US stocks fall amid earnings

Oct 13, 2020 (MENAFN via COMTEX) —

(MENAFN – IANS) New York, Oct 14 (IANS) US stocks finished lower on Tuesday as investors digested a slew of earnings reports.

The Dow Jones Industrial Average decreased 157.71 points, or 0.55 per cent, to 28,679.81. The S&P 500 fell 22.29 points, or 0.63 per cent, to 3,511.93. The Nasdaq Composite Index was down 12.36 points, or 0.10 per cent, to 11,863.90, Xinhua news agency reported.

Nine of the 11 primary S&P 500 sectors closed lower, with financials down 1.86 per cent, leading the laggards. Communication services rose 0.35 per cent, the best-performing group.

US-listed Chinese companies traded mostly lower, with seven of the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on a downbeat note.

Earnings season kicked off this week with banks among the first to report.

JPMorgan Chase reported third-quarter earnings on Tuesday that beat market consensus as a rebound in global markets lifted the bank’s trading revenue. However, its shares closed down 1.62 per cent.

Shares of Citigroup slid 4.8 per cent despite it posting better-than-expected earnings.

Wall Street also cautiously eyed updates on negotiations concerning additional US coronavirus stimulus.

On the data front, US Consumer Price Index increased 0.2 per cent in September on a seasonally adjusted basis after rising 0.4 per cent in August, the US Bureau of Labor Statistics reported Tuesday.

The reading was roughly in line with market consensus.

–IANS

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