Stocks traded along lower on Monday as investors digested mixed quarterly numbers from big banks like Goldman Sachs and Citigroup.
The Dow Jones Industrial Average decreased 88.14 points to 26,324.16
The S&P 500 settled 8.36 points to 2,899.05.
The NASDAQ Composite fell 36.09 points to 7,948.07
Goldman Sachs reported better-than-expected earnings as the bank kept compensation in check, but its revenue came in below analyst expectations as sales from its institutional clients division dropped by 18%. Shares of Goldman dropped 2.5%.
Meanwhile, Citigroup earnings topped expectations as the company repurchased more than $4 billion in stock. However, a 20% in its equity trading division contributed to a 2% fall in overall revenue, with disappointed analysts. Citigroup shares pulled back 1%.
Goldman Sachs and Citigroup released their earnings after J.P. Morgan Chase and Wells Fargo posted their results on Friday. J.P. Morgan Chase’s numbers lifted the broad market on Friday, with the Dow gaining more than 260 points. Wells, meanwhile, fell on a profit warning from its chief financial officer.
Despite the varied results from the big banks, the overall earnings season is off to a solid start. Of the companies that have reported, 85% have topped analyst earnings expectations
Other companies that reported quarterly earnings on Monday include Charles Schwab and M&T Bank. Schwab shares rose nearly 2%, but M&T Bank dipped 0.2%
Wall Street also pored through the latest news on the trade front. Treasury Secretary Steven Mnuchin said Sunday the U.S. is willing to take a penalty if it does not comply with a China trade deal once the two countries reach one. However, Mnuchin said Monday the two sides had a lot of work left ahead of them.
Prices for the benchmark 10-year U.S. Treasury were slightly higher, lowering yields to 2.55% from Friday’s 2.56%. Treasury prices and yields move in opposite directions
Oil prices sank 75 cents to $63.14 U.S. a barrel.
Gold prices plunged $2.90 to $1,292.30 U.S. an ounce.
