The broader stock indices closed higher for the second consecutive day this week. The gains were led by the Nasdaq index which tumbled -5.77% last week. After 2-days this week, the index is up 2.01%. The S&P which fell -4.25% last week, is up 1.61% after Monday and Tuesday.
The Dow industrial average fell today on the back of financials losing ground:
- Bank of America (BAC) fell -0.44% fter an early gain.
- JPMorgan (JPM) dropped -5.19%; COO Daniel Pinto suggested net interest income expectations were “not very reasonable.”
- Keefe Bruyette noted JPMorgan’s guidance was 21 cents below consensus.
- Goldman Sachs (GS) slid -4.39% following CEO David Solomon’s comments on weaker fixed income and equities results, down 10% year-over-year.
- Ally Financial (ALLY) plummeted -17.60% after revising margin guidance lower due to expected increased charge-offs and delinquencies in Q3.
- American Express fell -2.18%
A snapshot of the closing levels shows:
- Dow industrial average fell -92.64 points or -0.23% at 40736.96
- S&P index rose 24.46 points or 0.45% at 5495.52
- NASDAQ index rose 141.28 points or -0.84% at 17025.88
The small-cap Russell 2000 fell -17.64 points or -0.83% at 2097.43.
Some winners today included:
- Chewy up 6.01%. Today is our dog’s birtday. Happy Birthday Samson. You get a Chewy treat today
- Broadsom rose 5.26%
- Tesla +4.58%
- Moderna, +3.49%
- AMD, +3.39%
- Alibaba, +.2.92%
- Roblox, +2.91%
- Giliead +2.83%
- Amazon, +2.36%
- Mircrosoft, +2.09%
In addition to the Financial decliners outlined above, other losers today included:
- GM, -5.44%
- Ford, -3.24%
- Gamestop, -3.24%
- Dollar Tree, -3.01%
- Exxon Mobile, -2.71%
- Celcius, -2.7%
- Citigroup, -2.70%
