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S&P 500, Nasdaq fall on tech selloff, mixed bank earnings | Malay Mail

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NEW YORK, July 14 — The S&P 500 and Nasdaq indexes fell in choppy trading today as investors digested a mixed bag of quarterly earnings reports from US lenders, with new business restrictions in California weighing on technology stocks. Largest US lender JPMorgan Chase & Co rose 2.2 per...

Traders and financial professionals work on the floor of the New York Stock Exchange ahead of the closing bell, June 21, 2019 in New York City. — AFP pic

However, Wells Fargo & Co tumbled 5.8 per cent after it posted a quarterly loss for the first time since the 2008 financial crisis. Citigroup Inc was also down 0.8 per cent as it reported a steep drop in quarterly profit.

Investors are bracing for what could be the sharpest drop in quarterly earnings for S&P 500 firms since the 2008 financial crisis, according to Refinitiv IBES data. At 10am ET, the Dow Jones Industrial Average was up 89.57 points, or 0.34 per cent, at 26,175.37, the S&P 500 was down 9.80 points, or 0.31 per cent, at 3,145.42. The Nasdaq Composite was down 98.43 points, or 0.95 per cent, at 10,292.41.

 

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