Wall Street goes down after mixed bank gains
On Monday, Wall Street headed south because financial outcomes from Goldman Sachs as well as Citi indicated a dismal earnings season.
As a matter of fact, the Dow tumbled by 0.2%. As for the S&P 500, it headed south by nearly 0.2%, while tech-heavy Nasdaq composite declined by 0.06%.
Earnings season looks like it’s going to disappoint following major bank outcomes earlier in the day. Eventually, Goldman Sachs Group decreased by 3% after its quarterly gain tumbled in almost all of its business divisions. Well, the bank managed to surpass expectations because of cutting costs.
Besides this, Citigroup slumped by 1.2% after it also posted decreasing gain, even as profits turned out to be higher than anticipated.
Other bank shares headed south, with Bank of America decreasing 1.3%. In addition to this, Wells Fargo tumbled by 0.6% due to the fact the financial institution reduced its outlook for net interest income on Friday.
Aside from that, Bed Bath & Beyond slipped by approximately 2.7%. It happened to be an outcome of Friday’s news that it’s about to have up to 40 stores closed.
Additionally, Nike managed to tack on by 1.1%. As for Qualcomm, it went up by about 0.6%, while Waste Management headed north by nearly 2.5% following news that it’s acquiring Advanced Disposal in a $5 billion deal.
Besides this, gold futures went down by about 0.6% concluding the trading session at $1,287.15 a troy ounce. Meanwhile, crude futures headed south by 0.6% hitting $63.50 a barrel.
Estimating the purchasing power of the evergreen buck versus a number of its primary peers the USD index was intact, sticking with 96.532.
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Market updates on June 18
Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.