Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Wall Street's five-day rally flickers out as earnings near

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/11/2019 | 05:40pm EDT
FILE PHOTO: Traders work on the floor of the NYSE in New York

(Reuters) - Wall Street dipped slightly on Friday, breaking a five-session rally, as energy shares declined and investors looked ahead to earnings season, which kicks off next week with Citigroup, JPMorgan and other big banks.

Underpinned by optimism over China-U.S. trade talks and expectations of a slow pace of interest rate hikes from the Federal Reserve, the stock market's winning streak through Thursday added 6 percent to the S&P 500 and left it up about 10 percent from the 20-month low it hit around Christmas.

The S&P 500 on Friday ended down just 0.01 percent after recovering from a loss of 0.74 percent earlier in the session.

"We've clawed our way back and now the market is just waiting ahead of the start of earnings season next week," said Donald Selkin, Chief Market Strategist at Newbridge Securities in New York. "We're just drifting."

The S&P energy index <.SPNY> was off 0.63 percent, leading declines among 11 sectors, as oil prices dropped after nine days of gains. [O/R]

The financial index <.SPSY> climbed 0.17 percent. Citigroup Inc, which will report earnings on Monday, rose 0.44 percent after agreeing to give shareholder ValueAct Capital more access to its books and board of directors.

JPMorgan Chase & Co, which reports on Tuesday, declined 0.48 percent. Some bargain hunters are betting on a stronger 2019 for banks after the S&P 500 bank index <.SPXBK> fell 18.4 percent in 2018.

U.S. stocks took a severe beating in the last quarter of 2018 due to worries over trade, interest rate hikes and a slowdown in global growth.

Analysts expect S&P 500 companies' earnings per share to grow by 6.4 percent this year, compared with 23.5 percent in 2018, when they were supercharged by newly enacted corporate tax cuts, according to IBES data from Refinitiv.

General Motors gave a strong earnings forecast for 2019, sending the automaker's shares surging 7.05 percent.

The Dow Jones Industrial Average ended down 0.02 percent at 23,995.95 points, while the Nasdaq Composite dropped 0.21 percent to 6,971.48.

The S&P 500 ended down 0.38 points at 2,596.26.

For the week, the S&P 500 rose 2.5 percent, the Dow added 2.4 percent and the Nasdaq picked up 3.4 percent.

Netflix Inc rose 3.98 percent, bringing its gain in 2019 to 26 percent, helped by analysts' optimistic forecasts for subscriber growth ahead of its earnings next week.

Activision Blizzard Inc slumped 9.37 percent, the most on the S&P 500, after it transferred publishing rights for its "Destiny" video game franchise to Bungie.

Advancing issues outnumbered declining ones on the NYSE by a 1.23-to-1 ratio; on Nasdaq, a 1.18-to-1 ratio favored advancers.

The S&P 500 posted no new 52-week highs and no new lows; the Nasdaq Composite recorded 20 new highs and 9 new lows.

Volume on U.S. exchanges was 6.8 billion shares, compared with the 8.9 billion-share average over the last 20 trading days.

(Additional reporting by Sruthi Shankar in Bengaluru; editing by Bill Berkrot)

By Noel Randewich

Stocks mentioned in the article
ChangeLast1st jan.
ACTIVISION BLIZZARD 3.22% 46.42 Delayed Quote.-0.32%
CITIGROUP INC. -0.46% 65.63 Delayed Quote.26.07%
DJ INDUSTRIAL -0.10% 25887.38 Delayed Quote.10.97%
GENERAL MOTORS CORPORATION 0.76% 38.27 Delayed Quote.14.41%
JP MORGAN CHASE & COMPANY -0.36% 106.8 Delayed Quote.9.40%
NASDAQ 100 0.31% 7349.278251 Delayed Quote.15.74%
NASDAQ COMP. 0.12% 7723.945868 Delayed Quote.16.26%
NETFLIX -1.19% 359.13 Delayed Quote.34.04%
S&P 500 -0.01% 2832.57 Delayed Quote.12.99%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
06:03aOpen that door? Netflix explores choose-your-own horror, romance
RE
06:00aECHA EUROPEAN CHEMICAL AGENCY : 20 March 2019 - News release RAC and SEAC agreed conformity of the intentionally added microplastics restriction proposal
PU
06:00aAUSTRALIAN GOVERNMENT : Papua New Guinea joins the Pacific Labour Scheme
PU
05:58aBAYERISCHE MOTOREN WERKE : BMW warns of significant profit fall in 2019, seeks 12 billion euro in cuts
RE
05:58aCK Infrastructure 2018 Net Profit Up Slightly, Below Market Expectations
DJ
05:55aEUROPEAN PARLIAMENT : AMENDMENTS 001-122 - REPORT on the amended proposal for a directive of the European Parliament and of the Council on certain aspects concerning contracts for the sales of goods, amending Regulation (EC) No 2006/2004 of the European Parliament and of the Council and Directive 2009/22/EC of the European Parliament and of the Council and repealing Directive 1999/44/EC of the European Parliament and of the Council - A8-0043/2018(001-122)
PU
05:55aMFBF MONTANA FARM BUREAU FEDERATION : No One Knows Our Story Like We Do
PU
05:54aUK Inflation Inched Higher in February
DJ
05:53aUK inflation ticks up, house prices in London fall by most since 2009
RE
05:45aLikely Brexit delay ushers more uncertainty for the pound
RE
Latest news "Economy & Forex"
Advertisement