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Wells Fargo reported third-quarter earnings of $1.66 a share, topping estimates of $1.55. Wells Fargo raised its target for return on tangible common equity to between 17% and 18%. Shares of the San Francisco-based bank rose 6.9%.
US stocks fell on Tuesday as Beijing escalated a long-standing trade dispute with Washington and the nation’s biggest banks reported third-quarter earnings.
Stocks jumped Monday after President Trump said "all will be fine" with China, easing investor fears about his threat to add a new 100% tariff on the country's imports.
Shares of U.S. rare earth miners rallied in premarket trade on Tuesday, extending sharp gains from the previous session.
The main indexes fell sharply in early trading on rising China tensions, but rebounded thanks to encouraging bank earnings.
The bank said it will make direct equity and venture investments of up to $10 billion in select companies in the new initiative.
Geopolitics has been a key risk factor in economic and financial trends this year, including companies engaged in mining and processing of rare earth elements.
SINGAPORE (Reuters) -Asian stocks tumbled on Tuesday, dogged by growing doubts over whether China and the U.S. could strike a tariff deal when the world's two largest economies meet later this month amid revived tensions over trade.
D-Wave Quantum and Rigetti Computing stocks surge over 3,000% as quantum computing industry grows toward 2030 commercial deployment targets.
One stock leaves competition in the dust, while the other is becoming a prominent player in AI.
The Defense Department is looking to expand missile production by two to four times, according to recent reports.
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