Mixed earnings results from the banks caused some more market volatility today, leaving the markets looking for more information. The Dow 30 was off by 22, the S&P 500 was up 3, and the Nasdaq 100 added 16. The banking sector (XLF ) was active today but ultimately was able to close off well off its session lows. Tomorrow traders will look at news from an ECB press conference, along with U.S. manufacturing numbers, and more comments from Janet Yellen.
Goldman Sachs (GS ) suffered a small 0.54% loss today despite reporting earnings that beat the streets expectations on both its top and bottom lines. In addition, profit popped nearly 4 times expectations as trading activity in bonds, currencies and commodities jumped added 78% from last year. This has been a common theme among the banks so far this quarter. Shares still remained weak and under the range that traders had been watching.
Citigroup (C ) also reported earnings today but results were mixed. Earnings beat expectations but investors focused on revenue which was just below expectations. Profit was up 7% from a year ago, again, due to trading activities following the election of Donald Trump. Shares closed lower on the day by 1.70%.
Target (TGT ) was a big loser in the retail space today as retail chain announced that it would cut its fourth quarter sales and profit forecasts. Their announcement included comments that same store sales fell 1.3% in the all important holiday period. Target's CEO commented that "early season sales softness and disappointing traffic and sales trends." This news sent shares lower by 5.77% today, very nearly making new 52 week lows in the process.