The Dow gained 32.62 points, or 0.11%, to end the day at 28,939.67. The S&P 500 slipped 0.15% to 3,283.15. The Nasdaq Composite dipped 0.24% to 9,251.33. Stocks saw some volatility as the corporate earnings season kicked off while investors braced for the signing of a "Phase One" trade agreement between China and the U.S.
J.P. Morgan Chase, Citigroup and Delta Air Lines all reported better-than-expected quarterly results, initially lifting sentiment in the broader market. This led the major averages to fresh record highs. However, stocks came off those levels on news that U.S. tariffs on Chinese goods will remain through the 2020 election even after both sides sign their phase-one agreement Wednesday. Bottom line, it seems the market will have to go through the earnings season with potential risks from U.S.-China trade relations not going away.
J.P. Morgan Chase shares rose 1.17% after reporting a better-than-expected quarterly profit. The company's results were driven by a nearly 90% surge in bond trading revenue. Citigroup also posted earnings that beat analyst expectations, sending the stock up 1.56%.