On October 15, 2024, major US banks Citigroup, Goldman Sachs, and Bank of America reported third-quarter earnings that exceeded analysts' expectations, contributing to a positive market sentiment despite mixed stock performance. The S&P 500 and Dow Jones Industrial Average reached record closing highs on Monday, buoyed by strong earnings from JPMorgan and Wells Fargo the previous week.
However, UnitedHealth Group's stock fell 9% after the company reported higher-than-expected costs in Q3, with a medical care ratio of 85.2%, up from 82.3% a year ago. The Dow Jones index dipped by 0.5% in response, although Goldman Sachs' positive earnings helped mitigate losses.
Internationally, Brent crude oil prices dropped 4.27% to $74.15, reversing earlier gains driven by Middle Eastern tensions, following news that Israel would limit its military response to Iranian missile strikes.
Investors are now focused on upcoming economic indicators, including September's retail sales and initial jobless claims, scheduled for release on Thursday. Additionally, comments from Federal Reserve officials, including Governor Adriana Kugler and President Mary Daly, are anticipated.