Stocks Rebound Slightly After Fed Remarks But Banks Report Mixed Earnings

The Dow snapped a 6-day losing streak and gained 0.2% on Tuesday following hawkish comments from Fed Chair Powell, who said high interest rates may persist for longer than expected.

Several major banks reported earnings. UnitedHealth beat estimates but said it expects a $1.6B hit from a cyberattack. Bank of America profits dropped 18% as revenue weakened.

Morgan Stanley stock rose as profits topped expectations. BNY Mellon also beat while Johnson & Johnson missed revenue forecasts.

Yields jumped after Powell said confidence in taming inflation would likely "take longer than expected." The 10-year Treasury yield climbed to around 4.66%.

The DOJ is reportedly preparing an antitrust lawsuit against Live Nation, the parent of Ticketmaster, by next month over allegations it has leveraged its dominance to harm competitors.