US: Wall Street slips as bank earnings disappoint

[NEW YORK] Wall Street lost ground on Monday, dragged down by financials as underwhelming bank earnings curbed investor enthusiasm.

Goldman Sachs dipped 3.8 per cent after the investment bank's first quarter revenue came in below analyst expectations.Citigroup Inc posted higher-than-expected earnings as cost-cutting offset falling revenues. Its shares ended the session nominally lower, dropping 0.1 per cent."We're coming off of a strong week last week," said Joseph Sroka, chief investment officer at NovaPoint in Atlanta.

Bank of America Co, Morgan Stanley, Netflix Inc, Johnson & Johnson, Textron Inc, Honeywell International Inc, Schlumberger NV and American Express Co are among the closely-watched earnings expected this holiday-shortened week. "It's a net positive," Mr Stovall said."The president wants to get some sort of deal signed so he can move on."

Boeing Co slid 1.1 per cent after US President Donald Trump tweeted that the planemaker should fix and"rebrand" its 737 MAX jet.

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