US stock market indexes fall as mixed bank earnings trigger profit taking
U.S. stocks fell Wednesday as investors weighed mixed earnings from big banks and regulatory risks. The market retreat reflects profit-taking after recent highs.
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USstock market opened lower on Wednesday as investors processed mixed fourth-quarter earnings from major financial institutions. At 8:49 a.m. ET, S&P 500 Index E-minis were down 33.25 points, while Dow Jones Industrial Average E-minis fell 185 points. The NASDAQ Composite futures also dropped as markets consolidated following record highs reached earlier in the week, despite analysts projecting 8.8% earnings growth for the quarter.
USstock market opened lower on Wednesday as investors processed mixed fourth-quarter earnings from major financial institutions. At 8:49 a.m. ET, S&P 500 Index E-minis were down 33.25 points, while Dow Jones Industrial Average E-minis fell 185 points. The NASDAQ Composite futures also dropped as markets consolidated following record highs reached earlier in the week, despite analysts projecting 8.8% earnings growth for the quarter.The banking sector provided the primary trigger for the morning's moves. Bank of America Corporation topped quarterly profit estimates, yet its shares dipped 1.5% in early trading. Wells Fargo & Company saw its shares slip 2.6% after its fourth-quarter revenue missed expectations. Conversely, Citigroup Inc. reported higher revenue on the back of strong dealmaking, lifting its shares by 1.6%.
