Stocks on Wall Street reversed course after hitting intra-day record highs Tuesday. A report saying U.S. tariffs on Chinese goods would likely remain until after November's presidential election sent the S&P 500 and Nasdaq lower. But the Dow eked out a gain.
William O'Neil chief market strategist, Randy Watts:
SOUNDBITE: WILLIAM O'NEIL & CO. CHIEF INVESTMENT STRATEGIST, RANDY WATTS (ENGLISH) SAYING:
"I think the market is just digesting some of the gains that have been so rapid. The S&P's been up about 2% for the year. As you said, the Nasdaq's up about 3. I think, second, the news about the trade deal is in the market right now. So now the question is, 'Is there going to be a Phase 2 to that?'"
Shares of JPMorgan Chase and Citi sparked a rally among financial stocks. A rebound in trading activity boosted profits past analysts' estimates at both banks. They were among the S&P 500's top gainers. But Wells Fargo shares fell. Its quarterly profit fell by more than half, dragged down by legal expenses.
Shares of Delta Air Lines ascended. The carrier's profit topped Wall Street's targets. Unlike its rivals who were hit hard by flight cancellations for the grounded Boeing 737 MAX jets, Delta doesn't have those planes in its fleet, so it gained new customers.