U.S. stocks closed lower Monday, although now not far off facts for indexes, as outcomes from Goldman and Citigroup didn’t thrill traders, who’re seeking an early slate of profits from banks to get a sense of the health of the broader financial system.
How did the benchmarks fare?
The Dow Jones Industrial Average DJIA, -zero.10% fell 27.53 factors, or zero.1%, to 26,384.Seventy-seven and the S&P 500 SPX, -zero.06% dropped 1.Eighty three factors to two,905.Fifty-eight. The Nasdaq Composite Index COMP, -zero.10% shed eight.15 points, or zero.1%, to 7,976.01.
What drove the marketplace?
Goldman Sachs Group Inc. GS, -three.82% and Citigroup Inc. C, -zero.06% mentioned quarterly outcomes as profits season receives under manner, though the week can be shortened with the aid of the Easter excursion.
Both banks showed sharp declines in income compared with the primary zone of the remaining yr but could surpass analysts’ low expectancies for quarterly profits. On the sales front, Goldman fell quick of estimates at the same time as Citigroup matched, underscoring muted buying and selling and mergers-and-acquisition activity on Wall Street within the first quarter. Blue-chip Goldman shares have been down 2.3% Monday, weighing closely on the Dow, even as Citi shares rose 0.1%. Analysts anticipate first-area earnings numbers for the S&P 500 to go through the first year-over-yr decline in almost three years as macroeconomic headwinds hold to tug down estimates from analysts.