Stock market news live updates: Stocks mostly lower as earnings kick off

Stocks opened mixed on Tuesday as investors considered an early series of company results and watched special events from tech giants Amazon (AMZN) and Apple (AAPL).
JPMorgan Chase (JPM) kicked off the first series of earnings reports with an unexpected year-over-year earnings surge, driven by a nearly 30% surge in market revenues after a stock rally earlier this year and a jump in volume that led to more equity and more bond trading activity. Provisions for borrowing costs were less than $ 611 million expected, compared to the more than $ 2 billion in reserves Wall Street expected to put the bank on hold in anticipation of acidic loans during the pandemic.
Overall, consensus economists expect companies in the S&P 500 financial sector to lower earnings per share by 19.4% overall year over year. Still, that estimate - along with the more general estimate that S&P 500 earnings will decline 20.5% in the third quarter - has been improved since the beginning of the summer as analysts began to consider the less poor outlook for economic activity since the spring .
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"The surge in analysts' earnings estimates reflects increased confidence in the outlook, even as Covid-19 still poses challenges in terms of social distancing, various safety protocols and changing consumer behavior," said LPL Research analysts Jeffrey Buchbinder and Ryan Detrick a note Monday. "We are encouraged by the latest data pointing to continued steady reopening of the economy, and we believe the likelihood that additional lockdowns will materially affect business remains very small."
"We believe the chances are good that the technology sector and digital media and e-commerce internet industry groups will see earnings growth in the third quarter," they added. "As long as these winners keep winning, and we believe they will win, they will provide a solid foundation for the broader market."
Apple shares rose overnight after gaining more than 6% during Monday's regular session as Wall Street watched the company's new iPhone launch event later on Tuesday. The iPhone 12 is expected to be Apple's first with 5G for faster connectivity, and on some models it will have OLED screens and LIDAR sensors for augmented reality capabilities.
Amazon, meanwhile, also added to early trading gains after shares of the e-commerce giant closed 4.8% higher. Amazon Prime Day starts on Tuesday. At least one company expects the event to raise nearly $ 10 billion during the two-day premium alone.
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10:00 a.m. ET: Delta falls after the company reports a larger-than-expected loss, saying it will delay aircraft purchases
Delta Air Lines (DAL) shares fell more than 2% shortly after the market opened Tuesday after the airline posted another massive quarterly loss and announced it would roll back billions of dollars in aircraft purchases over the next two years, which highlights the longer-term impact of the pandemic on airlines.
Delta's quarterly net loss of $ 5.4 billion was a massive spike after the company posted profits of nearly $ 1.5 billion in the same period last year. Throughout the third quarter, the average cash burn was $ 24 million per day, but improved to an outflow of $ 18 million per day by September, the final month of the reporting period.
Delta said it plans to defer orders worth $ 2 billion in 2020 and more than $ 5 billion through 2022. Changes in the order book should "better align the timing of aircraft shipments over the next few years with network and financial needs," company said as commercial air travel demand remains low.
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9:31 am ET: S&P 500, Dow falls and returns some gains after closing at six week high on Monday
Here were the key moves in the markets as of 9:31 a.m. CET:
S & P 500 (^ GSPC): -2.93 points (-0.13%) to 3,529.61
Dow (^ DJI): -100.18 points (-0.35%) to 28,737.34
Nasdaq (^ IXIC): +7.54 points (+ 0.06%) to 11,888.47
Crude Oil (CL = F): + $ 0.67 (+ 1.7%) to $ 40.10 per barrel
Gold (GC = F): - $ 22.60 (-1.17%) to $ 1,906.30 per ounce
10-year Treasury (^ TNX): -3.6 basis points for a return of 0.739%
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8:35 a.m. ET: consumer prices after fourth straight monthly slowdown
Consumer prices rose more slowly in September for a fourth straight month, according to a Labor Department report on Tuesday.
The department's consumer price index (CPI) rose 0.2% in September versus August, after rising 0.4% a month in the previous period. Excluding the volatile food and energy prices, the CPI also rose 0.2% month on month. This core measure of consumer price changes rose 1.7% year over year, suggesting that inflationary pressures in the US economy are still subdued.
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7:29 a.m. ET: Johnson & Johnson Raises Profit Forecast Despite The Covid-19 Vaccine Study Interrupted
Johnson & Johnson (JNJ) raised its earnings outlook for the second time this year on Tuesday as demand for cancer drugs and over-the-counter products like Tylenol steadily increased results. The company now expects adjusted earnings of up to $ 8.05 per share, compared to $ 7.95 in its earlier outlook. Third-quarter revenue of $ 21.08 billion was $ 1 billion above Wall Street's expectations, and adjusted earnings of $ 2.20 per share beat estimates of $ 1.99 .
However, the rosier outlook was not enough to completely allay some investors' concerns after the company announced late Monday that it temporarily suspended clinical trials of its Covid-19 vaccine candidate after one of its participants fell ill without explanation was.
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7:33 a.m. ET Tuesday: Stock futures mixed with running profits
Here were the key moves in the markets as of 7:33 a.m. CET:
S&P 500 futures (ES = F): 3,530.25, minus 2.5 points or 0.07%
Dow Futures (YM = F): 28,690.00, minus 108 points or 0.38%
Nasdaq Futures (NQ = F): 12,216.00, plus 117.75 points or 0.97%
Crude Oil (CL = F): + $ 0.79 (+ 2.00%) to $ 40.22 per barrel
Gold (GC = F): - $ 4.10 (-0.21%) to $ 1,924.80 per ounce
10-year Treasury (^ TNX): -1.3 basis points for a return of 0.762%
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7:25 a.m. ET Tuesday: JPMorgan beats third quarter earnings estimates and puts down less than expected amount of credit reserves
JPMorgan Chase (JPM) reported third quarter results that exceeded consensus expectations. Adjusted earnings per share were $ 2.92, according to Bloomberg data, versus consensus analysts who expected it to be $ 2.26. Revenue of $ 29.94 billion was above the consensus of $ 28.39 billion as market revenue rose 30% due to heavy trading in stocks and bonds and investment banking fees rose 9% year over year.
The company also had a lower than expected provision for credit losses during the quarter, which came in at $ 611 million, suggesting JPMorgan expects fewer than expected customers to default on payments during the pandemic. Consensus analysts had expected reserves of around 2.4 billion US dollars for the quarter, according to Bloomberg.
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6:05 p.m. ET Monday: Stock futures are pointing to a higher open
Here were the main moves in the stock markets from 6:05 p.m. ET:
S&P 500 Futures (ES = F): 3,524.75, plus 2 points or 0.06%
Dow Futures (YM = F): 28,814.00, plus 16 points or 0.06%
Nasdaq Futures (NQ = F): 12,116.75, plus 18.5 points or 0.15%
Traders work on the trading floor of the New York Stock Exchange. REUTERS / Brendan McDermid (UNITED STATES)
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