Advertisement
Canada markets open in 7 hours 39 minutes

  • S&P/TSX

    21,885.38
    +11.66 (+0.05%)
     

  • S&P 500

    5,048.42
    -23.21 (-0.46%)
     

  • DOW

    38,085.80
    -375.12 (-0.98%)
     

  • CAD/USD

    0.7328
    +0.0005 (+0.07%)
     

  • CRUDE OIL

    83.92
    +0.35 (+0.42%)
     

  • Bitcoin CAD

    87,873.48
    +70.77 (+0.08%)
     

  • CMC Crypto 200

    1,388.49
    +5.91 (+0.43%)
     

  • GOLD FUTURES

    2,347.10
    +4.60 (+0.20%)
     

  • RUSSELL 2000

    1,981.12
    -14.31 (-0.72%)
     

  • 10-Yr Bond

    4.7060
    +0.0540 (+1.16%)
     

  • NASDAQ futures

    17,764.25
    +196.75 (+1.12%)
     

  • VOLATILITY

    15.37
    -0.60 (-3.76%)
     

  • FTSE

    8,078.86
    +38.48 (+0.48%)
     

  • NIKKEI 225

    38,005.68
    +377.20 (+1.00%)
     

  • CAD/EUR

    0.6828
    +0.0007 (+0.10%)
     

Stocks - Wall Street Flat As Investors Digest Bank Earnings Results

Investing.com

Investing.com – Wall Street was flat on Wednesday as concerns that lower interest rates will hit corporate bank earnings kept investors in check.

The Dow fell 19 points or 0.1% by 9:42 AM ET (13:42 GMT), while the S&P 500 was down half a point or 0.1% and the Nasdaq composite rose 4 points or 0.1%.

Bank of America (NYSE:BAC) was the latest to warn that falling interest rates will hit bank profits. Earnings from JP Morgan, Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) this week showed that upbeat retail banking results were offset by weak performance in investment banking, while lending margins suffered from a drop in long-term interest rates.

Bank of America (NYSE:BAC) executives warned that growth in net interest income could slow to 1% this year if the Federal Reserve cuts rates twice. JPMorgan (NYSE:JPM) said Tuesday that it assumes three rate cuts by the end of the year. BofA's stock was up 1% after it posted an 8% rise in net profit for the quarter.

ADVERTISEMENT

Expectations that the Fed will cut interest rates this year have helped push U.S. stock markets toward record highs.

Apple (NASDAQ:AAPL) fell 0.1%, while Goldman Sachs (NYSE:GS) slipped 0.5% and Amazon.com (NASDAQ:AMZN) dipped 0.3% on news that the European Commission opened an antitrust investigation into how it deals with independent retailers.

Qualcomm (NASDAQ:QCOM) gained 3.7% on news that the U.S. Department of Justice asked an appeals court to pause an antitrust ruling, citing national security concerns. Tesla (NASDAQ:TSLA) rose 1.7%, while Advanced Micro Devices (NASDAQ:AMD)was up 0.4% and Intel (NASDAQ:INTC) inched up 0.5%.

In commodities, crude oil rose 0.8% to $58.08 a barrel. Gold futures inched up 0.1% to $1,412.75 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.1% to 96.972.

Related Articles

Wall Street opens flat, investors shrug off bank results

Microsoft, AT&T ink cloud deal worth more than $2 billion

Boeing to spend half of $100 million fund to support 737 MAX crash victim families