Investing.com – Wall Street was lower on Monday as financial results from Goldman Sachs and Citi pointed to a weak 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 tech-heavy slipped by 4 points or 0.06%.
Earnings season looks like it will disappoint after key bank results earlier in the day. Goldman Sachs Group (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.
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