Major US equity indices had a rather lackluster opening on Tuesday as bulls seemed unimpressed by upbeat earnings reports from big investment banks.
Both Goldman Sachs and Morgan Stanley reported earnings that easily surpassed forecast estimates but failed to fuel optimism. As the third-quarter earnings season continuing at full speed, investors would be looking to justify current stretched valuations and the recent record setting bull run in equity market.
The market now seems to have entered a consolidation phase and has not been reacting to the incoming US economic data. Today's import/export price index data, which indicated that inflationary pressure could return back to the Fed's target level, and better-than-expected industrial production data did little to provide any fresh impetus.
During the opening hour of trade, the Dow Jones Industrial Average added 8-points and inched closer to the 23,000 milestone. Meanwhile, the broader S&P 500 Index treaded water near 2,556, while tech-heavy Nasdaq Composite Index slipped around 6-points to 6,618.