Wall Street flat as upbeat earnings offset trade worries

REUTERS: U.S. stocks were flat on Wednesday as a raft of upbeat earnings reports underlined a solid start to third-quarter results, while concerns over an escalation in the U.S.-China trade war and weak economic indicators lingered.

The reports followed strong earnings on Tuesday from JPMorgan Chase & Co and Citigroup Inc , showing consumer confidence remained strong despite recession fears that have led businesses to pull back on spending and borrowing. Of the 43 S&P 500 companies that have reported earnings so far, 86per cent have topped Wall Street expectations, according to IBES data from Refinitiv.

The Nasdaq Composite was down 19.22 points, or 0.24 percent, at 8,129.49, coming under pressure from a 3.6per cent fall in shares of Adobe Inc after Citigroup downgraded the Photoshop software maker.

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