• Wells Fargo advances on Q3 profit beat
• Citigroup profit climbs on record revenue
• Industrial stocks lift Dow
• S&P 500 -0.16%, Nasdaq -0.76%, Dow +0.44%

Oct 14 (Reuters) - Wall Street ended mixed on Tuesday as investors digested mostly positive quarterly results from big U.S. banks, comments from Federal Reserve Chair Jerome Powell and an ongoing U.S.-China trade war.

The S&P 500 turned lower after U.S. President Donald Trump said Washington was considering t, including in relation to cooking oil.

Sign up here.

A slew of major lenders reported solid results on strong performance in the investment banking segment, helping the S&P 500 banking index (.SPXBK) , opens new tab rally.

Wells Fargo (WFC.N) , opens new tab closed 7.15% higher, its biggest one-day percentage gain since November 2024, and Citigroup (C.N) , opens new tab jumped almost 4% after both lenders beat estimates for third-quarter profit.

JPMorgan Chase (JPM.N) , opens new tab raised its full-year forecast for net interest income and Goldman Sachs (GS.N) , opens new tab beat Wall Street expectations for quarterly profit. However, shares of both banks dipped about 2%.

BlackRock's (BLK.N) , opens new tab assets under management hit a record $13.46 trillion, lifting its shares over 3%.

Adding to concerns about the China-U.S. trade war, the two countries began charging additional port fees on ocean shipping firms that move everything from holiday toys to crude oil.

Global equities were shaken on Friday after Trump threatened 100% tariffs on Chinese goods after Beijing imposed controls on the export of rare earth minerals, although he softened his tone over the weekend.

"The market is really struggling with where this shakes out," said Ross Mayfield, an investment strategist at Baird Private Wealth Management. "If the (Trump) administration feels like ramping up these tensions again, the market looks pretty expensive right now for that sort of fight, especially if 100% tariffs and other measures are back on the board."

The U.S. labor market remained mired in its low-hiring, low-firing doldrums through September, though the economy overall "may be on a somewhat firmer trajectory than expected," Powell said in remarks prepared for delivery at a National Association for Business Economics conference.

The S&P 500 declined 0.16% to end the session at 6,644.31 points.

The Nasdaq declined 0.76% to 22,521.70 points, while the Dow Jones Industrial Average rose 0.44% to 46,270.46 points.

Ten of the 11 S&P 500 sector indexes rose, led by consumer staples (.SPLRCS) , opens new tab, up 1.72%, followed by a 1.17% gain in industrials (.SPLRCI) , opens new tab.

Volume on U.S. exchanges was 20.1 billion shares, compared with an average of 20.2 billion shares over the previous 20 sessions.

Walmart (WMT.N) , opens new tab rose 5% after the retailer said it was partnering with OpenAI to enable customers and Sam's Club members to shop directly within ChatGPT.

Gains in industrial stocks supported the Dow. Caterpillar (CAT.N) , opens new tab jumped 4.5% after JP Morgan raised its price target on the stock.

The International Monetary Fund marginally

Advancing issues outnumbered falling ones within the S&P 500 (.AD.SPX) , opens new tab by a 3.4-to-one ratio.

The S&P 500 posted 23 new highs and 10 new lows; the Nasdaq recorded 123 new highs and 93 new lows.

https://www.reuters.com/world/china/wall-street-futures-dip-us-china-tensions-weigh-2025-10-14/