Stock Opened Mixed with Earnings Under Way

U.S. stocks opened mixed on Tuesday after a first batch of corporate earnings. The Dow Jones Industrial Average lately lost 76.63 points, or 0.27%, to 28,760.89. The S&P 500 dipped 4.81 points, or 0.14%, to 3,529.41. The Nasdaq Composite gained 25 points, or 0.10%, to 11,888.47.

Oil futures bounced Tuesday, taking back the previous day’s slide, after data showed a jump in Chinese crude imports. West Texas Intermediate crude for November delivery rose 86 cents, or 2.2%, to $40.29 a barrel. December Brent crude jumped 80 cents, or 1.9%, to $42.52 a barrel.

JPMorgan Chase (JPM) kicked off the third-quarter earnings season for big banks on Tuesday by delivering stronger-than-expected results as the coronavirus outbreak continues to roil the global economy. It had net income of $9.443 billion, or $2.92 a share, in the third quarter, compared with $9.080 billion, or $2.68 a share, in the year-earlier period. Revenue fell to $29.941 billion from $30.014 billion.

Citigroup Inc. (C) reported third-quarter profit and revenue that beat expectations. Net income fell to $3.2 billion, or $1.40 a share, from $4.9 billion, or $2.07 a share, in the year-ago period. Total revenue fell 7% to $17.30 billion.

Johnson & Johnson (JNJ) beat expectations for the third-quarter earnings. It had net earnings of $3.5 billion, or $1.33 per share, in the third quarter of 2020, compared with $1.7 billion, or 66 cents per share, in the third quarter of 2019. The company had $21.2 billion in revenue for the quarter, up from $20.7 billion in the same period a year ago.

BlackRock Inc. (BLK) reported a third-quarter profit that was well above expectations. Net income rose to $1.36 billion, or $8.87 a share, from $1.12 billion, or $7.15 a share, in the year-ago period. Revenue grew 18% to $4.37 billion.