NEW YORK — Wall Street's biggest banks delivered a split verdict Tuesday as third-quarter earnings season opened, with Goldman Sachs posting a blowout quarter while JPMorgan Chase came in short of expectations despite solid underlying growth.

JPMorgan reported net income of $15.3 billion and diluted earnings per share of $5.57, below Wall Street's roughly $5.90 estimate, according to the bank's third-quarter earnings filing. Stripping out a $658 million net investment-securities loss, adjusted EPS was $5.75. Net revenue still climbed 8% year-over-year to $50.2 billion, and investment-banking fees rose 14% from a year ago to $3 billion, even as they slipped 8% from the second quarter.

Goldman Sachs told a very different story. The bank's earnings release showed net revenues of $18.68 billion, up 23% from $15.18 billion a year earlier, and net earnings of $5.29 billion, up 29% from $4.1 billion. Diluted EPS came in at $17.01, well above last year's $12.25, pushing annualized return on equity to 18.7% — powered largely by trading and investment-banking activity.

Markets shrug, mostly

"THESE FORCES MAY BE MANAGEABLE, BUT WE REMAIN PREPARED FOR A WIDE RANGE OF OUTCOMES."

Goldman shares rose more than 4% in premarket trading on the results, while JPMorgan's stock held roughly flat despite the EPS miss. The Dow Jones Industrial Average gained about 0.7% on the session, helped along by the bank numbers, even as the S&P 500 and Nasdaq slipped on a separate selloff in semiconductor stocks. Wells Fargo and Citigroup also reported Tuesday morning; Wells Fargo chief executive Charlie Scharf said "consumers are spending more, loan delinquencies are low," pointing to the bank's card charge-off rate falling to 3.73% from 4.02% a year earlier.

JPMorgan chief executive Jamie Dimon struck a more cautious tone in the bank's earnings materials, saying "the U.S. economy continued to be fueled by strong business investment and ongoing consumer spending," but warning that "large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift under the surface." He added, "These forces may be manageable, but we remain prepared for a wide range of outcomes." More regional and consumer-focused banks report later this week, which investors will watch for signs of whether Tuesday's split holds across the sector.