Daily Summary: Earnings Season Kicks Off on Wall Street Amid Mixed Sentiment

📈 Stock Market

• The Wall Street session is proceeding with a slight edge for the sellers. However, this is not a situation of a sudden and cascading sell-off, but rather a calm, downward session.

• The Dow Jones is down about 0.4%, the tech-heavy Nasdaq declines by about 0.2%, while the flagship S&P 500 index notes a merely symbolic loss.

• Earnings season kicked off on Wall Street this week, and today brought the first major reports from the largest US investment banks and a healthcare giant:

  • Goldman Sachs reported a very strong Q3 2026. Revenue rose 23% year-over-year to $18.68 billion, while earnings per share came in at $17.01 versus the expected $12.86. Results were primarily driven by equities trading and investment banking.

  • JPMorgan Chase achieved revenues of $50.17 billion (an 8% year-over-year increase), with net income reaching $15.31 billion. Earnings per share stood at $5.57, below the forecasted $5.93, causing the results to disappoint the market despite year-over-year growth.

  • Wells Fargo generated revenues of $21.87 billion, falling short of the expected $22.31 billion. Earnings per share reached $1.87 against a forecast of $1.85, representing a minor positive surprise, though weaker revenues and challenges in improving efficiency remain key hurdles for the bank.

  • Citigroup posted revenues of approximately $23.85 billion, with net income rising by about 40% year-over-year to $5.2 billion. Earnings per share came in at $2.85 compared to $1.86 a year earlier. Despite clear operational improvements, investors remain cautious, awaiting confirmation that the bank's restructuring will yield lasting profitability gains.

  • UnitedHealth Group, the largest private health insurer in the US, reported revenues of around $112.69 billion, with adjusted earnings per share reaching $4.69, beating analysts' expectations. The company also raised its full-year adjusted EPS guidance to at least $20.50, indicating improving financial prospects.

• On the Old Continent, a session that was green for the most part ultimately ended with slight losses. The British FTSE 100, French CAC, and German DAX all recorded symbolic declines, while the Spanish IBEX 35 pulled back by nearly 0.4%.

📊 Macroeconomics

• US existing home sales in September increased by 1.5% month-over-month to an annualized rate of 3.99 million, topping market expectations that called for a drop to 3.95 million.

• The median home price rose 1.3% year-over-year to $417,500, though overall sales remain 2.2% lower than a year ago.

• The rebound may prove short-lived, as high mortgage rates continue to constrain housing affordability; the US dollar's reaction to the data was muted.

🌍 Geopolitics & Energy Commodities

• Donald Trump stated he does not believe China and Russia are supporting Iran in its war with the US and Israel, arguing both nations would have too much to lose. At the same time, reports suggest Russia may have been sharing intelligence with Iran, while Chinese entities reportedly assisted Tehran in obtaining satellite imagery and circumventing oil export sanctions.

• Trump accused Iran-backed Yemeni Houthi rebels of intentionally targeting Saudi energy infrastructure to drive up global oil prices and support Tehran. Over the past week, attacks targeted refineries, pipelines, and the Riyadh airport, exacerbating fears of supply disruptions and further fuel price hikes.

• Donald Trump announced he will soon make a decision regarding further actions toward Iran, without specifying whether this implies resuming military strikes or pursuing a diplomatic resolution. Meanwhile, he criticized the Houthis and held talks with the Saudi Crown Prince, highlighting the Middle East as a primary risk factor for the oil market and global financial markets.

• Vice President J.D. Vance informed that the US administration is collaborating with Delek to expand a Texas refinery, utilizing the Defense Production Act to support increased production of strategic commodities. These efforts aim to enhance domestic refining capacity and bolster fuel supply during the energy crisis triggered by the conflict with Iran.

• Trump confirmed that the US continues to share intelligence with Ukraine while simultaneously attempting to bring an end to the war through engagements with both Kyiv and Moscow.

• The President also defended an agreement aimed at increasing global market supplies of Russian diesel, arguing that the fuel is primarily intended for international markets. However, the deal faces pushback from some US lawmakers who express concern that the added revenues will fund Russia's war machine.

🧱 Commodities & Precious Metals

• Little remained of the initial optimism in the precious metals market during today's session, with contracts for key metals remaining under pressure.

• Gold futures are retreating by about 0.4%, trading near $4,150 per ounce.

• Silver futures are dropping over 1.7%, testing the $59 per ounce level.

• The natural gas market presents a starkly different picture — Henry Hub natural gas prices are gaining nearly 3% in today's trading.

🪙 Crypto Assets

• Positive sentiment persisted across the crypto asset market.

• Bitcoin gains roughly 0.8%, breaking above $83,000.

• Ethereum rises by over 0.5%, testing the $2,500 level.