NewzNEW YORK (AP) — The first big batch of summertime profit reports from U.S. companies is making waves on Wall Street after topping analysts' expectations, but many are canceling each other out. That's leaving stock indexes relatively static and near their records on Tuesday.The S&P 500 slipped 0.1% and edged a bit further from its all-time high set last week.
The Dow Jones Industrial Average was down 5 points, or less than 0.1%, as of 10:45 a.m. Eastern time, while the Nasdaq composite was 0.1% lower.Those modest moves, though, masked some big swings happening underneath the market's surface.Goldman Sachs, for example, jumped more than 4% at the start of trading after the bank delivered a profit for July through September that blew past analysts’ expectations. But its stock quickly erased all of it and dipped to a modest loss before later returning to a gain of 1.2%.Goldman Sachs benefited in the summer from strong growth for its business that offers loans to clients for trading stocks, among other things, even as CEO David Solomon said it's dealing with a “complicated operating environment” created by lots of uncertainty.Expectations are high for profit growth among all kinds of U.S.
Analysts are forecasting overall growth of nearly 30% for companies in the S&P 500 during the summer from a year earlier, according to FactSet. If they're correct, it would be the third straight quarter of growth better than 25%.And companies need to hit those high numbers to justify the record-setting runs for their stock prices despite the many worries on Wall Street about high inflation, increased pressure from the bond market and the war with Iran.UnitedHealth Group's stock swung sharply even though it reported stronger profit and revenue for the latest quarter than analysts expected. The healthcare company also raised its forecast for profit over the full year of 2026.After rallying as much as 5.6% shortly after trading began, it erased all of it and dipped 0.3%.More firmly in the losing column was Wells Fargo, whose stock fell 1.9% after the bank reported weaker revenue for the latest quarter than analysts expected.
CEO Charlie Scharf cited weaker revenue from its venture capital investments, among other things.But Scharf also said that “our data shows that our consumer and business customers are doing well” despite uncertainty about the economy and recent surv… NEW YORK (AP) — Strong profit reports from Goldman Sachs, UnitedHealth Group and other big U.S. companies are helping to shore up the stock market on Tuesday, even as sharp drops for stocks in the computer chip industry circle the world and hit Wall Street.The S&P 500 slipped 0.1% to pull a bit further from its all-time high set last week, but the modest move masked big swings for stocks underneath the surface.
The Dow Jones Industrial Average was up 300 points, or 0.6% as of 9:35 a.m. Eastern time, while the Nasdaq composite was 0.4% lower.Some of the sharpest action was among tech stocks, where drops for chip companies dragged South Korea’s Kospi index down 5.5%.Worries have been high for a while about whether chip stock prices have shot too high in the frenzy around artificial-intelligence technology, and concerns rose further following reports that China’s memory chipmaker CXMT is making advances that could challenge industry heavyweights like Micron Technology of Boise, Idaho and Samsung Electronics and SK Hynix of South Korea.Micron fell 5.8% and was one of the heaviest weights on the S&P 500. Nvidia slipped 1.3%, Advanced Micro Devices fell 3.3% and Broadcom slipped 1.3%Elsewhere on Wall Street, stocks swung after the first wave of big U.S.
companies reported how much profit they made during the summer. Expectations are high, and companies will need to deliver strong growth to justify the record-breaking runs their stocks have made this year despite worries about high inflation, discouraged customers and the war with Iran.UnitedHealth Group climbed 2.6% after the healthcare company reported stronger profit and revenue for the latest quarter than analysts expected. It also raised its forecast for profit over the full year of 2026.Goldman Sachs was another winner and added 1.4% after the bank delivered a profit for July through September that blew past analysts’ expectations.
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