Home » Blog » Stocks Lose Ground as Banks Give Quarterly Updates

Stocks Lose Ground as Banks Give Quarterly Updates

US stocks dipped to start the week as investors considered another set
of earnings reports from major companies and looked ahead to a slate
of key central bank meetings.

Stocks were in the green for much of Monday’s session before turning
downward in the afternoon. The s&p 500 fell 32.31 points or 0.8% to
3,830.85. The broad index on Friday ended higher snapping a five-day
losing streak the blue-chip Dow Jones industrial average lost 215.65
points or 0.7% to finish at 31,072.61.

The NASDAQ Composite Index shed 92.37 or 0.8% to 11,360.05. The
technology-heavy index closed lower after rising at least 1% intraday
for the 13th time this year, which happened only twice in 2021. Big
financial firms kicked off a bumper week of earnings reports Monday,
Goldman Sachs gained $7.39 or 2.5% to $301.26 after reporting better
than expected earnings, Synchrony Financial reported earnings per
share that failed over a year but we’re better than analysts expected
and gained nine cents or 0.3% to $31.48.

Bank of America finished up one cent or less than 1% after it said
second-quarter profits declined 32% Charles Schwab, which reported
second-quarter profits rose by 42% lost 94 cents or 1.5% to $61.24.

Leave a Reply

Your email address will not be published.