(Recasts with preliminary close of trading)

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Wells Fargo ( WFC ) advances on Q3 profit beat

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Citigroup ( C/PN ) profit climbs on record revenue

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Industrial stocks lift Dow

By Sukriti Gupta and Noel Randewich

Oct 14 (Reuters) - Wall Street ended mixed on Tuesday as

investors digested mostly positive quarterly results from big

U.S. banks, comments from Federal Reserve Chair Jerome Powell

and an ongoing U.S.-China trade war.

A slew of major lenders reported solid results on strong

performance in the investment banking segment, helping the S&P

500 banking index rally.

Wells Fargo ( WFC ) surged and was on track for its best day

in six months and Citigroup ( C/PN ) also jumped after both lenders

beat estimates for third-quarter profit.

JPMorgan Chase ( JPM ) raised its full-year forecast for net

interest income and Goldman Sachs ( GS ) beat Wall Street

expectations for quarterly profit. However, shares of JPMorgan ( JPM )

and Goldman Sachs ( GS ), which have outperformed most rivals this

year, both fell.

BlackRock's ( BLK ) assets under management hit a record $13.46

trillion, lifting its shares.

The S&P 500 moved lower after U.S. President Donald Trump said

Washington was considering terminating some trade ties with

China, including in relation to cooking oil.

That came after the two countries began charging additional port

fees on ocean shipping firms that move everything from holiday

toys to crude oil.

Global equities were shaken on Friday after Trump threatened

100% tariffs on Chinese goods after Beijing imposed controls on

the export of rare earth minerals, although he softened his tone

over the weekend.

"The market is really struggling with where this shakes

out," said Ross Mayfield, an investment strategist at Baird

Private Wealth Management. "If the (Trump) administration feels

like ramping up these tensions again, the market looks pretty

expensive right now for that sort of fight, especially if 100%

tariffs and other measures are back on the board."

The U.S. labor market remained mired in its low-hiring,

low-firing doldrums through September, though the economy

overall "may be on a somewhat firmer trajectory than expected,"

Powell said in remarks prepared for delivery at a National

Association for Business Economics conference.

According to preliminary data, the S&P 500 lost 9.73

points, or 0.15%, to end at 6,644.38 points, while the Nasdaq

Composite lost 175.76 points, or 0.77%, to 22,518.84.

The Dow Jones Industrial Average rose 205.41 points, or

0.45%, to 46,272.99.

Walmart ( WMT ) rose after the retailer said it was partnering

with OpenAI to enable customers and Sam's Club members to shop

directly within ChatGPT.

Gains in industrial stocks supported the Dow. Caterpillar ( CAT )

jumped after JP Morgan raised its price target on the

stock.

The International Monetary Fund marginally lifted its 2025

global growth forecast, as tariff shocks and financial

conditions have proven more benign than expected, while warning

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

significantly.