The New York Stock Exchange ended in small decline Monday, weighted by the quarterly mixed figures of the banks Goldman Sachs and Citigroup.
The Wall Street index, the Dow Jones Industrial Average, fell 0.10% to 26,384.77 points, the Nasdaq, with strong technological color, 0.10% to 7,976.01 points and the broad index S & P 500 0.06% to 2,905.58 points.
At the opening equilibrium, the indices quickly began to lose ground as investors digested the results of the banks Goldman Sachs and Citigroup, before limiting their losses in the run-up to the close.
“Friday, we hoped for a surge in indices led by financial stocks” after the record results of JPMorgan Chase, said Gregori Volokhine of Meeschaert Financial Services.
But with the figures “frankly mediocre” Goldman Sachs (-3.82%) Monday, “we can say for the moment that there are winners and losers,” he said.
The prestigious US investment bank reported a 20% drop in net income and a 13% drop in sales.
Citigroup (-0.06%) for its part reported a slight increase in its net profit due to savings and a reduction in taxes, but also a decline in its turnover.
“The market has already incorporated the fact that the earnings season was not going to be fantastic in terms of profits,” commented Peter Cardillo of Spartan Capital. Analysts expect on average a decline in S & P 500 corporate profits of around 4.3% in the first three months of the year, according to FactSet. “But the results this morning highlight the fact that we could also have a problem with the turnover,” added Cardillo.
– Cancellations of cascading flights – But “the market can not go up to the sky indefinitely without any stimulus,” said Volokhine, pointing out that trading volumes were particularly weak at the moment. “If it can not find its inspiration in the financial sector, the most important thing now is to see if the tech sector can continue to play its leading role,” he added. In the bond market, the 10-year interest rate on US debt fell slightly around 20:35 GMT to 2.551% against 2.565% Friday at the close. Among other values of the day, Boeing (-1.10%) is facing a cascade of cancellations of flights by US airlines. One month after the 737 MAX fleet was shut down following two closely related tragedies, American Airlines (-2.71%) announced Sunday that it had canceled about 115 flights a day during its summer flying program. United Airlines, which operates 737 MAX 9s, for its part said it has used so far “iconoclastic solutions” to avoid canceling many flights but have no choice for the summer. Its parent company United Continental sold 1.13%. A major merger and acquisition operation in the waste management sector was welcomed: Advanced Disposal Services jumped 17.87% after the announcement by Waste Management (+ 2.43%) of its acquisition for about $ 3 billion.Tesla fell 0.49% as his boss Elon Musk again tweeted about future production, saying the group would produce more than 500,000 vehicles within 12 months. Mr. Musk had however attracted the wrath of the financial markets gendarme in February when he had tweeted that the manufacturer of electric vehicles would produce 500,000 cars in 2019, information rectified a few hours later.
Nike appreciated by 0.68% in the wake of the historic victory of its ambassador Tiger Woods at the Augusta Masters, one of the most prestigious golf tournaments in the world.
US consumer electronics distributor Best Buy fell 0.45% after the announcement of the arrival in June of Corie Barry, currently CFO of the company, to the position of general manager. The current CEO, Hubert Joly of France, will become Executive Chairman of the Board.
The American Stock Exchange will be closed for the Easter holidays.