Wells Fargo, Critical Metals rise premarket; General Motors slips

Investing.com - U.S. stock futures slid on Tuesday, pointing to some reversal in gains logged in the prior session, as investors assessed ongoing trade tensions between the U.S. and China as well as a slate of bank earnings and comments from Federal Reserve policymakers.

Here are some of the biggest premarket U.S. stock movers today:

• U.S. critical metals producers extended recent advances after China slapped further restrictions on the shipping industry, signaling the intransigence of the country’s trade spat with the United States. Critical Metals, USA Rare Earth, MP Materials, and Energy Fuels all surged.
• JPMorgan Chase has posted profit and adjusted revenue that topped expectations, thanks to a recovery in dealmaking following a tariff-induced stalling earlier this year, but CEO Jamie Dimon flagged job market weakness and other "complex forces" contributing to a murkier outlook.
• Wells Fargo reported better-than-expected third quarter earnings on Friday, with revenue growth across both consumer and commercial businesses driving shares up more than 3% in pre-market U.S. trading Tuesday.
• BlackRock reported better-than-expected results for the third quarter as assets under management (AUM) hit a new record on strong quarterly inflows. Shares were marginally lower premarket.
• Goldman Sachs posted third-quarter results that surpassed analyst expectations, but the bank’s shares still edged lower prior to the opening bell.
• Johnson & Johnson reported third-quarter earnings and revenue above analyst expectations, and announced it plans to spin off its orthopaedics business. The pharmaceutical giant’s shares were marginally lower.
• Cryptocurrency-connected stocks, including Coinbase Global and Marathon Digital, slid as risk appetite was dented by the flare-up in tensions between the U.S. and China.
• General Motors shares declined after the carmaker said it had incurred $1.6 billion in charges related to dialing back its electric vehicle production strategy, reflecting changes faced by the U.S. auto industry as the federal government’s support for EVs shows indications of waning.
• Polaris climbed after the group said it will move to convert its Indian Motorcycle unit into a standalone entity.
• Astria Therapeutics shares spiked following a temporary halt, after BioCryst said it plans to purchase the biophamaceutical firm.
• T-Mobile shares ticked higher after RBC upgraded its rating of the telecom operator to "outperform."