Stocks decline on mixed earnings from major banks
The Dow slid 65 points, while the S&P 500 slipped 0.25%. The Nasdaq fell 0.35%.
Goldman Sachs reported better-than-expected earnings as the bank kept compensation in check, but its revenue came in below analyst expectations as sales from its institutional clients division dropped by 18%. Shares of Goldman dropped 2.5%.
Goldman Sachs and Citigroup released their earnings after J.P. Morgan Chase and Wells Fargo posted their results on Friday. J.P. Morgan Chase’s numbers lifted the broad market on Friday, with the Dow gaining more than 260 points. Wells, meanwhile, fell on a profit warning from its chief financial officer.
Despite the varied results from the big banks, the overall earnings season is off to a solid start. Of the companies that have reported, 85% have topped analyst earnings expectations, according to FactSet.