Monday, 20 May 2019
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Stocks end on a negative note as bank earnings disappoint

U.S. stocks finished slightly lower on Monday after earnings from Goldman Sachs Group Inc. and Citigroup Inc. underwhelmed amid concerns over the banking sector's health.

The Dow Jones Industrial Average shed 28 points, or 0.1%, to end around 26,384, based on preliminary numbers. The S&P 500 fell by less than 0.1% to end around 2,906. The Nasdaq Composite fell 0.1% to finish near 7,976.

Though both Goldman Sachs and Citigroup beat their earnings estimates, their sharp decline in revenues failed to impress investors. Market participants are also looking for any signs of a so-called earnings recession, amid expectations S&P 500 constituent firms could post the first quarterly earnings decline in three years. Shares for Goldman Sachs were down 3.5%.

Source : MarketWatch

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