Wall Street pointed toward losses early today as corporate earnings rolled in and worries about war in the Middle East persisted, according to the Associated Press. Futures for the S&P 500 and Dow Jones Industrials slipped 0.2% before the bell.
Shares of Bank of America are up after it reported a 10% rise in third quarter profits today, helped by higher interest rates. Bank executives warned that after burning through pandemic savings, Americans are turning more heavily to credit cards — at those elevated interest rates — to manage their expenses, weighing on their spending.
Oil prices have fallen back after a volatile week spurred by worries about disruptions to supplies from Iran because of the Israel-Hamas war.
Early today, U.S. benchmark crude oil was up 25 cents at $86.91 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, picked up 36 cents to $90.01 per barrel.
Treasury yields have jumped after tumbling last week on worries that fighting in Gaza will escalate. Early this morning, the yield on the 10-year Treasury was at 4.76%, up from 4.71% on Monday.
More than 50 companies in the S&P 500 will report their earnings for the summer this week, including several major airlines, Johnson & Johnson, and Tesla, and investors are hoping for a better reporting season for corporate profits.
In currency trading Tuesday, the U.S. dollar fell to 149.43 Japanese yen from 149.51 yen.
