Markets

Here's what happened to the stock market on Tuesday

Traders work on the floor of the New York Stock Exchange.
Michael Nagle | Bloomberg | Getty Images

Dow Jones Industrial Average rises 32 points

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.

Tug of war between strong earnings and trade worries

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.

JP Morgan and Citigroup rise on earnings

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%.

What happens next?

China and the U.S. are scheduled to sign the so-called phase one deal on Wednesday. Meanwhile, Bank of America and Goldman Sachs are among the companies set to report earnings along with UnitedHealth and BlackRock. Read more here.

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