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.

Citigroup Inc posted higher-than-expected earnings as cost-cutting offset falling revenues. Its shares ended the session nominally lower, dropping 0.1per cent. 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.

The Dow Jones Industrial Average fell 27.53 points, or 0.1per cent, to 26,384.77, the S&P 500 lost 1.83 points, or 0.06per cent, to 2,905.58 and the Nasdaq Composite dropped 8.15 points, or 0.1per cent, to 7,976.01.Financials were the biggest percentage losers, closing down 0.6per cent and snapping their three-day winning streak.

Lyft Inc extended its slide, falling 6.3per cent. The ride-hailing platform, which had its market debut in March, is now trading about 22per cent below its US$72 offer price.

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