Despite strong bank earnings performance and a record stock market performance, declines in oil prices and economic weakness in China pose challenges to market stability in the near future.
Wall Street erases the initial rise and moves away from their new records. The initial increases occurred after several Big banks to report stronger summer profits than analysts expectedwhile the price of oil falls again.
The S&P 500 falls 0.3%, a day after hitting an all-time high for the 46th time this year. The Dow Jones Industrial Average lost 0.2%, and the Nasdaq composite fell 0.7%.
This morning, before the market opened on Bank of America and Goldman Sachs reported stronger results for the final quarter than analysts feared. These results helped offset declines for Exxon Mobil and other energy companies after crude oil prices fell more than 4%.
Troubled plane maker Boeing rises 1% after reporting in regulatory filings that it could raise up to $25 billion over the next three years as it tries to stabilize its financial situation. Boeing filed a notice under what are known as “shelf records,” which indicate that a company has the ability to raise funds, although it will not necessarily do so.
Goldman Sachs.webp
Walgreens Boots Alliance jumps 5% after the pharmacy chain announced that it plans to close around 1,200 locations over the next three years in an attempt to revive its business in the US. Walgreens expects to close about 500 stores this fiscal year, which it said will boost its adjusted earnings and free cash flow.
The data analyzed by the market
There will be few top-line economic reports this week, except for an update on Thursday on sales at US retailers. This leaves the emphasis on corporate earnings reports, which will increase this week after the big banks kicked off the reporting season last week.
Reports will arrive later this week United Airlines, Netflix, American Express and Procter & Gamble.
Source: Ambito
