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Indexes down: Dow 0.70%, S&P 500 0.85%, Nasdaq 1.34%

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Wells Fargo ( WFC ) gains on Q3 profit beat

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Citigroup ( C/PN ) profit climbs on record revenue

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Fed Chair Powell to speak later in the day

(Updates after markets open)

By Sukriti Gupta and Twesha Dikshit

Oct 14 (Reuters) -

Wall Street's main indexes dipped on Tuesday as renewed

concerns over a U.S.-China trade conflict dampened sentiment,

while investors parsed results from big U.S. banks, which kicked

off the third-quarter reporting season.

BlackRock's ( BLK )

hit a record

$13.46 trillion and JPMorgan Chase ( JPM ) raised its

full-year forecast for net interest income after beating

expectations for third-quarter profit. BlackRock's ( BLK ) shares rose

0.7% in choppy trading, while JPMorgan ( JPM ) dipped 4.1%.

Goldman Sachs ( GS ) fell 4.6% despite

beating Wall Street expectations

for quarterly profit.

Citigroup ( C/PN ) slipped 0.9% and Wells Fargo ( WFC ) rose

2.9% after beating estimates for third-quarter profit.

The S&P 500 banking index, which has

outperformed the S&P 500 this year, dropped 1.4% despite strong

results from major lenders.

"The most important thing to think about is not the

actual earnings, which in large part were better across the

board ... but all of them are also trading at or near all-time

highs," said Art Hogan, chief market strategist at B Riley

Wealth, on why many lenders' shares were lower despite reporting

strong quarterly results.

The earnings reports will help investors assess the impact

of tariffs on corporate America and offer fresh clues on the

economy at a time when major official data releases remain

delayed due to an ongoing government shutdown.

Investor focus will also be on Federal Reserve Chair Jerome

Powell's speech at the NABE annual meeting for further insight

into the U.S. central bank's monetary policy path.

At 10:08 a.m. ET, the Dow Jones Industrial Average

fell 321.93 points, or 0.70%, to 45,745.65, the S&P 500

lost 55.76 points, or 0.85%, to 6,598.96 and the Nasdaq

Composite lost 305.14 points, or 1.34%, to 22,389.47.

The S&P 500 tech sector lost 1.8%. Nvidia ( NVDA )

fell 3.5%. Broadcom ( AVGO ) tumbled 4.2% a day after

it surged almost 10% on its partnership with OpenAI.

The losses in tech stocks also weighed on the Nasdaq.

The S&P 500 consumer discretionary stocks

declined 1.3%, with Tesla down about 3%. Defensive play

consumer staples rose 0.5%.

Markets had rebounded in the previous session after

President Donald Trump's conciliatory tone on trade tensions

with China as well as Treasury Secretary Scott Bessent's

comments that the U.S.-China meet later this month remained on

track.

On Tuesday, Washington and Beijing began charging additional

port fees on ocean shipping firms after Trump's threat to impose

additional 100% tariffs on Chinese goods on Friday over

Beijing's rare earths export controls knocked Wall Street's main

indexes off their record levels.

Additionally, the International Monetary Fund

edged up

its 2025 global growth forecast on tariff shocks and

financial conditions being more benign than expected, while

warning that a renewed U.S.-China trade war could slow output

significantly.

Among other moves, U.S.-listed shares of Chinese companies

fell. Alibaba Group and JD.com declined 3%, and

2.5%, respectively.

Declining issues outnumbered advancers by a 1.59-to-1 ratio

on the NYSE and by a 1.84-to-1 ratio on the Nasdaq.

The S&P 500 posted eight new 52-week highs and seven new

lows, while the Nasdaq Composite recorded 29 new highs and 76

new lows.