The stock market decided to ignore some pretty good news on Tuesday, with major indexes trading lower despite JPMorgan Chase (JPM) delivering a solid earnings beat to kick off bank reporting season.

The Dow Jones dropped 0.66% to 49,264.22 after the opening bell, while the NASDAQ slipped 0.15% to 23,699.14. The S&P 500 wasn't having a great morning either, falling 0.24% to 6,960.41.

JPMorgan Delivers the Goods

JPMorgan Chase (JPM) reported fourth-quarter earnings that should have made investors happy. The banking giant posted earnings of $5.23 per share, comfortably ahead of the $4.92 consensus estimate. Revenue came in at $46.767 billion, also beating expectations of $46.024 billion.

Yet despite the upbeat numbers, financial stocks actually led the market lower, declining 1.7% for the session. That's the kind of trading day that makes you wonder what investors were expecting.

Sector Movements Tell Two Stories

Energy stocks decided to chart their own course, gaining 1.4% on Tuesday. Oil climbed 2% to $60.69, which probably helped explain the sector's enthusiasm.

Meanwhile, those financial stocks took the day's biggest hit with their 1.7% decline, proving once again that good earnings don't always translate to green candles.

Big Individual Stock Moves

Some companies had wild rides on Tuesday. Beyond Air Inc (XAIR) absolutely exploded, surging 153% to $2.22 after XTL Biopharmaceuticals agreed to acquire an 85% stake in its NeuroNOS subsidiary. Beyond Air stands to receive up to $32.5 million in upfront, development, and commercial milestone payments from the deal.

Ambitions Enterprise Management Co LLC (AHMA) jumped 105% to $10.80 following a year-over-year increase in its H1 earnings per share results. AlphaTON Capital Corp (ATON) also had a strong day, gaining 81% to $1.65.

On the downside, Signing Day Sports Inc (SGN) got hammered, dropping 55% to $0.26 after announcing a $5.6 million public offering. Rich Sparkle Holdings Ltd (ANPA) fell 27% to $68.16, while Mingteng International Corp Inc (MTEN) declined 29% to $0.054.

Commodities and Global Markets

Beyond oil's 2% rally, gold slipped 0.5% to $4,592.90. Silver moved higher, gaining 0.7% to $85.700, and copper edged up 0.4% to $6.0545.

European markets mostly tracked U.S. weakness. The eurozone's STOXX 600 fell 0.1%, while Spain's IBEX 35 dropped 0.2%. London's FTSE 100 slipped 0.1%, Germany's DAX declined 0.1%, and France's CAC 40 fell 0.4%.

Asian markets closed mixed earlier in the day. Japan's Nikkei surged 3.10% and Hong Kong's Hang Seng Index gained 0.90%, while China's Shanghai Composite fell 0.64% and India's BSE Sensex dropped 0.30%.

Economic Data

On the economic front, the NFIB Small Business Optimism Index climbed to 99.5 in December, marking its highest reading since August. That's a positive sign for Main Street sentiment heading into the new year.

The annual inflation rate held steady at 2.7% in December, unchanged from November. That consistency might be exactly what the Federal Reserve wants to see as it navigates monetary policy decisions.