Wall Street edged lower on Monday, weighed down by financials as lackluster bank...
NEW YORK - Wall Street edged lower on Monday, weighed down by financials as lackluster bank earnings put a damper on investor enthusiasm.
Following a first-quarter rally that marked the best quarterly performance for U.S. stocks in nearly a decade, stocks have been in a holding pattern in April ahead of first quarter reporting season. “Investors are in total earnings mode, wondering if the better-than-expected earnings reports on Friday will be carried over into the new week and the entire reporting period,” said Sam Stovall, chief investment strategist of CFRA Research in New York. “But because of the less-than-ebullient earnings report from Goldman, investors are not convinced that it will be a positive quarter.”
Bank of America Co, Morgan Stanley, Netflix Inc, Johnson & Johnson, Textron Inc, Honeywell International Inc Schlumberger NV and American Express Co are among the closely-watched earnings expected this holiday-shortened week. “It’s a net positive,” Stovall added. “The President wants to get some sort of deal signed so he can move on.”
Boeing Co slid 1.1% after U.S. President Donald Trump tweeted that the planemaker should fix and “rebrand” its troubled 737 MAX jet.
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