11:44 AM EDT, 10/15/2024 (MT Newswires) -- All three major US stock indexes were down in late-morning trading Tuesday as earnings season rolls on.

In company news, UnitedHealth Group ( UNH ) narrowed its full-year earnings outlook Tuesday amid a higher-than-expected impact from business disruptions associated with a cybersecurity incident earlier in the year. Adjusted earnings are now estimated to be between $27.50 and $27.75 per share for 2024, reflecting a lower top end compared to the company's previous guidance of $28. UnitedHealth ( UNH ) also reported Q3 adjusted earnings of $7.15 per diluted share, up from $6.56 a year earlier and above the Capital IQ consensus analyst estimate of $7.03. Third-quarter revenue was $100.82 billion, up from $92.36 billion in the year-ago period and above the consensus estimate of $99.28 billion. Shares of UnitedHealth ( UNH ) were down 7% around midday.

Nvidia ( NVDA ) , AMD (AMD) and other companies may face country-specific caps on the export of advanced AI chips, as US government officials have discussed implementing such limits in the interest of national security, Bloomberg reported Tuesday, citing unnamed sources. The move is aimed at limiting some countries' AI capabilities, with a focus on Persian Gulf nations that are showing an increasing interest in AI data centers, the sources reportedly told Bloomberg. Shares of Nvidia ( NVDA ) and AMD were down 5.1% and 4.7%, respectively.

Johnson & Johnson ( JNJ ) reported better-than-expected Q3 financial results Tuesday but lowered its full-year outlook amid costs associated with its recent acquisition of heart technology company V-Wave. The company now expects adjusted earnings between $9.88 and $9.98 per share for 2024, down from prior guidance of $9.97 to $10.07. For Q3, Johnson & Johnson ( JNJ ) reported adjusted net earnings of $2.42 per diluted share, down from $2.66 a year ago but above the Capital IQ consensus estimate of $2.21. Third-quarter sales were $22.47 billion, up from $21.35 billion a year earlier and above the consensus estimate of $22.17 billion. Shares of Johnson & Johnson ( JNJ ) were up 1.6%.

Bank of America ( BAC ) reported Q3 earnings Tuesday of $0.81 per diluted share, down from $0.90 a year earlier but above the Capital IQ consensus analyst estimate of $0.76. Third-quarter total revenue was $25.35 billion, up from $25.17 billion in the year-ago period and above the Capital IQ consensus estimate of $25.23 billion. Consolidated net interest income is expected to grow to $14.3 billion in Q4 on a fully tax equivalent basis, according to Chief Financial Officer Alastair Borthwick. Bank of America ( BAC ) shares were up 2%.

The Goldman Sachs Group ( GS ) reported Q3 earnings Tuesday of $8.40 per diluted share, up from $5.47 a year earlier and above the Capital IQ consensus analyst estimate of $6.92. Third-quarter net revenue was $12.70 billion, up from $11.82 billion a year ago and above the consensus estimate of $11.76 billion. Goldman Sachs ( GS ) shares were down 1%.

Citigroup ( C ) reported Q3 earnings Tuesday of $1.51 per diluted share, down from $1.63 a year earlier but above the Capital IQ consensus analyst estimate of $1.31. Third-quarter revenue was $20.32 billion, up from $20.14 billion a year earlier and above the consensus estimate of $19.82 billion. Citigroup ( C ) shares were down 3.2%.

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