Sign up USA
Proactive Investors - Run By Investors For Investors
Markets

US benchmarks slip further into the red after banks report results

JP Morgan Chase and Citigroup were first of a batch of banks set to release third quarter results
Wall Street
Wall Street heading south
  • US stocks lower 

  • Dow Jones down 32 points; S&P off 4.3 points

  • US crude down but off-lows

The Dow Jones eased 32 points, down 0.14% at 22,841 while the S&P 500 lost 4.3 points at 2,551. Even the Nasdaq, which was earlier barely grasping at positive territory, lost the fight and and dipped 12 points to 6,592.

The TSX was also off, down 58 at 15.742. 

JP Morgan & Chase (NYSE:JPM) which reported market beating earnings and revenue, saw its shares fall 0.88% at US$95.99 while Citigroup Inc. (NYSE:C) which reported higher than expected numbers, also saw its shares ease 3.43% at US$72.37. Both banks reported a drop in trading revenue.

Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) are scheduled to release results on Friday, and were also lower, down 1.47% at US$25.45 and 0.81% at US$55.21 respectively. US crude eased 1.6%, off its earlier lows to US$50.50 after a US government report showed that domestic crude stockpiles fell for a third week in a row.

AT&T (NYSE:T) fell 5.7% at the wireless carrier said it lost 90,000 US video subscribers in the third quarter due to intense competition and the impact of the recent hurricanes.

The November West Texas Intermediate crude settled at US$50.60 a barrel, down 1.4% in New York, but off its earlier lows after the International Energy Agency reported Thursday that in September, the global oil supply rose while demand growth slowed.

MID-SESSION

The Dow Jones was off 6 points, down 0.02% at 22,867 while the S&P 500 lost 2 points at 2,554.17. Only the Nasdaq was still grasping at positive territory - but barely - up 4 poitns at 6,608.

The TSX was also off 0.16% at 15,774.86.

JP Morgan & Chase (NYSE:JPM) which reported market beating earnings and revenue, saw its shares fall 0.70% at US$96.19 while Citigroup Inc. (NYSE:C) which reported higher than expected numbers, also saw its shares ease 2.32% at US$73.20. Both banks reported a drop in trading revenue.

Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) are scheduled to release results on Friday. US crude eased 1.6%, off its earlier lows to US$50.50 after a US government report showed that domestic crude stockpiles fell for a third week in a row.

Also, the International Energy Agency reported Thursday that in September, the global oil supply rose while demand growth slowed. 

OPEN

US benchmarks started in the red on Thursday, with the Dow Jones Industrial Index down over 25 to 22,848.

The Nasdaq shed 7.54 at 6,595, while the S&P 500 shed 4.05 at 2,551.

In the oil markets, US crude shed  1.93% to stand at US$50.31 a share.

Meanwhile, in Toronto, the TSX, the biggest index there, shed almost 37 points to stand at 15,763.

PREVIEW

Wall Street is indicating a lower open ahead of earnings from big banks, namely JPMorgan Chase & Co (NYSE:JPM) and Citigroup Inc.(NYSE:C).

The US stock futures is showing the S&P is heading down 0.17% at 2,548.75 while the Nasdaq is also indicating a south trend, down 0.13% at 6,074.75. The Dow futures is also trending lower 0.11% at 22,792.

In addition, the market will be watching the annual meeting of the International Monetary Fund and the World Bank which starts today.

That is not all, the fourth round of the North America Free Trade Agreement (NAFTA) talks are also currently taking place in Washington. Considering President Donald Trump has called the treaty the worst trade deal in US history, it will be interesting to see how this progresses.

 


No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © Proactiveinvestors.com, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use