U.S. stocks ended mixed despite Starr Bank earnings Banks News

Goldman Sachs, JP Morgan Chase and Wells Fargo all unveiled first-quarter earnings that exceeded analysts’ forecasts, but Wall Street mixed on Wednesday.

The Wall Street index closed mixed on Wednesday, with the Nasdaq Composite and the S&P 500 down, despite another record infighting for the first day of the earnings season and the first results for the big banks.

Shares of Goldman Sachs Group Inc. and Wells Fargo & Co rose bumper first-quarter profits.

Goldman has raised capital to record levels of global deal-making activity, and Wales has reduced its provision for bad loans and gained control over the costs involved in its sales practice scandal.

Shares of JPMorgan Chase & Co. fell as the largest bank in the United States jumped nearly 400 percent, as it issued cover 5 billion in reserves to cover a default on coronavirus-driven loan defaults.

“The bank’s earnings were strong, but the market expected them to be strong,” said Christopher Grisanti, chief equity strategist at MAI Capital Management.

Employees of Coinbase Global Inc., the largest U.S. cryptocurrency exchange, see their list on the Nasdaq MarketSite Jumbotron in Times Square, New York City, USA [File: Shannon Stapleton/Reuters]

“So the question is how the bank’s shares are rising from here? It’s not clear. They have made a great journey. I think there will be more places to make money more easily in the future. “

Despite bumper trading and investment-banking earnings, both JP Morgan and Wells Fargo have declined by over a year ago.

Investors will look at this metric with caution in the upcoming earnings of small banks, which are more focused on making small deposits and taking deposits.

The KBW Regional Banking Index has surpassed the KBW Bank Index these days, although the latter – which represents 24 of the largest U.S. banks – beat the Small Business Index last month.

“Financial has done well for some time, so we are happy with that now, but can we reach the point of declining revenue in that sector? I don’t know, ”said Drew Hotter, president and chief investment officer at Strategic Fund Advisory in Cincinnati.

The S&P 500 financial sector was one of the best performers in the first quarter, growing 15 percent, as the Federal Reserve pledged to keep interest rates low in the near future. It rose on Wednesday.

The low rates engineered by the Fed have been one of the main reasons for stock market stimulus over the past year [File: Brendan McDermid/Reuters]

Of the 11 sub-indices, the S&P 500 energy sector benefited the most as it sought higher oil prices.

Officially, the Dow Jones Industrial Average rose 54.87 points, or 0.16 percent, to 33,732.14, the S&P 500 fell 16.75 points, or 0.40 percent, to 4,124.84, and the Nasdaq Composite fell 138.26 points, or 0.99 percent, to 13,857.84.

Nasdaq was weighed down by technology-related stocks, including Apple Inc., Microsoft Corp. and Tesla Inc.

Casanbase Global Inc. rose to Nasdaq on Wednesday. Its shares opened at 1 381 compared to the reference price of reference 250.

Riot blockchain and marathon digital holdings, including cryptocurrency and blockchain-related firms, fell before the coinbase debuted and Bitcoin hit a record high of ৩ 3,000 on Tuesday.

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