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.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wall Street opens lower on worries over trade, earningsWall Street's main indexes opened lower on Tuesday, as trade concerns resurfaced and investors braced for the first quarterly earnings contraction ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

US: Wall Street opens lower on worries over trade, earnings[NEW YORK] Wall Street's main indexes opened lower on Tuesday, as trade concerns resurfaced and investors braced for the first quarterly earnings contraction since 2016. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Wall Street bull run hinges on earningsNEW YORK: Optimism that the United States and China will soon reach a trade deal has helped propel stocks close to new highs, but the decisive ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Wall Street ekes out slight gains at open, earnings awaitedU.S. stocks opened marginally higher on Thursday, as investors assessed warnings from major central banks about a global slowdown and looked ahead ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Wall Street flat as growth worries persist; banks gain ahead of earningsU.S. stocks opened marginally higher on Thursday, as investors assessed warnings from major central banks about a global slowdown and looked ahead ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Wall Street dips ahead of big bank earningsU.S. stocks opened marginally higher on Thursday, as investors assessed warnings from major central banks about a global slowdown and looked ahead ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »