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16-Apr2019

US markets end marginally lower as bank earnings disappoint

The US markets ended marginally lower on Monday after earnings from Goldman Sachs Group Inc. and Citigroup Inc. underwhelmed amid concerns over the banking sector's health. The drop by Goldman Sachs comes after the company reported better than expected first quarter earnings but revenues that missed expectations. Shares of Citigroup (C) also closed just below the unchanged line even though the company reported first quarter earnings that exceeded analyst estimates. Nonetheless, traders seemed reluctant to make more significant moves ahead of the release of quarterly results from a slew of other big-name companies in the coming days. Bank of America (BAC), Johnson & Johnson (JNJ), IBM (IBM), Morgan Stanley (MS), PepsiCo (PEP), and American Express (AXP) are among the companies due to report their results this week.

On the economic front, after reporting an unexpected slowdown in the pace of growth in New York manufacturing activity in the previous month, the Federal Reserve Bank of New York released a report showing growth picked up somewhat in April but remained fairly subdued. The New York Fed said its headline general business conditions index climbed to 10.1 in April after falling to 3.7 in March, with a positive reading indicating growth in regional manufacturing activity. Street had expected the index to rise to 6.0. The bigger than expected increase by the headline index came as the new orders index rose to 7.5 in April from 3.0 in March. The shipments index also inched up to 8.6 from 7.7. On the other hand, the report said the number of employees index edged down to 11.9 in April from 13.8 in March, indicating modestly slower job growth. The prices paid index also slumped to 27.3 in April from 34.1 in March, while the prices received index slid to 14.0 from 18.1.

Dow Jones Industrial Average dropped 27.53 points or 0.10 percent to 26384.77, Nasdaq declined 8.15 points or 0.10 percent to 7976.01 and S&P 500 was down by 1.83 points or 0.06 percent to 2905.58.


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