The stock market was divided on Tuesday as investors struggled to build momentum in early 2023 and weighed the latest earnings results.

Goldman fell about 6% after the bank’s announcement Worst revenue loss in a decade For the fourth quarter. Its results were pressured by declines in investment banking and asset management revenues. Meanwhile, rival Morgan Stanley reported better-than-expected numbers in part due to record wealth management revenue. Its shares rose 6%.

The results came after other major banks, JP Morgan and Citigroup, reported mixed quarterly results.

According to FactSet, the S&P 500 posted gains of about 7% through Tuesday morning. 70% of those companies beat expectations. United Airlines will report its quarterly results later in the day.

Wall Street is coming off a positive week to start the new year, but investors may have entered a hall of mirrors, according to Mike Wilson, chief U.S. equity strategist at Morgan Stanley.

“This year’s boom has been led by low quality and very low stocks. However, it has seen strong movement in cyclical stocks compared to defensive stocks. This move in particular has made investors feel they are missing something and need to be repositioned.” Wilson said.

“To be honest, it’s been a powerful shift, but we recognize that bear markets have a way of fooling everyone before they end,” he added. “We are not biting this particular head fake/bear market rally because our mission and process is very solid and we believe in it.”

Year-to-date, the Nasdaq composite is leading by 6% as investors bought beat-up tech stocks amid hopes of an improving landscape for growth stocks. The S&P 500 and Dow have advanced 4% and 2%, respectively, since the start of the year.

The gains came on the back of a first harvest of inflation-related data that investors saw as a sign of a contracting economy, with hopes that the Federal Reserve would justify cutting interest rates once again. Last week, the consumer price index for December showed a 0.1% cooling from the previous month, but prices were 6.5% higher than the same month a year ago.