The S&P 500 ends flat as investors await bank earnings

NEW YORK - The S&P 500 ended little changed on Thursday as growing anxiety over a global economic slowdown offset upbeat data and investors waited for earnings season to kick into high gear.

On the economic front, initial jobless claims dropped last week to their lowest level since 1969, while in March, producer prices made their biggest gain since October, according to separate reports from the U.S. Labor Department. But Carlson wonders if those estimates are overly pessimistic. “Does think earnings are going to be better than analysts think? We’ll get a first taste of that from the banks tomorrow.”

“I’m a bit surprised we’re seeing that kind of reaction to these proposals that for the time being aren’t going anywhere,” Carlson added. “Maybe it’s foreshadowing a change.”U.S. Steel Corp dropped 3.2% after Bank of America Merrill Lynch cut its rating on the stock to “underperform.” Peers AK Steel Holding Corp and Steel Dynamics Inc dropped 8.3% and 2.5%, respectively.

FILE PHOTO: Traders work on the floor at the New York Stock Exchange in New York, U.S., April 9, 2019. REUTERS/Brendan McDermid/File Photo

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