US Stocks mixed on Goldman earnings miss

The US stocks mostly lower on Tuesday, 17 January 2023, after returning from a long holiday weekend, with the Dow and the S&P500 indexes settling below neutral line, while the Nasdaq index managed to hold gain line.

The mixed finish of the Wall Street was chiefly due to weaker-than-expected quarterly results from Goldman Sachs on rising costs and a slump in deal activity.

The At the close of trade, the Dow Jones Industrial Average index declined 391.76 points, or 1.14%, to 33,910.85. The S&P500 index was down 8.12 points, or 0.2%, to 3,990.97. The tech-heavy Nasdaq Composite Index increased by 15.96 points, or 0.14%, to 11,095.11.

Total 7 of 11 sectors ended lower along with the S&P500 Index. Materials was worst performing sector, erasing 1.07%, followed by industrials (down 0.84%) and financials (down 0.68%).

Information technology was the top performing sector, rising 0.44%.

Goldman Sachs Group Inc slid 6.4% after the bank posted earnings miss. The bank reported 66% drop in profit and a 16% drop in revenue in quarter ended December 2022, citing rising costs and a bigger provision for credit losses.

Morgan Stanley shares jumped 5.9% after the company posted better-than-expected numbers, thanks in part to record wealth management revenue.

Travelers shares plunged by 4.6% after warning of weaker than expected fourth quarter earnings due to the significant winter storm that impacted much of the U. S and Canada in late December.

Among Indian ADR, HDFC Bank was down 0.77% at $67, ICICI Bank fell 2.6% to $21.10, WNS Holdings declined 1.03% to $84, and Tata Motors sank 0.5% at $24.79. INFOSYS was up 0.81% at $18.67, Dr Reddy’s labs added 0.35% to $53.79, Azure Power Global added 8.75% to $4.35, and Wipro added 2.1% to $4.89.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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