Investing.com – Stocks ended little changed on Monday as Goldman Sachs led banking stocks down following mixed quarterly results.
The lost 0.06% and the fell 0.1%. The slipped 0.1%.
Goldman Sachs (NYSE:) reported earnings that beat on the bottom line, but revenue , sending shares down nearly 4%.
Analysts at Evercore said that investors are likely to take the show-me approach on Goldman for the rest of the year.
Citigroup (NYSE:) also reported . Earnings topped expectations, but weaker-than-expected equity trading performance weighed on overall revenue, which missed estimates from Investing.com. Its shares ended the day a tad lower.
Bank of America (NYSE:) and Morgan Stanley (NYSE:), which report earnings on Tuesday and Wednesday, respectively, ended 1% lower.
Beyond earnings, falling energy stocks also weighed on the broader market as U.S. oil prices settled lower. Russia’s finance minister said Russia and OPEC may decide to boost production to protect market share amid a ramp-up in output.
Elsewhere, American Airlines (NASDAQ:) fell 2.7% after extending the cancellation of its Boeing 737 Max 8 flights from June until mid-August. The move comes as 737 Max jets were grounded worldwide following two deadly crashes in recent months. Southwest Airlines (NYSE:) and United Continental (NASDAQ:) also ended the day lower.
Boeing (NYSE:) fell 1% with U.S. President Donald Trump tweeting that the aircraft maker should upgrade and rebrand its troubled jet.
In a sign of investor skittishness, defensive corners of the market like consumer staples and health care provided some respite.
A slump in shares of Electronic Arts (NASDAQ:), meanwhile, weighed on the communication services sector, even as Piper Jaffray’s Michael Olson said company’s rollout of its hit game Apex Legends saw its minutes on Twitch more than triple in first quarter of this year from fourth quarter last year.