Stocks Opened Flat as Earnings Kicked Off

U.S. stocks opened flat on Tuesday as corporate earnings results began rolling in. The Dow Jones Industrial Average lately rose 25.62 points, or 0.09%, to 28,932.67. The S&P 500 retreated 3.13 points, or 0.10%, to 3,285.00. The Nasdaq Composite declined 11.39 points, or 0.12%, to 9,262.54.

Oil futures bounced higher Tuesday in an effort to snap a five-day losing streak that dragged the U.S. benchmark to its lowest level since early December. West Texas Intermediate crude for February delivery rose 38 cents, or 0.7%, to $58.46 a barrel, while March Brent was up 45 cents, or 0.7%, to $64.65 a barrel.

JPMorgan Chase (JPM) reported much stronger than expected fourth-quarter results. Adjusted revenue came to $29.2 billion vs $27.9 billion expected. Adjusted earnings per share was $2.57 vs $2.36 per share expected.

Citigroup (C) saw profits surge 15% during the waning months of 2019 as credit and an eye-popping 49% spike in fixed-income trading activity bolstered the bottom line. Wells Fargo (WFC) suffered a startling 55% profit slump, hurt by the hangover of low rates and regulatory scandals.

Consumer prices rose by a modest 0.2% in December, Labor Department data showed on Tuesday, moderating slightly from the prior month and half the pace of October’s jump.