Stocks - S&P Ends Flat; Goldman Sachs Leads Financials Lower

15 Apr 2019

Stocks - S&P Ends Flat; Goldman Sachs Leads Financials Lower

Stocks ended little changed on Monday as Goldman Sachs led banking stocks down following mixed quarterly results.

The S&P 500 lost 0.06% and the Dow Jones Industrial Average fell 0.1%. The Nasdaq Composite slipped 0.1%.

Goldman Sachs (NYSE:GS) reported earnings that beat on the bottom line, but revenue fell short, sending shares down nearly 4%.

Analysts at Evercore said that investors are likely to take the show-me approach on Goldman for the rest of the year.

Citigroup (NYSE:C) also reported mixed results. Earnings topped expectations, but weaker-than-expected equity trading performance weighed on overall revenue, which missed estimates from . Its shares ended the day a tad lower.

Bank of America (NYSE:BAC) and Morgan Stanley (NYSE:MS), which report earnings on Tuesday and Wednesday, respectively, ended 1% lower.

Beyond earnings, falling energy stocks also weighed on the broader market as U.S. oil prices settled lower. Russia’s finance minister said Russia and OPEC may decide to boost production to protect market share amid a ramp-up in U.S. crude output.

Elsewhere, American Airlines (NASDAQ:AAL) fell 2.7% after extending the cancellation of its Boeing 737 Max 8 flights from June until mid-August. The move comes as 737 Max jets were grounded worldwide following two deadly crashes in recent months. Southwest Airlines (NYSE:LUV) and United Continental (NASDAQ:UAL) also ended the day lower.

Boeing (NYSE:BA) fell 1% with U.S. President Donald Trump tweeting that the aircraft maker should upgrade and rebrand its troubled jet.

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