{"id":36530,"date":"2023-07-16T23:07:34","date_gmt":"2023-07-17T03:07:34","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/sp-500-off-highs-on-citigroup-slip-as-major-wall-street-banks-kick-off-earnings\/"},"modified":"2023-07-16T23:07:36","modified_gmt":"2023-07-17T03:07:36","slug":"sp-500-off-highs-on-citigroup-slip-as-major-wall-street-banks-kick-off-earnings","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=36530","title":{"rendered":"S&P 500 off highs on Citigroup slip as major Wall Street banks kick off earnings"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

Investing.com — The S&P 500 gave gains Friday as financials were hurt by a slip in Citigroup <\/span><\/span> as the Wall Street bank failed to replicate the better-than-expected quarterly results delivered by rivals JPMorgan and Wells Fargo <\/span><\/span>.<\/p>\n

The rose 0.1%, the rose 0.50%, or 171 points, and the was up 0.1%.<\/p>\n

JPMorgan, Wells Fargo shine, but Citi, State Street <\/span><\/span> falter on earnings stage<\/h2>\n

JPMorgan Chase & Co (NYSE:) and Wells Fargo (NYSE:) reported quarterly results that beat on the top and bottom lines, though both shares retreated from session highs after both banks increased the bad loan provisions and expected that customer deposits were likely to decline further.<\/p>\n

Citigroup Inc (NYSE:), meanwhile, fell more than 3% after its earnings of Wall Street estimates, pressured by weakness in its investment banking business.<\/p>\n

\u201cThe long-awaited rebound in Investment Banking has yet to materialize, making for a disappointing quarter,\u201d Citigroup chief executive Jane Fraser said. <\/p>\n

State Street (NYSE:) plunged more than 10% after its quarterly revenue fell short of Wall Street estimates following a drop in net interest income as deposits fell.<\/p>\n

Morgan Stanley <\/span><\/span> (NYSE:), Bank of America (NYSE:), and Goldman Sachs Group <\/span><\/span> (NYSE:) are set to report quarterly results this week.<\/p>\n

UnitedHealth, Eli Lilly lead health care stocks higher<\/h2>\n

UnitedHealth Group (NYSE:) surged more than 7% after the health insurer lifted its outlook on full-year profit following that topped Wall Street estimates, driven by cost cuts.<\/p>\n

The company said it now expects adjusted EPS of $24.70 to $25.00, compared with a prior range of o $24.50 to $25.00.<\/p>\n

Eli Lilly (NYSE:), meanwhile, said it had agreed to acquire obesity drug maker Versanis for up to $1.9 billion as the drugmaker looks to increase share in the weight-loss drug market.<\/p>\n

Consumer stocks ride homebuilders higher<\/h2>\n

DR Horton (NYSE:), PulteGroup (NYSE:), and Lennar <\/span><\/span> Corporation (NYSE:) were among the biggest consumer stocks gainers as some on Wall Street touted optimism on the sector on expectations that a pick-up in homebuilding activity will likely continue.<\/p>\n

\u201cOur channel checks and commentary from public homebuilders indicate the inflection in single-family housing starts that began in 2Q23 will continue into 2H23 due to ongoing strength in new home demand,\u201d Bank of America said in a note.<\/p>\n

Amazon.com Inc (NASDAQ:) and Tesla Inc (NASDAQ:), are both up more than 1%, also lifting consumer stocks higher. <\/strong><\/p>\n

Microsoft gains as UBS says stock too attractive to ignore<\/h2>\n

Microsoft Corporation (NASDAQ:) up more than 1%, sidestepped the weakness in tech after UBS0 upgraded its rating on the stock to Buy from Hold amid expectations for a boost from AI and an improving cloud demand backdrop.<\/p>\n

“With the steep Azure growth deceleration now poised to moderate, AI catalysts ahead and recent stock underperformance, a more positive stance seems warranted,” UBS said.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Investing.com — The S&P 500 gave gains Friday as financials were hurt by a slip in Citigroup as the Wall Street bank failed to replicate the better-than-expected quarterly results delivered by rivals JPMorgan and Wells Fargo . The rose 0.1%, the rose 0.50%, or 171 points, and the was up 0.1%. JPMorgan, Wells […]<\/p>\n","protected":false},"author":1,"featured_media":36531,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-36530","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nS&P 500 off highs on Citigroup slip as major Wall Street banks kick off earnings | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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