The Dow Jones Industrial Average closed at 26,384.77 on Monday with a loss of -27.53 points or -0.10%. The S&P 500 closed at 2,905.58 for a loss of -1.83 points or -0.06%. The Nasdaq Composite closed at 7,976.01 for a loss of -8.15 points or -0.10%. The VIX Volatility Index was higher at 12.28 for a gain of 0.27 points or 2.25%.
Monday’s market movers
Stocks were lower Monday after Goldman Sachs and Citigroup shares fell. The two large banks added to key bank sector reports from JPMorgan and Wells Fargo on Friday. While Goldman and Citi both beat earnings per share estimates, investors were slightly disappointed overall. Goldman’s revenue fell short of the $8.89 billion expectation with revenue down across all of its major segments year-over-year. For Citigroup, investors were concerned about specifics including equity market losses, mark-to-market losses on loan hedges and the wind down of legacy assets.
In the banking sector, Charles Schwab (NYSE:SCHW) and M&T Bank (NYSE:MTB) also rounded out the day’s earnings reports with earnings beats. Returns for the reporting banks and S&P 500 financial sector were as follows:
After the opening bell, investors also digested news on some of the risks across the globe. Headlines reported that the U.S. and China are nearing a trade deal with loosened negotiations around China’s industrial subsidies, which has been a point of resistance from Beijing. The International Monetary Fund said global growth could improve through 2020, but several key risks still remain, with trade relations and Brexit negotiations at the top of the list.
Economic reports affecting market trading included the following:
The Treasury held auctions for three-month bills at a rate of 2.38% and six-month bills at a rate of 2.39%. The Treasury released its Treasury International Capital report, which showed Overall Net Capital Flows