US stocks trade mixed as investors assess wave of earnings results from big companies

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 20, 2020Lucas Jackson/Reuters

• Stocks traded mixed on Tuesday as investors digested the wave of earnings reports from big firms.

• Markets initially saw a boost over strong economic growth in China, but reversed gains midday.

• Investors are awaiting another wave of results from big firms including Netflix and Tesla.

US stocks were mixed on Tuesday as investors digested earnings reports from big corporations. Stocks trended higher in the morning, boosted by strong economic growth in China, but reversed gains later in the day, with the Dow Jones Industrial Average and Nasdaq Composite ending slightly down slightly.

Though Bank of America and Johnson & Johnson beat earnings expectations, Goldman Sachs missed analysts' revenue estimates, sending its stock lower by over 1%. The bank said lost $470 million on the sale of some of its consumer loan portfolio.

Investors were awaiting more earnings figures from big firms like Netflix, United Airlines and Western Alliance, which are all expected release their financials Wednesday morning.

Here's where US indexes stood shortly after the 4:00 p.m. ET close on Tuesday:

• S&P 500: 4,154.76, up 0.08%

• Dow Jones Industrial Average: 33,976.53, down 0.03% (10.55 points)

• Nasdaq Composite: 12,153.41, down 0.04%

Here's what else is happening today:

• A single order from Elon Musk's Tesla boosted one family's fortune to over $800 million.

• Ray Dalio says fewer countries want to hold onto the dollar as China's trade grows and Russian sanctions expose new risks.

• Banking turmoil could be revived if credit conditions keep tightening, Morgan Stanley's chief bond strategist says.

• Stocks are unlikely to retest bear market lows, and there's too much pessimism about the US economy, Ed Yardeni said.

• Stocks could tumble at least 15% even in a mild recession, JPMorgan's quant guru said.

• US firms may be unknowingly helping Russia evade the oil price cap, according to the US Treasury.

• Rents just fell to their lowest level in order a year, according to recent Redfin data.

In commodities, bonds and crypto:

• West Texas Intermediate crude oil was nearly flat at $80.81 per barrel. Brent crude, oil's international benchmark, slipped 0.07% to $84.70 a barrel.

• Gold rose 0.53% to $2,017.80 per ounce.

• The 10-year Treasury yield ticked lower to 3.574%.

• Bitcoin rose 2.05% to $30,168.94.

Read the original article on Business Insider