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Mid-Day Update: US Stocks Slump as Bank Earnings Help Drag Indexes Lower Monday


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US stocks slipped marginally Monday at midday after results from financial giants Goldman Sachs ( GS ) and Citigroup ( C ) failed to impress investors.

The Dow Jones Industrial Average fell 0.3%, weighed down by Goldman, which shed 3% after reporting revenue that fell short of Wall Street expectations. The S&P 500 also slumped 0.3% while the Nasdaq Composite Index surrendered 0.4%.

Financials, along with real estate, were helping drag the S&P 500 lower as earnings season again kicks in. Financials were off 0.9% as Citigroup fell 0.7% after reporting that investment banking, equity market and fixed income revenue fell.

In commodities, West Texas Intermediate crude oil futures fell 1% to $63.24 per barrel. Natural gas was down 2% to $2.61 per 1 million BTU. Gold futures slipped 0.3% to $1,291.80 an ounce, while silver fell fractionally to $14.94 an ounce.

Among energy ETFs, the United States Oil Fund was down 1% to $13.17 while the United States Natural Gas Fund was down 1.7% to $22.96. Among precious-metal funds, the Vectors Gold Miners ETF fell fractionally to $22.19 while SPDR Gold Shares slipped marginally to $121.73. The iShares Silver Trust was up about 0.1% to $14.06.

Here's where the markets stood at midday:

US MARKETS

NYSE Composite Index was down 23.67 points (-0.18%) to 12,945.87

Dow Jones Industrial Average was down 65.15 points (-0.25%) to 26,347.15

S&P 500 was down 7.98 points (-0.27%) to 2,899.43

Nasdaq Composite Index was down 28.60 points (-0.36%) to 7,955.56

GLOBAL SENTIMENT

FTSE 100 was down 6.16 points (-0.08%) to 7,430.90

DAX was up 14.26 points (+0.12%) to 12,014.19

CAC 40 was up 3.09 points (+0.06%) to 5,505.79

Nikkei 225 was up 298.55 points (+1.37%) to 22,169.11

Hang Seng Index was down 99.04 points (-0.33%) to 29,810.72

Shanghai China Composite Index was down 10.84 points (-0.34%) to 3,177.79

NYSE SECTOR INDICES

NYSE Energy Sector Index was down 23.94 points (-0.22%) to 10,906.99

NYSE Financial Sector Index was down 27.68 points (-0.35%) to 7,962.41

NYSE Healthcare Sector Index was up 57.16 points (+0.36%) to 15,737.11

UPSIDE MOVERS

(+) FCSC (+56.74%) Enters into collaboration with Castle Creek Pharmaceuticals to develop RDEB candidate

(+) PHUN (+7.70%) Enters into agreement with Endpoint IP to commercialize mobile patent portfolio

(+) NOV (+4.41%) Shares start to recover from Friday's sell-off

DOWNSIDE MOVERS

(-) APHA (-13.18%) Reports huge Q3 loss, Latin America charge

(-) TRNX (-14.63%) Water decontamination technology accepted by Florida Department of Environmental Protection

(-) ADS (-10.49%) Agrees to sell Epsilon business to Publicis Groupe for $4.4 billion

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.





This article appears in: Investing , Stocks
Referenced Symbols: GS , C




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