US close: Markets finish softer as bank stocks fall flat

Josh White Sharecast | 12 Oct, 2017 23:16 | | |

  • 23,276.39
  • 0.49%113.35
  • Max: 22,399.33
  • Min: 22,314.68
  • Volume: 0
  • MM 200 : n/a
17:25 20/10/17
  • 2,571.18
  • 0.39%9.92
  • Max: 2,571.56
  • Min: 2,567.56
  • Volume: 0
  • MM 200 : n/a
17:25 20/10/17
  • 6,112.12
  • 0.32%19.50
  • Max: 6,122.56
  • Min: 6,104.50
  • Volume: 0
  • MM 200 : n/a
17:25 20/10/17

Wall Street finished on a downbeat note on Thursday, as traders took some money off the table following the latest earnings updates out of Citigroup and JPMorgan and somewhat dovish remarks by a trio of top Fed officials.

The Dow Jones Industrial Average lost 0.14% to 22,841.01, the S&P 500 was off 0.17% at 2,550.93 and the Nasdaq 100 was 0.19% softer at 6,069.99.

Weighing on lenders was US Federal Reserve governor Lael Brainard who, speaking at the annual meeting of the International Monetary Fund and World Bank, said that US inflationary headwinds now appeared to be "a little more" structural than cyclical.

She also noted that a persistently low neutral interest rate had "big implications".

Another Fed governor, Jerome Powell, indicated that policy tightening should remain gradual so long as the economy evolved as anticipated.

Overnight on Wednesday, the minutes of the US central bank's last policy meeting had indicated that "many participants" had shown concern that low inflation readings might not only reflect transitory factors.

However, some market observers remained wary of lofty valuations even for benchmarks such as the S&P 500.

In economic news, initial jobless claims in the US fell by 15,000 over the week ending on 7 October to reach 243,000, against consensus forecasts for 250,000, according to the Bureau of Labor Statistics.

Wholesale prices advanced at a 0.4% month-on-month and 2.6% year-on-year clip last month, as forecast by economists.

On the corporate front, shares in Citigroup lost ground, falling 3.42% despite reporting third quarter earnings per share of $1.42 against forecasts for $1.32, on the back of $18.2bn in revenues, well ahead of forecasts for $17.9bn.

JPMorgan Chase & Co stock was also trading on the back foot, finishing down 0.75% even after posted better than expected earnings per share for the latest three-month stretch, albeit alongside falling market revenues and higher credit loss provisions.

Dow Jones - Risers

Caterpillar Inc. (CAT) $129.99 1.08%
Microsoft Corp. (MSFT) $77.12 0.92%
United Technologies Corp. (UTX) $118.84 0.91%
Procter & Gamble Co. (PG) $92.16 0.75%
3M Co. (MMM) $217.54 0.50%
McDonald's Corp. (MCD) $163.85 0.47%
Wal-Mart Stores Inc. (WMT) $86.11 0.43%
Travelers Company Inc. (TRV) $126.00 0.27%
Boeing Co. (BA) $261.92 0.18%
Johnson & Johnson (JNJ) $136.83 0.13%

Dow Jones - Fallers

Walt Disney Co. (DIS) $96.93 -1.64%
Unitedhealth Group Inc. (UNH) $192.92 -1.20%
Goldman Sachs Group Inc. (GS) $239.79 -1.07%
Verizon Communications Inc. (VZ) $48.33 -1.04%
Cisco Systems Inc. (CSCO) $33.26 -0.98%
JP Morgan Chase & Co. (JPM) $95.99 -0.88%
International Business Machines Corp. (IBM) $146.97 -0.40%
Home Depot Inc. (HD) $164.60 -0.40%
Nike Inc. (NKE) $50.80 -0.39%
American Express Co. (AXP) $91.61 -0.38%

S&P 500 - Risers

Host Hotels & Resorts Inc. (HST) $19.40 3.91%
XL Group Ltd (XL) $40.67 3.35%
Fastenal Co. (FAST) $45.94 3.21%
W.W. Grainger Inc. (GWW) $177.55 2.93%
CF Industries Holdings Inc. (CF) $35.82 2.66%
J.B. Hunt Transport Services Inc. (JBHT) $108.35 2.53%
ConAgra Brands Inc (CAG) $34.59 2.37%
Iron Mountain Inc (New) (IRM) $39.81 2.23%
FirstEnergy Corp. (FE) $32.45 1.95%
Cabot Oil & Gas Corp. (COG) $26.00 1.92%

S&P 500 - Fallers

Endo International Plc (ENDP) $8.24 -8.24%
PG&E Corp. (PCG) $64.50 -6.72%
AT&T Inc. (T) $35.86 -6.10%
Juniper Networks Inc. (JNPR) $25.48 -5.17%
Tenet Healthcare Corp. (THC) $13.87 -4.41%
Gap Inc. (GPS) $27.21 -4.26%
Comcast Corp. (CMCSA) $35.95 -3.93%
Signet Jewelers Ltd (SIG) $61.59 -3.90%
Discovery Communications Inc. Class C (DISCK) $18.23 -3.70%
Discovery Communications Inc. Class A (DISCA) $19.28 -3.60%

Nasdaq 100 - Risers

Fastenal Co. (FAST) $45.94 3.21%
J.B. Hunt Transport Services Inc. (JBHT) $108.35 2.53%
Idexx Laboratories Inc. (IDXX) $161.76 2.33%
Dentsply International Inc. (XRAY) $58.41 1.90%
Paypal Holdings Inc (PYPL) $68.86 1.59%
Intuit Inc. (INTU) $145.86 1.53%
Paychex Inc. (PAYX) $64.42 1.48%
Activision Blizzard Inc. (ATVI) $62.05 1.12%
NetEase Inc. Ads (NTES) $271.76 1.10%
Incyte Corp. (INCY) $112.73 0.99%

Nasdaq 100 - Fallers

Mercadolibre Inc. (MELI) $246.26 -10.28%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $190.16 -8.53%
Dish Network Corp. (DISH) $49.03 -5.07%
Comcast Corp. (CMCSA) $35.95 -3.93%
Discovery Communications Inc. Class C (DISCK) $18.23 -3.70%
Discovery Communications Inc. Class A (DISCA) $19.28 -3.60%, Inc. (JD) $38.51 -2.80%
Charter Communications Inc. (CHTR) $355.71 -2.58%
Viacom Inc. Class B (VIAB) $24.57 -2.54%
Micron Technology Inc. (MU) $40.58 -2.48%

More news

17:10 Berenberg ups Cobham target but says premium valuation "unwarranted"

Despite Cobham share's outperformance over the past six months, Berenberg cautioned clients about the near-term strength of various of the firm's end-markets, alongside operational challenges that would require time to resolve and, for a time, scupper hopes that the dividend would be reinstated.

17:02 Octagonal 'extremely pleased' as it reports record revenue and profits

Octagonal updated the market on its trading on Friday, based on the unaudited interim figures for the six months to 30 September for its wholly-owned subsidiary, Global Investment Strategy UK, saying it was “extremely pleased” with the record revenues and profits achieved.

16:56 Marlowe trading in line as acquisitions integrate 'well'

Support services group Marlowe updated the market on its trading for the six months to 30 September on Friday, saying trading in the first six months of the financial year was in line with board expectations.

16:53 Ncondezi agrees non-binding development offer with CMEC and GE

Ncondezi Energy announced on Friday that it has agreed - in principle - to the terms of a non-binding offer with China Machinery Engineering Corporation and General Electric South Africa to enter into exclusive negotiations to develop, construct and operate the integrated Ncondezi 300MW coal-fired power project and open pit coal mine in Tete, Mozambique.

16:53 Virgin Money's growth prospects not reflected in share price, Barclays says

Analysts at Barclays Research believe Virgin Money's growth prospects are not reflected in the share price.

16:45 Bacanora clears regulatory hurdle at Sonora lithium project

Lithium exploration and development company Bacanora Minerals announced on Friday that the environmental impact statement - the ‘manifestacion de impacto ambiental’ (MIA) - for its flagship Sonora Project in Mexico has been approved by SEMARNAT, the Environment Ministry of Mexico.

16:39 Elektron Technology completes sale of Sheen Instruments

Elektron Technology confirmed it has completed the sale of its wholly-owned subsidiary Sheen Instruments on Friday, to Industrial Physics.

16:34 DX Group narrows loss after tough year

DX Group reported preliminary results for the year on Friday, with revenue rising to £291.9m from £287.9m a year earlier, although EBITDA fell to £7.2m from £18m.

16:49 Gulf Keystone production, exports not impacted by fighting

Gulf Keystone Petroleum, an independent operator and producer in the Kurdistan Region of Iraq, confirmed on Friday that operations continued safely and securely despite political instability in the surrounding region, with average production of 34,525 barrels of oil equivalent per day from the Shaikan oil field since the start of October.

15:59 US existing home sales move higher in September

Existing home sales in the States broke a three-month streak of consecutive declines but were nevertheless labelled "meagre" by some observers, who warned that a lack of supply and fast price increases were putting a crimp in buyers' budgets.