Stock Market Today: Stocks Finish Mixed as Q3 Earnings Season Kicks Off
The main markets opened higher thanks to solid bank earnings but sentiment fizzled into the close.


Stocks started the day on solid footing as investors cheered the first round of big bank earnings. However, sentiment waned as the session wore on, with market participants spooked by a disappointing consumer sentiment reading and rising geopolitical tensions.
All three main benchmarks were in positive territory to start the day after several of the country's largest banks posted stronger-than-expected third-quarter results. JPMorgan Chase (JPM, +1.5%), for one, said earnings jumped 39% year-over-year to $4.33 per share, while revenue rose 21% to $40.7 billion.
Meanwhile, net interest income, which is a key measure of profitability for banks that shows the difference between revenue made on interest-bearing accounts like loans and the costs paid for deposits, surged 30% to $22.9 billion.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Despite the well-received results, JPMorgan CEO Jamie Dimon said in the company's earnings release that "this may be the most dangerous time the world has seen in decades."
The executive pointed to tight labor markets and "extremely high government debt levels" that could keep both inflation and interest rates higher for longer. Dimon also warned of the "far-reaching impacts" from the war in Ukraine and attacks on Israel.
Consumer confidence drops as inflation expectations rise
The major indexes found themselves in negative territory by lunchtime after the University of Michigan said its consumer confidence index fell to 63.0 in October from September's reading of 68.1. Notably, the data showed year-ahead inflation expectations jumped to 3.8% from last month's 3.2% – the highest level since May – while long-term inflation expectations rose to 3.0% from 2.8%.
Market participants also worried about rising tensions in the Middle East after Israel on Friday called for the mass evacuation of 1.1 million civilians in northern Gaza. United Nations spokesman Stéphane Dujarric said the organization considers such an act "impossible," and one that cannot occur "without devastating humanitarian consequences."
Energy stocks outperform as oil prices spike
The geopolitical turmoil had an outsized effect on U.S. crude futures Friday, which soared 5.8% to settle at $87.69 per barrel. Not surprisingly, energy stocks (+2.2%) outperformed today, with APA Corp (APA, +5.2%), EOG Resources (EOG, +3.8%) and Marathon Oil (MRO, +4.7%) among the biggest gainers.
As for the major indexes, the Nasdaq Composite (-1.2% at 13,407) and the S&P 500 (-0.5% at 4,327) both finished lower on the day. The Dow Jones Industrial Average, on the other hand, ended with a 0.1% gain to 33,670 thanks to stronger-than-expected Q3 earnings from UnitedHealth Group (UNH, +2.6%). At nearly $540 a share, UNH has the greatest influence of all 30 stocks in the price-weighted Dow.
Related content
- Social Security COLA to Rise 3.2% in 2024: What To Know
- Delta to 'Recalibrate' Recent Decision on Sky Club Restrictions, CEO Says
- Steep Mortgage Rates Stunt Home Buying Power
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Summer Backyard Ideas With Added Tax Benefits for 2025
Tax Tips Find out how these summer 2025 home projects can help you save on taxes next year.
-
From Broadway to Broadview: Jane Alexander's Unique Retirement Choice
Inside Broadview at SUNY Purchase: The retirement community where you can audit classes and attend concerts.
-
Stock Market Today: Dow Dives 769 Points on Iran-Israel Conflict
Losses accelerated in afternoon trading amid reports Iran retaliated against Israel.
-
Stock Market Today: Stocks Rise as Treasury Yields Drop
A round of not-too-terrible economic data helped boost the bond market Thursday.
-
Stock Market Today: Stocks Lose Steam After CPI, US-China Trade Deal
Wall Street initially cheered soft inflation data and hopeful tariff news, but momentum stalled in late-day trading.
-
Stock Market Today: Wall Street Is Standing By
The waiting is the hardest part with trade war truce talks underway and inflation data on the way.
-
Stock Market Today: Stocks Stable as Inflation, Tariff Fears Ebb
Constructive trade war talks and improving consumer expectations are a healthy combination for financial markets.
-
Stock Market Today: Good Feelings and Solid Data Lift Stocks
Resilience and de-escalation defined another generally positive day for financial markets.
-
Stock Market Today: Tesla Drags on Stocks Amid Musk-Trump Feud
Sentiment has soured between President Trump and his once-loyal ally, Tesla CEO Elon Musk.
-
Stock Market Today: Stocks Brush Off Weak Jobs Data
The yields on the 2-year and 10-year Treasury notes fell sharply after a pair of weak economic reports.