Citigroup Stock and JPMorgan Are Gaining. Apple and Amazon Are Rising. The Dow Is Still Falling.

The Dow Jones Industrial Average looks set to dip on Tuesday even as the Nasdaq Composite looks ready to rise again, as optimism around tech stocks like Apple (ticker: AAPL) and Amazon.com (AMZN) outweigh earnings from JPMorgan Chase (JPM) and Citigroup (C).

Dow futures have fallen 111 points, or 0.4%, while S&P 500 futures have dipped 0.1%, and Nasdaq Composite futures have gained 0.8%.

Global stocks lost momentum after a trial of a key coronavirus vaccine was paused. Asian stocks saw muted moves, with the Nikkei 225 rising 0.2% and indexes for China, India and South Korea hugging the flat line.

In Europe, the German DAX fell 0.7% and the French CAC 40 lost 0.4%.

It is a reversal from Monday, when stocks jumped on little news during a light Columbus Day holiday, with the technology-heavy Nasdaq rallying 2.6% to its third-highest close in history. But futures were lower as Johnson & Johnson (JNJ) on Monday night paused its trial of a coronavirus vaccine after an unexplained illness.

It isn’t uncommon for drugmakers to pause trials in this way, and so far the pause isn’t the more serious clinical hold.

“Investors’ risk appetite is on hold today following delays and difficulties in the development of a vaccine from Johnson & Johnson, while infection numbers keep on increasing everywhere,” said Pierre Veyret, technical analyst at ActivTrades. He added investors are acting cautiously ahead of earnings results and after the rally on Monday.

Citigroup stock has gained 2.2% after the bank reported better-than-expected earnings, while JPMorgan has risen 1.7% after an earnings beat of its own. Both companies reported relatively low loan-loss reserves.

Apple stock has gained 1.6% ahead of its iPhone launch at 1 p.m. Eastern time. Amazon.com stock has advanced 1.3% as its Prime Day event begins.

Walt Disney (DIS) stock has gained 4.2% after announcing a restructuring of its media division to focus on its streaming business. The announcement comes after activist investor Dan Loeb called for the company to eliminate its dividend and use the money to build that business.

Exelon (EXC) has risen 3.6% after Bloomberg reported that the utility is looking to sell its nuclear business and other assets.

Micron Technology (MU) is up 2.7% after getting upgraded to Buy from Hold at Deutsche Bank.

American Airlines Group (AAL) has fallen 1.6% after getting cut to Negative from Neutral at Susquehanna, while Alaska Air Group (ALK) has risen 0.7% after Susquehanna upgraded it to Positive from Neutral.

Exxon Mobil (XOM) has advanced 1% after getting upgraded to Neutral from Sell at Goldman Sachs.

Write to Ben Levisohn at Ben.Levisohn@barrons.com