The S&P 500 traded near the flatline on Tuesday, with traders digesting a slew of corporate earnings reports from major banks along with a steep overnight decline in South Korea that put pressure on memory chip names.

The S&P 500 was little changed on the day, while the Nasdaq Composite dropped 0.1%. The Dow Jones Industrial Average slipped 135 points, or 0.3%, lower, giving back an earlier gain. At its high of the day, the 30-stock index was up more than 460 points.

JPMorgan Chase reported third-quarter earnings and revenue that missed analyst expectations, but the bank raised its net interest income guidance for 2026. Shares were last little changed on the day. Wells Fargo shed 2% on mixed Q3 numbers, while Goldman Sachs rose slightly after its revenue for the third quarter surpassed expectations.

"These banks still reported strong numbers, it's just that expectations were high, and higher expectations is a risk for companies across the board during this current earnings season," said Rebecca Walser, chief investment officer at Walser Wealth Management.

UnitedHealth , meanwhile, was marginally higher after the insurance giant's results exceeded analyst expectations.

The early reports could set the tone for an earnings season with lofty expectations. Analysts on average expect S&P 500 profits grew by nearly 30% from the year-earlier period, according to FactSet.

Memory stocks were under pressure after South Korea's Kospi benchmark dropped 5.5% — reaching its lowest level since July 31 — on valuation concerns in the space along with growing competition out of China. This week, China's CXMT said it plans to release a new, more powerful chip by year-end.

SK hynix slipped nearly 4%. Seagate Technology and Western Digital lost 2%. Micron Technology and Sandisk fell almost 5% and more than 2%, respectively.