Stocks drifted lower on Tuesday, a lull after a stretch of gains, as investors began to consider the latest round of earnings reports, and a major vaccine trial was paused.
The S&P 500 fell less than half a percent in early trading, after a rally that had lifted the benchmark by 5 percent this month. Shares in Europe were also slightly lower.
Among companies reporting third-quarter results on Tuesday, JPMorgan Chase rose after reporting a surge in trading revenue. Delta Air Lines said it lost more than $5 billion during the quarter — and its shares were more than 2 percent lower.
Oil prices rose again, with West Texas Intermediate crude, the U.S. benchmark, climbing back above $40 a barrel.
Johnson & Johnson said late on Monday that it had paused the late-stage clinical trial of its coronavirus vaccine because of an “unexplained illness” in one of the volunteers. The company did not say whether the sick participant had received the experimental vaccine or a placebo. Its shares fell about 2 percent.
Shares of the Walt Disney Company climbed after Bob Chapek, the new chief executive, reorganized the entertainment company to put more focus on its streaming service
The supermarkets Tesco and Morrisons were among the best-performing stocks in the FTSE 100 in Britain after the government announced more restrictions in parts of the country to combat the spread of the coronavirus. Data published on Tuesday by consultancy Kantar showed that grocery sales accelerated in September as a second wave set in.
— Eshe Nelson