Wall Street ends in the red in a soft start to the week

News
  • US indexes edged lower on mixed earnings reports.
  • Investors waiting for more clues on trade talks’ progress.

US indexes closed in the red, as market’s appetite for risk faded in a quiet Monday, with no relevant news coming out from major economies. The Dow Jones Industrial Average lost 27 points, to close the day at 26,384, while the Nasdaq Composite shed 0.10%, and settled t 7,976. The S&P barely lost 2 points, finishing at 2,905.

The earnings season continues, with mixed reports from banks weighing on investors’ mood, following upbeat JP Morgan figures last week. Goldman Sachs reported better-than-expected earnings but revenue came in below expectations as sales from its institutional clients´ division dropped by 18%.  Citigroup’s earnings were upbeat, although overall revenue was 2.0% lower.

In the trade war front, US Treasury Secretary Mnuchin repeated that there’s a lot to work to do yet with China, with no comments over the situation with the EU.  Earlier in the day, EU’s Trade Commissioner Cecilia Malmstrom said that the EU is ready to move ahead to the next phase of trade negotiations with the US. Malmstrom added that they will suspend talks if the US imposes more tariffs on European goods.

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