Wall Street Falls as Banks Report; IMF Trims Its Growth Outlook

Wall Street closed lower on Tuesday as bank earnings set the tone. The Dow Jones Industrial Average fell 0.41 per cent to 46,856.90, the S&P 500 lost 0.96 per cent to 6,654.73, and the Nasdaq Composite dropped 1.50 per cent to 22,645.08. The Russell 2000 small-cap index fell 1.45 per cent, and the 10-year Treasury yield stood at 4.16 per cent.

Goldman Sachs beat expectations, though its shares slipped after the report. JPMorgan posted a rare miss. UnitedHealth raised its outlook.

The International Monetary Fund's latest World Economic Outlook projected global growth of 3.1 per cent next year.

In Asia, stocks slid in a chip-led selloff after progress reported by China's CXMT: South Korea's Kospi fell 3.11 per cent, Hong Kong's Hang Seng 2.50 per cent, and Japan's Nikkei 225 1.24 per cent. Brent crude eased about 1.4 per cent in Asian trading to around $105.20 a barrel. Ahead on Wednesday: the United States September inflation report, covered in Thursday's briefing.