Yahoo Finance Stocks - Wall Street Flat After Bank Earnings Miss
Investing.com – Wall Street was flat on Monday as disappointing earnings from JPMorgan offset news that China is pursuing stimulus measures to ease the impact of the trade war.
The S&P 500 rose 12 points, or 0.5%, as of 9:40 AM ET (14:40 GMT), while the Dow increased 26 points, or 0.11%, and the tech-heavy Nasdaq Composite gained 65 points, or 0.95%.
JPMorgan Chase (NYSE:JPM) slumped 1.5% after the biggest U.S. bank reported a lower-than-expected rise in profit and revenue due to bond trading weakness. Wells Fargo (NYSE:WFC) was down 2.33% after it reported a decline in revenue, but beat on its earnings estimates.
On the trading front, China signaled more stimulus measures in response to an unexpected fall in the country's exports in December. The measures should help ease investor worries over slowing global growth. Meanwhile, U.S. President Donald Trump said on Monday he thought a trade deal with China was possible.
Pacific Gas & Electric (NYSE:PCG) plunged 37%, while Bank of America (NYSE:BAC) fell 0.6% and Goldman Sachs (NYSE:GS) dipped 0.75%.
Elsewhere, technology stocks rose, with Facebook (NASDAQ:FB) up 2.9%, Apple (NASDAQ:AAPL) increasing 0.67% and Tesla (NASDAQ:TSLA) gaining 1.08%. Delta Air Lines (NYSE:DAL) jumped 1.55% after it posted in-line revenue for its fourth quarter.
In commodities, gold futures rose 0.18% to $1,293.65 a troy ounce and crude oil increased 2.2% to $51.61 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.21% to 95.40.
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