Morning Report 11 Sep 24: US stocks shrug-off big bank gloom as tech rallies

US sharemarkets were mixed on Tuesday. A rally in the world’s biggest technology companies lifted the Nasdaq index, countering a slew of cautious comments from big bank executives that sent financial shares and the Dow Jones index tumbling. Tesla led gains in megacaps, up 4.6%, after a bullish analyst call. Chipmakers Nvidia and Advanced Micro Devices were also higher, up between 1.5% and 3.4%. Oracle jumped 11.4% after beating estimates for quarterly results. The energy sector lost 1.9% as crude oil prices fell. Financial stocks fell 1% after Goldman Sachs CEO David Solomon said that trading revenue will probably slip 10% this quarter. Goldman shares dropped 4.4%. Bank of America said results for investment banking will come in lower than some on Wall Street expected, sending its shares down 0.5%. JPMorgan Chase fell 5.2% after the company offered cautious commentary on net interest income in 2025 at an industry conference. The Dow Jones index fell, but the S&P 500 index and the Nasdaq index gained.

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