after reporting earnings.
The Nasdaq composite reversed lower 0.2% on the stock market today. The S&P 500 was flat after hitting another all-time high Monday.
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The Dow Jones Industrial Average retreated 0.4% and was back below the 43,000 level after closing above it for the first time Monday. UnitedHealth Group (UNH) and Apple (AAPL) were big movers on the Dow Jones Tuesday.
But the small-cap Russell 2000 gained 0.4%.
Volume was higher on both the New York Stock Exchange and the Nasdaq vs. the same time Monday.
The 10-year Treasury yield shed three basis points to 4.05% after the bond market was closed Monday for a holiday. Crude oil tumbled 4.9% to $70.16 a barrel.
The October Empire State Manufacturing Index came in at a surprising negative 11.9 vs. a positive 2.7 economists expected.
Stock Market Today: Dow Jones Earnings Movers
Dow Jones stock UnitedHealth Group sank 8% in heavy volume despite topping third-quarter adjusted earnings and sales estimates. The health insurance provider gave lower full-year EPS guidance and a higher-than-expected medical cost ratio, which measures the portion of premiums paid out to cover expenses.
UnitedHealth fell below its 50-day moving average and below a flat base it had been forming. The stock is on pace for its largest decrease since March 18, 2020, when it fell 11.1%, according to Dow Jones Market Data.
Goldman Sachs (GS) reversed lower 0.7% from a record high following its better-than-expected Q3 adjusted profit and revenue. The investment bank is in a 5% buy zone reaching to 543.12 from an irregular base.
Johnson & Johnson (JNJ) rose 2.6% after it exceeded third-quarter top- and bottom-line expectations but lowered its EPS target below analysts’ forecasts. The health care products maker is in a flat base with a 168.85 buy point, and topped its 50-day moving average. The stock has underperformed as seen in its mediocre 48 Relative Strength Rating.
Outside the Dow Jones, CareDx (CDNA) plunged around 18% after giving preliminary third-quarter results. The drop below the 50-day line in heavy trading triggered a sell signal.
Bank, Financial Movers
Bank of America (BAC) climbed 1.7% after topping third-quarter profit and revenue forecasts. Shares are near the top of a buy zone up to 43.10 from a cup-with-handle base.
Citigroup (C) reversed lower 2.4% although it remains in a base resembling a flawed double-bottom. The bank reported mixed third-quarter results with higher-than-expected adjusted earnings but missed sales projections.
PNC Financial Services (PNC) bumped up 2.5% following the super-regional bank’s better-than-expected Q3 profit and revenue.
Charles Schwab (SCHW) rallied more than 6% after the brokerage beat Q3 adjusted earning and sales views. The stock reclaimed its 200-day moving average as it forms a consolidation pattern with a 79.49 buy point.
Raymond James (RJF) increased 3.6% and broke out of a long cup base with a 131.19 buy point. Shares are in the buy zone up to 137.75.
Magnificent Seven Movers
Magnificent Seven stock Apple climbed 2% and is nearing the 237.23 buy point of a choppy base. Shares are in the buy zone of a three-weeks-tight pattern with a 233 buy point.
IBD 50, Leaderboard and SwingTrader stock Nvidia (NVDA) gave back 3.4% after closing at a record high Monday.
Be sure to read IBD’s The Big Picture column after each trading day to get the latest on the stock market trend and what it means for your trading.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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