Monday July 6th, 2020 11:28PM

US stocks waver as investors digest first round of earnings

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — U.S. stocks were mixed in midday trading on Tuesday as investors digested the first significant round of fourth-quarter corporate earnings reports.

Major banks, including JPMorgan Chase and Citigroup, reported surprisingly good earnings, though Wells Fargo disappointed investors. The financial sector held up better than most.

Stocks were split between winners and losers as a cautious mood replaced the previous day’s record-setting rally driven by optimism that trade relations between the U.S. and China were improving.

Technology stocks led the decline. Chipmaker Nvidia fell 1.5%.

Boston Scientific fell 7.9% after giving Wall Street a weak fourth-quarter sales update. Those losses played a large part in offsetting gains elsewhere in the health care sector.

Bond prices rose. The yield on the 10-year Treasury slipped to 1.83% from 1.84% late Monday.

Wall Street is facing a busy week. Several other big companies will report their earnings including UnitedHealth Group and Bank of America on Wednesday. The world’s largest economies are also set to sign a “Phase 1” deal on Wednesday and have taken measures to tone down their conflict. The U.S., notably, has dropped its designation of China as a currency manipulator in advance of the signing.

KEEPING SCORE: The S&P 500 index fell 0.1% as of 11:45 a.m. Eastern time. The Dow Jones Industrial Average rose 93 points, or 0.3%, to 28,999. The Nasdaq fell 0.2%. The Russell 2000 index of smaller company stocks rose 0.2%. Asian markets were mixed and markets in Europe climbed.

TRADING UP: JPMorgan Chase rose 2.1% after the banking giant reported a surge in profits because of a blowout quarter from its trading desks. The earnings handily beat analysts’ forecasts. Citigroup climbed 2.4% after reporting a similar jump in profits because of its trading operations.

Wells Fargo did not fare as well. The bank's stock slumped 3.9% as its profit and revenue dropped because of hefty costs and lower interest rates. Wells Fargo is is still under growth restrictions by regulators after years of missteps, beginning in 2016 with the uncovering of millions of fake checking accounts its employees opened to meet sales quotas.

TAKEOFF: Delta Air Lines rose 3.9% after the company increased its fourth-quarter profit to $1.1 billion by adding more flights over the holiday period and packing them even more full of passengers. The results beat Wall Street’s forecasts. Delta's solid report helped lift some of its rivals. United Airlines rose 1.9% and American Airlines gained 1.7%.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
High court skeptical of New Jersey 'Bridgegate' convictions
The Supreme Court seems skeptical of the convictions of two people involved in New Jersey's “Bridgegate” scandal where officials created a massive traffic jam as political payback
12:01PM ( 17 minutes ago )
Pelosi sets Wednesday votes to send impeachment to Senate
The House is expected to vote Wednesday to send the articles of impeachment against President Donald Trump to the Senate
12:00PM ( 18 minutes ago )
McConnell’s challenge: Shaping a trial amid Trump’s demands
As President Donald Trump prepares for only the third impeachment trial in American history, no one may be more important to his defense than the Kentucky Republican in charge of the Senate, Majority Leader Mitch McConnell
11:56AM ( 22 minutes ago )
Associated Press (AP)
Nigel Farage gets his way, and last laugh: Brexit is coming
Nigel Farage is leaving the European Union parliament building in Strasbourg where he has fine-tuned his Brexit message over the past two decades
11:34AM ( 43 minutes ago )
EU lays out 1 trillion-euro plan to support Green Deal
The European Union plans to dedicate a quarter of its budget to tackling climate change
10:56AM ( 1 hour ago )
Seattle reins in spending by 'foreign-influenced' companies
The Seattle City Council has passed a measure to rein in political spending by “foreign-influenced” companies
10:54AM ( 1 hour ago )
AP Business
Stocks open mostly lower on Wall Street; Wells Fargo sinks
Stocks are off to a mostly lower start on Wall Street as losses for some banks and health care companies offset gains elsewhere in the market
9:41AM ( 2 hours ago )
Russians hacked company key to Ukraine scandal: researchers
A U.S. cybersecurity company says Russian military agents successfully hacked the Ukrainian gas company at the center of the scandal that led to President Donald Trump's impeachment
8:55AM ( 3 hours ago )
10 Things to Know for Today
Get ready for Tuesday, January 14th with a few things to know about the day’s news from The Associated Press
7:08AM ( 5 hours ago )
AP Business - Corporate News
Davos forum: Trump to attend, but Iranian official cancels
Iran's top diplomat will be sitting out the elite World Economic Forum next week in Davos, Switzerland, where President Donald Trump and other key U.S. leaders are set to be high-profile attendees
9:58AM ( 2 hours ago )
EU rebukes Iran over nuclear violations, sanctions possible
Britain, France and Germany have ramped up pressure on Iran for repeatedly violating a landmark nuclear pact
9:54AM ( 2 hours ago )
Key moments in the unraveling of Iran's nuclear deal
European nations have triggered a dispute resolution mechanism in the Iran nuclear deal
9:31AM ( 2 hours ago )
AP Business - Economy
World's largest asset manager shifts focus to climate change
BlackRock, the world's largest asset manager, will make climate change central to its investment decisions
10:10AM ( 2 hours ago )
Asian shares rise on optimism about US-China trade deal
Asian shares are following Wall Street higher amid optimism that a trade deal between the U.S. and China will be a boon for the regional economy
10:34PM ( 13 hours ago )
Lebanese protesters block road outside central bank
Lebanese protesters have returned to the streets after weeks of calm, impatient with politicians failing to tackle a deepening economic crisis
5:23PM ( 18 hours ago )
AP Business - Financial Markets
High court skeptical of New Jersey 'Bridgegate' convictions
The Supreme Court seems skeptical of the convictions of two people involved in New Jersey's “Bridgegate” scandal where officials created a massive traffic jam as political payback
12:01PM ( 17 minutes ago )
Pelosi sets Wednesday votes to send impeachment to Senate
The House is expected to vote Wednesday to send the articles of impeachment against President Donald Trump to the Senate
12:00PM ( 18 minutes ago )
McConnell’s challenge: Shaping a trial amid Trump’s demands
As President Donald Trump prepares for only the third impeachment trial in American history, no one may be more important to his defense than the Kentucky Republican in charge of the Senate, Majority Leader Mitch McConnell
11:56AM ( 22 minutes ago )
Dating apps leak personal data, Norwegian group says
A Norwegian consumer group says dating apps including Grindr, OkCupid and Tinder leak personal information to ad tech companies in possible violation of European data privacy laws
11:53AM ( 25 minutes ago )
Retired pope distances himself from book on priest celibacy
Emeritus Pope Benedict XVI  has distanced himself from a book on priestly celibacy and asked to be removed as its co-author after the project gave the impression the retired pope was trying to interfere with the reigning one
11:52AM ( 26 minutes ago )