Lackluster Bank Earnings Pressure U.S. Markets
Earnings from GS and C were in focus today
U.S. markets suffered today, kicking off the holiday-shortened week on a negative note. The Dow and S&P 500 closed lower on the back of disappointing big bank earnings from the likes of Goldman Sachs (GS) and Citigroup (C), while the Nasdaq joined its peers in the red. Looking ahead, investors are eyeing another round of notable earnings releases tomorrow, and a potential update on U.S.-China trade talks following Treasury Secretary Steven Mnuchin's comment that the two are "getting very close" to a deal.
Continue reading for more on today's market, including:
This weed stock just had its worst day of 2019. Call traders swiped right on Match stock. A pre-earnings look at Johnson & Johnson.Plus, the streaming stock hit by Amazon rumors; the FAANG stock flashing a buy signal; and C-suite shake-up drops Best Buy stock.The Dow Jones Industrial Average (DJI - 26,384.77) shed 27.5 points, or 0.1%. UnitedHealth (UNH) led the 16 advancing blue chips, adding 3.1%. Meanwhile, GS paced the 14 losers with a 3.8% drop.
The S&P 500 Index (SPX - 2,905.58) lost 1.8 points, or 0.06%, while the Nasdaq Composite (IXIC - 7,976.01) let go of 8.2 points, or 0.1%.
The Cboe Volatility Index (VIX - 12.32) added 0.3 point, or 2.6%.
5 Items on our Radar Today
Paris' iconic Notre Dame Cathedral broke out in a massive fire today, causing its famous spire structure to collapse. The official cause remains unknown, but the nearly 1,000-year-old cathedral has been undergoing structural repair. U.S. President Donald Trump was quick to respond, suggesting that "flying water tankers" could subdue the blaze. (MarketWatch)Adding to the longevity and repercussions of Boeing's (BA) 737 Max 8 grounding, United Airlines extended cancellations of the aircraft to early July from June. American Airlines (AAL) has pushed cancellations even further, halting all 737 Max 8 flights through Aug. 19. (CNBC) Amazon has become a major threat to this streaming name. This FAANG stock flashed a buy signal before earnings. Best Buy shares fell on CEO shake-up.
Data courtesy of Trade-Alert
Oil, Gold Retreat
Oil ended the day in the red, on reports a Russian official voiced concern over the country's participation in the Organization of the Petroleum Exporting Countries' (OPEC) production cuts. May-dated crude futures dropped 49 cents, or 0.8%, settling at $63.40 per barrel.
U.S.-China trade progress sent gold lower. June-dated gold closed down $3.90, or 0.3%, at $1,291.30 per ounce -- its lowest settlement in over a week.