Key Indicator Slips Amid Mixed Bank Earnings

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  • US stocks were lower as more Wall Street bank heavyweights reported mixed earnings. 
  • Goldman Sachs missed while Morgan Stanley exceeded analyst expectations on earnings. 
  • Meanwhile the New York Fed’s Empire State Manufacturing Index sank to a two-year low.  

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US stocks opened lower on Tuesday as investors weighed a sharp drop in a key economic indicator and mixed earnings from Wall Street giants. 

The New York Fed’s Empire State Manufacturing Index declined nearly 22 points to -32.9, the lowest reading in nearly two years. 

Meanwhile, both Goldman Sachs and Morgan Stanley reported substantially lower earnings, but Morgan Stanley beat analyst expectations on both profit and revenue while Goldman missed earnings expectations. 

Here’s where US indexes stood at the 9:30 a.m. opening bell on Tuesday: 

Here’s what else is happening today:

  • Russia and China are in the process of launching a gold-backed cryptocurrency. 
  • Investors are wrongly predicting global central banks will ease up on rate hikes, according to BlackRock. 
  • Three Arrows Capital is launching a marketplace where debtors can buy and sell bankruptcy claims. 

In commodities, bonds, and crypto:

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