Wall Street Ends Little Changed as Bank Earnings Split Investors

US stocks ended little changed near record levels on Tuesday as the first big batch of quarterly bank earnings produced mixed reactions, according to The Associated Press.

The S&P 500 slipped 1.79 points to 7,805.45. The Dow Jones Industrial Average fell 180.45 points, or 0.3%, to 51,670.10, and the Nasdaq composite lost 41.52 points, or 0.2%, to 27,204.38.

Bank Earnings

Wells Fargo dropped 3.1% after the bank reported weaker revenue than analysts expected, even though profit topped estimates. JPMorgan Chase finished 0.9% lower after swinging between gains and losses. Goldman Sachs also flipped between gains and losses after results, with market commentary noting its revenue of $18.68 billion beat expectations on strong equities trading.

Bumble jumped 56.6% after agreeing to a $1.3 billion all-cash buyout by Ithaca Holdings, at $6.05 per share. Memory-chip stocks including Micron, SanDisk and Western Digital weighed on the technology sector.

Treasury yields eased after oil prices fell earlier in the session, though crude later pared losses; WTI settled at $94.14 a barrel and Brent at $105.69, according to Investrade. Investors were also awaiting Wednesday’s US inflation data.

Sources: The Associated Press via BNN Bloomberg and 10TV; Investrade market review.

#businessnews