The Dow was on track to close out the week with a gain while the S&P 500 and Nasdaq were poised for weekly declines.The Dow was on track to close out the week with a gain while the S&P 500 and Nasdaq were poised for weekly declines.
Corporate earnings season started to pick up steam, helping lift banks, up 0.16%, to be among the few bright spots on the session after quarterly results from JPMorgan Chase & Co, which gained 2.12%, Citigroup Inc, up 0.76%, and Wells Fargo & Co, which rose 2.65%. Analysts now expect third-quarter profits for S&P 500 companies to have risen just 3.6% from a year ago, much lower than an 11.1% increase expected at the start of July, according to Refinitiv data.
Tesla Inc slumped 6.18% following media reports that the electric vehicle maker has put on hold plans to launch battery cell production at its plant outside Berlin due to technical issues.