Midday Fly By: Big banks report mixed quarterly results

The major averages were broadly lower for the second straight day as investors navigate a busy week of earnings and economic data. Sentiment has softened after Tuesday’s session saw key benchmarks retreat amid political and monetary policy uncertainty despite a cooler-than-expected inflation reading that underpinned rate-cut hopes. Financial stocks have been under pressure with mixed earnings results from major banks, and geopolitical and policy risks have further tempered risk appetite.

Precious metals continue to be a standout theme, with gold and silver reaching fresh all-time highs as traders hedge against economic and policy uncertainty and lean into the safe-haven trade.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Bank of America (BAC) reported upbeat Q4 results, though the company said it expects its headcount to “come down” this year
• Citi (C) reported mixed Q4 results and provided guidance for FY26
• Wells Fargo (WFC) reported upbeat Q4 earnings, though revenue for the quarter was below consensus estimates
• Palo Alto Networks (PANW), Broadcom’s (AVGO) VMware, and Fortinet (FTNT) are among U.S. firms whose cybersecurity software has been banned in China, while Check Point (CHKP) is among Israeli companies banned there, Reuters reports
• Google’s (GOOGL) Gemini introduced AI personalization tool Personal Intelligence

2. WALL STREET CALLS:

• Stephens upgraded Okta (OKTA) and Check Point (CHKP) to Overweight amid durable growth in cybersecurity
• Rivian (RIVN) downgraded to Sell at UBS
• TD Cowen downgraded BlackRock (BLK) to Hold
• Tapestry (TPR) assumed at Hold from Buy at Jefferies
• Uber (UBER) initiated with an Outperform at BNP Paribas

3. AROUND THE WEB:

• Meta (META) confirmed that it is cutting more than 1,000 jobs from the Reality Labs division as part of a plan to redirect resources from virtual reality and metaverse products toward AI wearables and phone features, Bloomberg says
• Nvidia (NVDA) is denying that it will require Chinese customers to pay upfront for its H200 chips, saying it “would never require customers to pay for products they do not receive,” Reuters reports
• Xpeng (XPEV) is looking to sell 550,000-600,000 vehicles this year, or a 28%-40% increase from its sales last year, when the automaker delivered 429,445 cars, up 126% from 2024, Reuters says
• Coca-Cola (KO) has ended talks to sell Costa Coffee after bids from potential private equity suitors fell below expectations, FT reports
• Shell (SHEL) and Exxon Mobil (XOM) have halted the intended sale of natural gas assets in Britain’s Southern North Sea to Viaro Energy, Reuters reports

4. MOVERS:

• Clover Health (CLOV) higher after announcing 3% year-over-year membership growth in its Medicare Advantage PPO plans for the 2026 plan year
• TG Therapeutics (TGTX) increases after reporting preliminary Q4 results and providing guidance for FY26
• ImmunityBio (IBRX) gains after the Saudi Food and Drug Authority has granted accelerated approval of ANKTIVA
• Trip.com (TCOM) lower in New York after receiving a notice of investigation from the State Administration for Market Regulations of the People’s Republic of China
• Bitfarms (BITF) falls in New York after naming Hofmeister as Chair of the Board

5. EARNINGS/GUIDANCE

• Infosys (INFY) reported Q3 results, with CEO Salil Parekh commenting, “Infosys delivered a strong Q3 performance”
• RedCloud (RCAT) reported preliminary FY25 revenue view and provided guidance for FY26
• Aveanna (AVAH) raised its guidance for FY25
• Intuitive Surgical (ISRG) reported preliminary Q4 results
• Horizon Aircraft (HOVR) reported Q2 results, with EPS lower year-over-year

INDEXES:

Near midday, the Dow was down 0.61%, or 301.74, to 48,890.25, the Nasdaq was down 1.63%, or 386.02, to 23,323.85, and the S&P 500 was down 1.09%, or 75.65, to 6,888.09.