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Market news

15 April 2019

Major US stock indexes finished trading in the red

Major US stock indexes fell slightly, as investors analyzed the mixed quarterly results of large banks, such as Goldman Sachs (GS) and Citigroup (C).

Goldman Sachs (GS) reported quarterly earnings of $ 5.71 per share, which was above analysts' average forecast of $ 5.02. At the same time, the quarterly earnings of the investment bank did not justify market forecasts, as sales in the institutional clients division fell by 18%. GS shares fell by almost 3.6%.

Citigroup (C) showed a profit of $ 1.87 per share, which was $ 0.08 above the analysts' average forecast. The company's revenue in general coincided with the average estimate of analysts, but it was almost 2% lower than in the same period of the previous year, due to a 24% drop in revenue from share trading.

The focus of market participants was also on the statements of US Treasury Secretary Mnuchin, who noted that negotiations between the United States and China “are going very well,” but added that “there is still a lot of work to do” to provide mechanisms for the implementation of the agreements already reached.

In addition, investors evaluated the report of the Federal Reserve Bank of New York, which showed that growth in manufacturing activity in New York accelerated somewhat in April, but remained rather restrained. According to the report, the index of activity in the manufacturing sector from the Federal Reserve Bank of New York rose to 10.10 in April after falling to 3.7 in March, while positive indicators indicate an increase in industrial activity in the region. Economists had expected the index to rise to 6.7.

DOW components ended the bidding mixed (14 in the red, 16 in the black). The Goldman Sachs Group (GS; -3.58%) was an outsider. The growth leader was UnitedHealth Group Inc. (UNH; + 3.07%).

Most sectors of the S & P recorded a decline. The largest decline was shown by the base materials sector (-0.6%). The consumer goods sector grew the most (+ 0.3%).

At the time of closing:

Dow 26,384.16 -28.14 -0.11%

S & P 500 2,905.57 -1.84 -0.06%

Nasdaq 100 7,976.01  -8.15 -0.10%

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  • German output growth remains moderate in June - IHS Markit
  • Eurozone composite PMI hits seven-month in June - IHS Markit

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