US Stocks Mixed on Earnings and China Data

Wall Street’s three main indexes flitted between slight gains and losses on Monday, as declines in Boeing and bank stocks after Citigroup’s quarterly report were countered by a rise in technology shares.

The third-largest U.S. lender beat profit estimates but reported a decline in interest margins, with its shares marginally lower in volatile trading.



The sequential squeeze on Citi’s net interest margins by 5 basis points is a cause for worry for investors in other large banks, said Marty Mosby, director of bank and equity strategies at Vining Sparks in Memphis, Tennessee. It raises concerns over expected declines in short-term interest rates when the Federal Reserve begins to cut rates, he added.

JPMorgan Chase & Co (JPM.N), Goldman Sachs Group Inc (GS.N) and Wells Fargo (WFC.N) slipped ahead of their earnings reports on Tuesday.

via Reuters

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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