Stocks – Wall Street Falls After Mixed Bank Earnings

© Reuters.

Investing.com – Wall Street was lower on Monday as financial results from Goldman Sachs and Citi hurt sentiment about earnings season.

The lost 64 points, or 0.2%, by 9:51 AM ET (13:51 GMT) while the was down 5 points, or 0.2%, and the tech-heavy 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:) 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.

Citigroup (NYSE:) 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:) declining 1.3%, while Wells Fargo (NYSE:) lost 0.6% after the bank lowered its outlook for net interest income on Friday.

Meanwhile, Bed Bath & Beyond (NASDAQ:) was down 2.7% after news on Friday that it is planning to close around 40 stores.

Elsewhere, Nike (NYSE:) rose 1.1%, while Qualcomm (NASDAQ:) gained 0.6% and Waste Management (NYSE:) jumped 2.5% after news that it is buying Advanced Disposal in a $5 billion deal.

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

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t

Read More Here...

Bookmark the permalink.