Earnings in Focus. Stocks ended the day with mixed results, with all three major indexes finishing not far from the flat line. Corporate earnings came into focus this week, led by major banks and Delta Air Lines (ticker: DAL). A day ahead of the signing of an initial U.S.-China trade deal, the Treasury Department officially dropped the “currency manipulator” label against China. At the same time, the House will vote on Wednesday to send the impeachment charges against President Donald Trump to the Senate, which expects to start the trial next Tuesday. GameStop stock (GME) plunged after the company reported soft holiday sales. Visa (V) said it’s buying fintech company Plaid for $5.3 billion. In today’s After the Bell, we…
look at the good and bad in big bank earnings; check on the latest inflation data; and wonder if tariffs on Chinese imports will be rolled back, and if trade will pick up.
Bully for Banks
All three major indexes closed in the black on Monday. The Dow Jones Industrial Average edged up 32.62 points, or 0.11%, to close at 28,939.67. The S&P 500 slipped 4.98 points, or 0.15%, to end at 3283.15, and the Nasdaq Composite lost 22.60 points, or 0.24%, to close at 9251.33.
Big banks kicked off the fourth-quarter earnings season with an upbeat note. JPMorgan Chase (JPM) and Citigroup (C) stock both rose on Tuesday after the banks posted earnings that beat Wall Street expectations. The strong growth was fueled by their investment banking units as well as a surge in fixed-income trading. Consumer trends and credit quality also remain positive