S&P 500 set for muted open after big bank earnings, chip slide weighs
SPY•SPY•SPY•SPY•S&P 500 futures were down 0.06% before the open, while Dow futures rose 0.84% and Nasdaq 100 futures fell 0.71%. Goldman Sachs and UnitedHealth gained after reporting higher profits or raising their forecasts, while chip stocks declined.
The S&P 500 was set for a muted open as investors assessed quarterly results that kick off earnings season. Goldman Sachs rose 3.5% after higher third-quarter profit, and UnitedHealth gained 4.4% after raising its 2026 profit forecast. JPMorgan Chase fell 0.7% and Wells Fargo dropped 2.9%; Citigroup slipped 0.4% and Johnson & Johnson fell 2.2% despite topping quarterly profit estimates.
Chipmakers extended Monday's selloff, with Nvidia down 0.8%, AMD off 1.9%, Marvell Technology down 3% and Micron Technology lower by 4.8% in premarket trading. Analysts pointed to reports of technological advances by China's CXMT. S&P 500 earnings for the July-September quarter are expected to grow 30.6%, while inflation data, retail figures and remarks from regional Federal Reserve presidents were due later in the week.
