US Stock Market Opens Lower After GS Earnings Miss

U.S. stocks opened lower on Tuesday, with financials leading the decline after Goldman Sachs reported weaker-than-expected quarterly results. The Dow Jones Industrial Average DJIA, -0.32% fell 95 points, or 0.5%, to 20,545. The S&P 500 SPX, -0.17% slid 7 points to 2,342, a drop of 0.3%.

The Nasdaq Composite Index COMP, -0.09% fell 20 points, or 0.3%, to 5,837. Goldman Sachs Group Inc GS, -3.54% lost 3% and was the biggest drag on the Dow. The company’s results overshadowed forecast-topping results from fellow financial Bank of America BAC, +0.33% shares of which rose 1.4%. Among other results, Johnson & Johnson JNJ, -2.76% fell 2% after reporting a drop in revenue. Investors also continued to watch political issues abroad, with the coming election in France and tensions between the U.S. and North Korea. In the latest economic data, housing starts fell 6.8% in March. Industrial output rose 0.5% in the month.

via MarketWatch

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza