Wall Street's benchmark S&P 500 index closed up 0.5% on Tuesday but concerns about slowing economic growth stunted gains and the Dow dipped as bank stocks sank after warnings of current-quarter weakness while energy shares tumbled.

Market Snapshot

The Dow Jones Industrial Average fell 92.63 points, or 0.23%, to 40,736.96, the S&P 500 gained 24.47 points, or 0.45%, to 5,495.52 and the Nasdaq Composite gained 141.28 points, or 0.84%, to 17,025.88.

Market Movers

Tesla - The shares gained 4.6% on Tuesday. Tesla vehicle insurance registrations in China last week jumped sequentially, marking the company's third best weekly result in 2024 and propelling registration totals slightly above last year's total.

Bloomberg reported Tuesday the European Union will tweak its additional tariff rates on China-made EVs, dropping the tariff on Tesla to under 8% vs. a prior downward revision to 9%. That's on top of an existing 10% tariff. Chinese EV makers face higher additional tariffs.

Meanwhile, Deutsche Bank analyst Ed Yu late Monday resumed coverage of Tesla with a buy rating and 295 price target.

Oracle - Oracle rose 11.4% after the enterprise software company postedbetter-than expected fiscal first-quarter adjusted earnings, and revenue of $13.31 billion topped estimates of $13.23 billion. Oracle said revenue from cloud services and license support rose 7% from a year earlier to $10.52 billion and beat predictions of $10.47 billion. The company also announced a multi-cloud partnership with Amazon.com’s Amazon Web Services.

Rubrik - Rubrik declined 1.5%. The data-security software company reported a narrower-than expected fiscal second-quarter loss and boosted its fiscal-year outlook after revenue in the quarter of $205 million jumped 35% from a year earlier and beat analysts’ estimates of $196.1 million.

Apple - Apple finished Monday’s session slightly higher after the tech giant unveiled the iPhone 16 with artificial-intelligence capabilities. The “Apple Intelligence” tools include such things as an improved Siri voice assistant and text-generation and photo-editing. Apple CEO Tim Cook said the new iPhones would be the first “designed from the ground up for Apple Intelligence and its breakthrough capabilities.” Then on Tuesday, theEuropean Court of Justiceupheld an order for Ireland to recoup up to €13 billion ($14.35 billion) plus interest in taxes from Apple. The stock fell 0.4%.

Trump Media & Technology - Trump Media & Technology Group, the parent company of the Truth Social platform, was up 3.3% ahead of thefirst debate between Trump and Harrison Tuesday evening.

Hewlett Packard Enterprise - Hewlett Packard Enterprise declined 8.5% after beginning a public offering of$1.35 billion of Series C mandatory company convertible preferred stockto help fund its purchase of Juniper Networks.

Ally, Capital One, Synchrony - Bank stocks had been rising following news that an increase in regulators’ capital requirements would be slimmer than anticipated, but turned lower after Ally Financial said that consumers were under stress, causing its stock to tumble 17.6%. Other regional banks declined—Capital One Financial fell 3.2% and Synchrony Financial was down 4.2%.

Goldman Sachs, JPMorgan Chase - Goldman Sachs was down 4.4% after CEO David Solomon said he expects thebank’s trading revenueto fall 10% in the third quarter from a year earlier. JPMorgan Chase dropped 5.2%.

Mission Produce - Mission Produce, the avocado producer, rose 21.5% after reporting a 24% jump in fiscal third-quarter revenue.

Boot Barn - Boot Barn jumped 9.9% after the Western-wear retailer issued preliminary sales data for the second quarter, saying same-store sales rose 4% in the 10 weeks of the quarter ending Sept. 30, better than estimates that called for a decline of 0.1% in the period.

GameStop - GameStop fell 3.3% ahead of its quarterly earnings report scheduled for after the closing bell.

Market News

Trump, Harris Prepare to Face Off in Pivotal Debate

Donald Trump and Kamala Harris enter Tuesday’s debate in search of the same goal – a moment that will help them gain the edge in a race polls show is essentially tied.

The challenges each faces to secure that edge are starkly different as they take the stage in Philadelphia in potentially their only face-to-face showdown with less than two months until Election Day.

Trump in his third run for the presidency is a well-defined, albeit polarizing figure, for voters. Some allies want to see him focus on policy and avoid personal attacks, holding out hope he can demonstrate presidential behavior and ease concerns among voters over returning the former president and now convicted felon to power.

GameStop Reports Fall in Revenue, Files for 20 Mln Share Offering

GameStop said on Tuesday it had filed for an offering of up to 20 million shares, sending its stock down about 10% in extended trading after the videogame retailer's second-quarter revenue fell as consumers continued to switch to online buying.

The company, which has been at the center of a "meme stock" trading frenzy, is struggling with declining sales in its primary business of selling new and used video game discs due to a shift to digital downloads, game streaming, and e-commerce shopping.

GameStop said it intends to use the proceeds from the offering "for general corporate purposes, which may include acquisitions and investments in a manner consistent with our investment policy."

The company is also identifying stores for closure and expects to shut down more outlets than it did in the past few years, it said on Tuesday, in-line with comments made by CEO Ryan Cohen in June.