The Spanish index is trading at 19,296 points with a rise of 0.05%, while investors digest the accounts of JP Morgan, Goldman Sachs, Citigroup, and Wells Fargo. The IMF warns of the risk of a sharp rise in bonds.
The Ibex 35 is up 0.05% at midday on this Tuesday, standing at 19,296 points, with a more moderate performance than the rest of the European markets, which are seeing slightly larger gains. The indices of the Old Continent are thus extending the gains from the previous session, according to bolsamania.com.
Within the Spanish index, Puig leads the gains, boosted by the results of Givaudan, followed by Sabadell, Logista, and Telefónica. On the negative side, Grifols is the stock that falls the most. In the Continuous Market, Berkeley is again seeing strong gains.
On the other side of the Atlantic, Wall Street closed on Monday with mixed results: the Dow Jones rose, while the S&P 500 and Nasdaq ended in the negative. The weakness in the tech sector led investors to reduce risks ahead of a results season with very high expectations.
In Asia, sales were strong overnight, especially among tech stocks, due to renewed doubts about the sustainability of investments in artificial intelligence. The Kospi in South Korea, heavily exposed to the sector due to the weight of Samsung Electronics and SK Hynix, plummeted 6%.
The pressure in the tech sector came after Broadcom's CEO, Hock Tan, warned of speculative behaviour among some investors in artificial intelligence. This is compounded by doubts about the effect of high bond yields on financing capital expenditure linked to AI and the growing Chinese competition in semiconductors, following the announcement of new advances in memory chips by ChangXin Memory Technologies.
The major event of the day has come from the United States with the publication of results from JP Morgan, Goldman Sachs, Citigroup, and Wells Fargo, along with other companies like UnitedHealth, which exceeded estimates and raised forecasts. This Wednesday it will be the turn of Morgan Stanley and Bank of America.
The consensus expects that the profits of the companies in the S&P 500 have grown by nearly 30% year-on-year in this quarter, according to FactSet, which sets the bar very high for the rest of the season.
Specifically, JP Morgan's profit increased by 6% in the third quarter of the 2026 fiscal year, reaching 15.305 billion dollars, although this represents a decline of 26% compared to the 21.155 billion from the previous quarter. Earnings per share stood at 5.57 dollars, below the 5.9 dollars expected by the market.
Goldman Sachs reported a net profit of 5.294 billion dollars, a 29% increase from the 4.098 billion in the same period last year. Earnings per share were 17.24 dollars (17.01 adjusted), above the 13.02 dollars estimated by consensus.
In Europe, investors are still focused on LVMH after its sales between January and September fell by 2%, to 57.1 billion, below expectations. The luxury company is down 1.5% in the stock market.
The International Monetary Fund (IMF) has warned this Tuesday of the risk of a sharp and disorderly increase in sovereign bond yields. In its latest Global Financial Stability Report, presented during the annual meetings of the IMF and the World Bank in Bangkok, the organisation identifies the main threats as rising inflation, high levels of public debt, and increasing financing needs related to artificial intelligence.
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