Stocks are drifting on Wall Street Wednesday following a mixed set of earnings reports from some of the country’s biggest banks
October 14, 2020, 3:44 PM
• 5 min read
NEW YORK — Stocks are drifting on Wall Street Wednesday following a mixed set of earnings reports from some of the country’s biggest banks.
The S&P 500 is swinging between small gains and losses and was down 0.1% in midday trading, a day after it broke a strong four-day winning streak. The Dow Jones Industrial Average slipped 0.1%, or 27 points, to 28,652, as of 11:30 a.m. Eastern time, and the Nasdaq composite was down 0.1% after losing an earlier gain of 0.6%.
Trading in stock markets overseas was also subdued as coronavirus counts climb around the world, raising the risk of more government restrictions on businesses. In the United States, meanwhile, the odds of a big support package for the economy from Washington in the near term continue to diminish. Treasury yields were down, while prices for crude oil and gold were up.
This week’s kick-off to earnings reporting season is also painting a mixed picture for investors.
Big banks are traditionally the first companies to tell investors how much profit they made in the prior quarter, and Bank of America and Wells Fargo fell to some of the sharpest losses in the S&P 500 following their reports. Bank of America sank 3.8% after its revenue fell short of analysts’ forecast, while Wells Fargo dropped 5.1% after its earnings were