The main indices of Wall Street They were little changed on Monday as investors awaited more results from banks and views from the Federal Reserve, which could provide clues as to when the US central bank will pause its tightening.
The Dow Jones Industrial Average rose 0.10% to 33,904.17 points while the S&P500 and the Nasdaq fell 0.6%.
Wall Street closed lower on Friday after mixed economic data appeared to confirm a new Fed rate hike in May, dampening investor enthusiasm. following a series of results from large US banks that kicked off the first quarter earnings season.
While banking heavyweights like JP Morgan Chase & Co reaped windfalls from rising interest payments, the focus will be on smaller banks, which were at the center of last month’s banking turmoil, and on business forecasts amid recession concerns.
Other big banks like Goldman Sachs Group Inc, Bank of America Corp and Morgan Stanley will present their results throughout the week.
“Regional banks’ earnings will be slightly positive, while the larger ones are likely to post surprisingly positive results,” said Sam Stovall, chief investment strategist at CFRA Research.
Analysts expect earnings at S&P 500 companies to fall 4.8% in the first quarter of 2023 from the prior period, according to Refinitiv data, a slight improvement from last week’s forecast for a decline. of 5.2%.
Alphabet Inc (Google) lost 2.9%, dragging the communication services sector almost 2%, after learning that Samsung is considering replacing Google with Microsoft Corp’s Bing as the default search engine on its devices. Microsoft was up 1.6%, boosting the S&P 500 information technology index.
Source: Ambito
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