Wall Street Falls After Mixed Bank Earnings

Stock Market News


Wall Street was lower on Monday as financial results from Goldman Sachs and Citi hurt sentiment about earnings season. The Dow lost 64 points, or 0.2%, by 9:51 AM ET (13:51 GMT) while the S&P 500 was down 5 points, or 0.2%, and the tech-heavy Nasdaq composite slipped by 4 points, or 0.06%.

Earnings season looked less bullish than last week after key bank results earlier in the day. Goldman Sachs (NYSE:GS) slumped 3% after its quarterly revenue was down in nearly all of its business divisions. Still, the financial institution managed to beat expectations due to cutting costs.

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Citigroup (NYSE:C) fell 1.2% after it also reported declining revenue, even as earnings were higher than expected.

Other bank stocks were also down, with Bank of America (NYSE:BAC) declining 1.3%, while Wells Fargo (NYSE:WFC) lost 0.6% after the bank lowered its outlook for net interest income on Friday.

Meanwhile, Bed Bath & Beyond (NASDAQ:BBBY) was down 2.7% after news on Friday that it is planning to close around 40 stores. Elsewhere, Nike (NYSE:NKE) rose 1.1%, while Qualcomm (NASDAQ:QCOM) gained 0.6% and Waste Management (NYSE:WM) jumped 2.5% after news that it is buying Advanced Disposal in a $5 billion deal.

In commodities, gold futures slumped 0.6% to $1,287.15 a troy ounce while crude oil fell 0.6% to $63.50 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was mostly flat at 96.532.


One thought on “Wall Street Falls After Mixed Bank Earnings

  1. Pingback: Earnings In Focus: Bank of America, BlackRock, Johnson & Johnson And UnitedHealth – Stock Market News Today

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