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By Sukriti Gupta and Twesha Dikshit (Reuters) -The S&P 500 and Dow rose on Tuesday, shaking off a weak start, as investors digested Federal Reserve Chair Jerome Powell's comments, while parsing mostly positive third-quarter results from big U.S. banks. Powell said 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." He also said the central bank may soon end its balance sheet runoff. The remarks reassured investors at a time when key economic data remains delayed due to the ongoing government shutdown. "The bulls remain fully in charge and until that's shaken with something more significant than these comments from Chair Powell or anything else, that's likely to be the case into the start of third-quarter tech earnings next week," said Michael James, equity sales trader at Rosenblatt Securities in Los Angeles. A slew of major lenders reported solid results on strong performance in the investment banking segment, helping the S&P 500 banking index rise 1.6%. Wells Fargo advanced 7.6% and was on track for its best day in six months and Citigroup added 4.3% after both lenders beat estimates for third-quarter profit. JPMorgan Chase raised its full-year forecast for net interest income and Goldman Sachs beat Wall Street expectations for quarterly profit. However, shares of both JPMorgan and Goldman Sachs, which have outperformed most rivals this year, fell 1.4% and 1.6%. BlackRock's assets under management hit a record $13.46 trillion, lifting its shares by 2.2%. "You have a lot of positive momentum in the markets from a technical standpoint, but then fundamentally you have the earnings season going on right now and people are very positive on the U.S. companies' earnings outlooks," said Michael Matousek, head trader at U.S. Global Investors. At 12:58 p.m. the Dow Jones Industrial Average rose 309.37 points, or 0.67%, to 46,378.46, the S&P 500 gained 12.63 points, or 0.19%, to 6,667.35 and the Nasdaq Composite lost 50.73 points, or 0.22%, to 22,643.88. The S&P 500 tech sector dropped 1.1%, with losses in Nvidia and Broadcom weighing on the Nasdaq. Defensive plays led gains, with consumer staples and utilities adding 1.2% each, signaling investors were treading with caution. Gains in industrials stocks supported the Dow. Caterpillar rose 3.7% after J.P. Morgan raised its price target on the stock. Wall Street kicked off the session lower on concerns over Washington and Beijing's move to slap tit-for-tat additional port fees on ocean shipping firms. Global equities were shaken on Friday after Trump threatened 100% tariffs on Chinese goods over Beijing's rare earths curbs, though a softened tone over the weekend helped calm investor nerves and lift markets on Monday. Additionally, the International Monetary Fund edged up its 2025 global growth forecast on tariff shocks and financial conditions being more benign than expected, while warning that a renewed U.S.-China trade war could slow output significantly. Advancing issues outnumbered decliners by a 1.72-to-1 ratio on the NYSE and by a 1.46-to-1 ratio on the Nasdaq. The S&P 500 posted 15 new 52-week highs and 10 new lows, while the Nasdaq Composite recorded 75 new highs and 89 new lows. (Reporting by Sukriti Gupta and Twesha Dikshit in Bengaluru; additional reporting by Sinead Carew; Editing by Maju Samuel)

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NEW YORK (Reuters) -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," Federal Reserve Chair Jerome Powell said on Tuesday. He noted that at policymakers will take a "meeting-by-meeting" approach to any further interest rate cuts as they balance job market weakness with the fact that inflation remains well above their 2% target. Powell also said the end of the central bank's long-running effort to shrink the size of its holdings, widely known as quantitative tightening, or QT, may be coming into view. His comments came from the text of a speech prepared for delivery before a gathering held by National Association for Business Economics in Philadelphia. MARKET REACTION: STOCKS: U.S. stocks were mixed, with the Dow and S&P 500 up on the day, while the Nasdaq was down. BONDS: U.S. Treasury yields extended their fall, with the yield on the benchmark 10-year note slipping to 4.03% and the two-year note down at 4.1%. FOREX: The dollar index extended losses, now down 0.3% at 99.03. COMMENTS: STEVE SOSNICK, CHIEF STRATEGIST, INTERACTIVE BROKERS, GREENWICH, CONNECTICUT: "The reason for the sell-off overnight was concerns about the trade war re-accelerating between the US and China. But the markets decided that this isn't really a problem, at least in the short term." "The market was going up anyway. We were down 10 points before he started speaking so this is just the cherry on top of the cake on today's rally … but the bulk of the move was unrelated to his comments." ADAM SARHAN, CHIEF EXECUTIVE, 50 PARK INVESTMENTS, NEW YORK: "The fact is the (stock) market was extended. It pulled back to support technically, which is the 50-day moving average… and bounced off of it." "The Fed said nothing has changed. Even if (trade) tensions escalate… the Fed is still going to cut rates with the stock market at all-time highs. So, fundamentally, we have a tremendous tailwind coming into effect in the near future." PETER CARDILLO, CHIEF MARKET ECONOMIST, SPARTAN CAPITAL SECURITIES, NEW YORK: "I don't think (Powell) is changing his tune whatsoever. He's saying that the economy is on solid footing, but he's also saying we have weakness. What he's doing is he's preparing the markets for a series of rate cuts, but not necessarily in a sequential order." "He's saying is he'll cut (interest rates) by 25 basis points at the end of this month then they'll assess the situation. And if the labor market continues to weaken and actually loses jobs, then he might be setting us up for a jumbo cut of 50 basis points in December." "He's preparing the markets for a rate cut, but he also doesn't want the markets to assume rate cuts are a given. He’s using labor market weakness as a hedge." MICHAEL JAMES, EQUITY SALES TRADER, ROSENBLATT SECURITIES, LOS ANGELES: "I don't think any of these comments from Chairman Powell are going to have any direct impact on the overall market. It continues to be a market of sentiment and positioning. The Trump tariff tweet from Friday, causing all of the decline, seemed to get shrugged off with some of the comments over the weekend. We had a decent rally yesterday and pulling back this morning on some of the China shipping moves but that also was being relatively dismissed. You can see that in the magnitude of the rally that we've had from this morning." "The bulls remain fully in charge and until that's shaken with something more significant than these comments from Chair Powell or anything else, that's likely to be the case into the start of third-quarter tech earnings next week."  "There are bigger factors in place related to positioning and up the start of tech earnings season next week that are going to be far bigger determinants of the market's direction than these comments from Chair Powell will be." (Reporting by Stephen Culp, Sinead Carew, Caroline Valetkevitch, and Twesha Dikshit)

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By Anshi Sancheti, Juveria Tabassum and Waylon Cunningham (Reuters) -Domino's Pizza beat expectations for quarterly profit and U.S. same-store sales on Tuesday, driven by promotions and new menu items as consumers tighten their budgets amid economic uncertainty. Persistent inflation and repeated menu price hikes have prompted consumers to prioritize value when dining out or ordering in, and move to smaller pack sizes for snacks.  Sales in the restaurant industry were beginning to slow, CFO Sandeep Reddy said on a post-earnings call. The company's shares pared some premarket gains and were up about 3%. "We think the timing of Domino's fiscal quarter supported sales growth as the macro slowdown in restaurant spending has grown more acute in September," said Matt Goodman, analyst at M Science. Still, Domino's efforts such as its $9.99 pizza offer, which was revived in August, and fresh items like parmesan-stuffed-crust pizza have helped cater to consumers who have curtailed spending, and drive demand. Domino's said it had stuck with the $9.99 pizza deal longer than it had planned as it helped drive demand at stores, and that it had been requested by franchisees. CEO Russell Weiner told Reuters he expected franchisee profitability to increase over last year, in contrast with some chains that have become wary of broad discounts cutting into franchisee profits. "We can have sustained value that's profitable, unlike other folks who are probably spending away their balance sheet to keep up," he said.  Its partnership with DoorDash was also helping attract more customers for food delivery, and would help boost sales in the U.S. through next year, Weiner said. U.S. same-store sales for the world's largest pizza chain rose 5.2% in the quarter, beating analysts' expectations of a 4.0% increase, according to LSEG data. Domino's has been rolling out more deals under its rewards program as it faces rising competition from fast-food chains like McDonald's and Burger King, which have introduced steep discounts to draw in diners. A weaker point came in international same-store sales, where a 1.7% increase missed estimates of 1.9%, as demand remained choppy in markets such as Japan and Australia. In August, Australia-based franchisee Domino's Pizza Enterprises, which has markets from Asia to Europe, posted its first annual loss since going public two decades ago. Weiner said Domino's has been consulting the franchisee, which appointed its third CEO in the last one year and which represents a third of Domino's business. "They are really trying to turn around their business, particularly in France and Japan, and we're working with them on it," Weiner said. Domino's earnings per share for the quarter ended September 7 were $4.08, beating estimates of $3.97. (Reporting by Anshi Sancheti and Juveria Tabassum in Bengaluru; Editing by Shilpi Majumdar and Leroy Leo)

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NEW YORK (Reuters) -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," Federal Reserve Chair Jerome Powell said on Tuesday. He noted that at policymakers will take a "meeting-by-meeting" approach to any further interest rate cuts as they balance job market weakness with the fact that inflation remains well above their 2% target. Powell also said the end of the central bank's long-running effort to shrink the size of its holdings, widely known as quantitative tightening, or QT, may be coming into view. His comments came from the text of a speech prepared for delivery before a gathering held by National Association for Business Economics in Philadelphia. MARKET REACTION: STOCKS: U.S. stocks slightly pared declines, with the S&P 500 now flat on the day, and the Nasdaq moderately down 0.3%. BONDS: U.S. Treasury yields slipped, with the yield on the benchmark 10-year note slipping to 4.04% and the two-year note down at 3.495%. FOREX: The dollar index weakened 0.2% to 99.06. COMMENT: PETER CARDILLO, CHIEF MARKET ECONOMIST, SPARTAN CAPITAL SECURITIES, NEW YORK: "I don't think (Powell) is changing his tune whatsoever. He's saying that the economy is on solid footing, but he's also saying we have weakness. What he's doing is he's preparing the markets for a series of rate cuts, but not necessarily in a sequential order." "He's saying is he'll cut (interest rates) by 25 basis points at the end of this month then they'll assess the situation. And if the labor market continues to weaken and actually loses jobs, then he might be setting us up for a jumbo cut of 50 basis points in December." "He's preparing the markets for a rate cut, but he also doesn't want the markets to assume rate cuts are a given. He’s using labor market weakness as a hedge." MICHAEL JAMES, EQUITY SALES TRADER, ROSENBLATT SECURITIES, LOS ANGELES: "I don't think any of these comments from Chairman Powell are going to have any direct impact on the overall market. It continues to be a market of sentiment and positioning. The Trump tariff tweet from Friday, causing all of the decline, seemed to get shrugged off with some of the comments over the weekend. We had a decent rally yesterday and pulling back this morning on some of the China shipping moves but that also was being relatively dismissed. You can see that in the magnitude of the rally that we've had from this morning." "The bulls remain fully in charge and until that's shaken with something more significant than these comments from Chair Powell or anything else, that's likely to be the case into the start of third-quarter tech earnings next week."  "There are bigger factors in place related to positioning and up the start of tech earnings season next week that are going to be far bigger determinants of the market's direction than these comments from Chair Powell will be." (Reporting by Stephen Culp and Sinead Carew)

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(Reuters) – The Dow and the S&P 500 turned positive on Tuesday after Federal Reserve Chair Jerome Powell said the central bank may soon end its balance sheet runoff, easing investor concerns over tight financial conditions. At 12:27 p.m. ET, the Dow Jones Industrial Average rose 216.82 points, or 0.47%, to 46,284.03, the S&P 500 gained 3.08 points, or 0.05%, to 6,657.80 and the Nasdaq Composite lost 78.01 points, or 0.34%, to 22,617.72. (Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur)

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(Reuters) -A U.S. judge on Tuesday rejected Humana's bid to challenge the Centers for Medicare & Medicaid Services' 2025 ratings for its Medicare Advantage programs, which could cost the company millions in bonus payments from the government.  (Reporting by Diana Novak Jones; Editing by Mark Porter)

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By Arasu Kannagi Basil and Prakhar Srivastava (Reuters) -Wells Fargo on Tuesday beat Wall Street estimates for third-quarter profit and raised its closely watched profitability target after regulators removed an asset cap on the bank, paving the way for it to pursue growth.   The U.S. Federal Reserve lifted the lender's seven-year, $1.95 trillion asset cap in June, drawing a line under its fake accounts scandal and freeing it to accelerate CEO Charlie Scharf's growth plans.    Shares of the bank jumped 7.6% in afternoon trading. Until Monday's close, the stock had gained 12.4% this year, underperforming rivals JPMorgan Chase and Citigroup.     GROWTH ASPIRATIONS Wells Fargo is now targeting a 17% to 18% return on tangible common equity (ROTCE) over the medium term, compared with its earlier expectations of 15%. "Wells Fargo, without the regulatory constraints and with the changes we have made, is a significantly more attractive company than what we were several years ago and we believe this positions us for continued higher growth and returns," CEO Charlie Scharf told analysts on a conference call. "We are now on a path to grow more broadly with the lifting of the asset cap." Scharf said Wells Fargo was aiming to become the top U.S. consumer and small business bank and wealth manager, as well as a top five U.S. investment bank. Wall Street had been anticipating the bank to raise the target following the removal of the cap, a punishment that restricted its expansion. Wells Fargo met its 15% return target in both the second and third quarters. "Management is acting with a newer urgency and addressing concerns that WFC is not moving fast enough from defense to offense," said Piper Sandler analysts, referring to the new ROTCE target.   Profit jumped to $5.59 billion, or $1.66 per share, in the three months ended September 30, beating expectations of $1.55 per share, according to estimates compiled by LSEG.  The fourth-largest U.S. lender has closed seven regulatory punishments, known as consent orders, this year and 13 since 2019. It still has one remaining consent order from 2018. "This was an encouraging quarter as the company started to show off why the asset cap limitation was holding them back. We've been impressed by the continued upward trajectory of the company's ROTCE," said David Wagner, head of equity & portfolio manager at Aptus Capital Advisors. The bank's total assets also surged past $2 trillion in the quarter for the first time in its history as it registered the highest loan growth in over three years relative to the previous quarter. STRONG CREDIT QUALITY U.S. consumers continue to spend money and repay their loans on time, reflecting strong credit quality. Still, uncertainty looms as the labor market is showing signs of softening.  "While some economic uncertainty remains, the U.S. economy has been resilient and the financial health of our clients and customers remains strong," Scharf said in a statement. Provision for credit losses shrank to $681 million in the quarter from $1.07 billion a year earlier. "It (credit quality) was strong across the board, and I think it's been very consistent now with what we've been seeing," Chief Financial Officer Santomassimo told journalists.  Asked about the recent developments in the auto market, Santomassimo said the bank was not a big player in the subprime auto market and the performance in its auto portfolio continues to be good. While bankruptcies in the auto sector have raised new concerns about hidden risks in parts of the credit market, analysts have said the episodes are idiosyncratic problems. INVESTMENT BANKING SHINES Dealmaking has rebounded as corporate boardrooms shrugged off persistent uncertainty from President Donald Trump's trade policies and chased big-ticket purchases in their pursuit of scale. Global dealmaking surged past the $3 trillion mark in the first nine months of 2025, lifted by a 33% surge in U.S. M&A volumes, according to data from Mergermarket.     Wells Fargo's investment banking fees jumped 25% to a quarterly record of $840 million. They have surged 19% through the first nine months of 2025, from a year earlier. "Pipelines look good, the activity levels are good, and the conversations are constructive across the client set," Santomassimo said.  Rivals Goldman Sachs and JPMorgan Chase also beat profit estimates on Tuesday as bankers cashed in on big deals. Wells Fargo has been steadily building out its investment banking business, tapping dealmakers from rivals to bolster its ranks.  Santomassimo said the bank had added 80 to 100 people in investment banking in the last few years and will continue to hire.  Wells Fargo clinched a major win in the third quarter, advising freight rail giant Union Pacific on its $85 billion acquisition of smaller rival Norfolk Southern – the largest deal announced globally this year.  Scharf said the bank was increasingly winning bigger and more complex M&A deals, adding that Wells Fargo advised on half of the top industrial deals announced or closed in 2025. (Reporting by Arasu Kannagi Basil and Prakhar Srivastava in Bengaluru and Nupur Anand in New York; editing by Lananh Nguyen, Sriraj Kalluvila and Nick Zieminski)

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By Alex Lawler LONDON (Reuters) -The world oil market faces an even bigger surplus next year of as much as 4 million barrels per day as OPEC+ producers and rivals lift output and demand remains sluggish, the International Energy Agency predicted on Tuesday. The latest outlook from the IEA, which advises industrialised countries, expands its prediction of a 2026 surplus from about 3.3 million bpd last month. A surplus of 4 million bpd would be equal to almost 4% of world demand, and is much larger than other analysts' predictions. OPEC+ is adding more crude to the market after the Organization of the Petroleum Exporting Countries, Russia and other allies decided to unwind some output cuts more rapidly than earlier scheduled. The extra supply is adding to fears of a glut and weighing on oil prices this year. IEA LIFTS OUTLOOK FOR SUPPLY, TRIMS DEMAND FORECAST In the IEA's view, supply is rising far faster than demand. This year, it expects supply to rise by 3.0 million bpd, up from 2.7 million bpd previously. Next year, supply will rise by a further 2.4 million bpd, it said. The agency on Tuesday also trimmed its forecast for world demand growth this year to 710,000 bpd, down 30,000 bpd from the previous forecast, citing a more challenging economic backdrop. "Oil use will remain subdued over the remainder of 2025 and in 2026, resulting in annual gains forecast at around 700,000 barrels per day in both years," the IEA said in a monthly report. "This is well below historical trend, as a harsher macro climate and transport electrification make for a sharp deceleration in oil consumption growth." IEA demand forecasts are at the lower end of the industry range, as the agency expects a faster transition to renewable energy sources than some other forecasters such as OPEC. On Monday OPEC maintained its forecast that demand will rise by 1.3 million bpd this year, almost double the rate expected by the IEA, and said the world economy was doing well. Oil prices declined on Tuesday, with Brent crude trading just below $62 a barrel. That was still up from a 2025 low of near $58 in April. GLUT LOOMS The IEA has been saying the world market looks oversupplied. Tuesday's report said global oil supply in September was up by 5.6 million bpd from a year ago, with OPEC+ accounting for 3.1 million bpd of the increase. In a sign of extra supply heading to the market, the IEA said the amount of oil currently seaborne in September rose by 102 million barrels, which it called the largest increase since the COVID-19 pandemic, partly due to surging Middle East production. As well as OPEC+, supply growth next year will also come from outside producers such as the U.S., Canada, Brazil and Guyana, the IEA said. The IEA's view on the potential surplus is larger than that of others. A Reuters poll of analysts in September suggested the market could face an oversupply of 1.6 million bpd in 2026. OPEC, in contrast, expects world oil supply to closely match demand next year, because it sees a much slower rate of expansion from outside OPEC+ as well as stronger demand. (Reporting by Alex Lawler; Editing by Kirsten Donovan and Jan Harvey)

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(Reuters) -Goldman Sachs has informed employees of potential job cuts and hiring slowdown through the end of the year, according to an internal memo seen by Reuters, as the Wall Street giant aims to use artificial intelligence to enhance productivity. (Reporting by Ateev Bhandari in Bengaluru; Editing by Leroy Leo)

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By Sukriti Gupta and Twesha Dikshit (Reuters) – Wall Street's main indexes dipped on Tuesday as renewed concerns over a U.S.-China trade conflict dampened sentiment, while investors parsed results from big U.S. banks, which kicked off the third-quarter reporting season. BlackRock's assets under management hit a record $13.46 trillion and JPMorgan Chase raised its full-year forecast for net interest income after beating expectations for third-quarter profit. BlackRock's shares rose 0.7% in choppy trading, while JPMorgan dipped 4.1%. Goldman Sachs fell 4.6% despite beating Wall Street expectations for quarterly profit. Citigroup slipped 0.9% and Wells Fargo rose 2.9% after beating estimates for third-quarter profit. The S&P 500 banking index, which has outperformed the S&P 500 this year, dropped 1.4% despite strong results from major lenders. "The most important thing to think about is not the actual earnings, which in large part were better across the board … but all of them are also trading at or near all-time highs," said Art Hogan, chief market strategist at B Riley Wealth, on why many lenders' shares were lower despite reporting strong quarterly results. The earnings reports will help investors assess the impact of tariffs on corporate America and offer fresh clues on the economy at a time when major official data releases remain delayed due to an ongoing government shutdown. Investor focus will also be on Federal Reserve Chair Jerome Powell's speech at the NABE annual meeting for further insight into the U.S. central bank's monetary policy path. At 10:08 a.m. ET, the Dow Jones Industrial Average fell 321.93 points, or 0.70%, to 45,745.65, the S&P 500 lost 55.76 points, or 0.85%, to 6,598.96 and the Nasdaq Composite lost 305.14 points, or 1.34%, to 22,389.47. The S&P 500 tech sector lost 1.8%. Nvidia fell 3.5%. Broadcom tumbled 4.2% a day after it surged almost 10% on its partnership with OpenAI. The losses in tech stocks also weighed on the Nasdaq. The S&P 500 consumer discretionary stocks declined 1.3%, with Tesla down about 3%. Defensive play consumer staples rose 0.5%. Markets had rebounded in the previous session after President Donald Trump's conciliatory tone on trade tensions with China as well as Treasury Secretary Scott Bessent's comments that the U.S.-China meet later this month remained on track. On Tuesday, Washington and Beijing began charging additional port fees on ocean shipping firms after Trump's threat to impose additional 100% tariffs on Chinese goods on Friday over Beijing's rare earths export controls knocked Wall Street's main indexes off their record levels. Additionally, the International Monetary Fund edged up its 2025 global growth forecast on tariff shocks and financial conditions being more benign than expected, while warning that a renewed U.S.-China trade war could slow output significantly. Among other moves, U.S.-listed shares of Chinese companies fell. Alibaba Group and JD.com declined 3%, and 2.5%, respectively. Declining issues outnumbered advancers by a 1.59-to-1 ratio on the NYSE and by a 1.84-to-1 ratio on the Nasdaq. The S&P 500 posted eight new 52-week highs and seven new lows, while the Nasdaq Composite recorded 29 new highs and 76 new lows. (Reporting by Sukriti Gupta and Twesha Dikshit in Bengaluru; Editing by Maju Samuel)

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