U.S. stocks slightly change as Wall Street cautious on earnings reports
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E-mail Xinhua, July 15, 2019
NEW YORK, July 15 (Xinhua) -- U.S. stocks opened relatively muted on Monday as investors are cautiously awaiting the upcoming earnings reports.
Shortly after the opening bell, the Dow Jones Industrial Average dropped 2.52 points, or 0.01 percent, to 27,329.51. The S&P 500 was up 1.37 points, or 0.05 percent, to 3,015.14. The Nasdaq Composite Index increased 16.62 points, or 0.20 percent, to 8,260.76.
Citigroup reported second-quarter earnings on Monday that beat Wall Street's expectations. The bank posted diluted earnings of 1.95 U.S. dollars per share in the second quarter, exceeding the 1.80 dollars apiece estimate of analysts surveyed by Refinitiv.
Shares of Citigroup traded higher in the premarket on the better-than-expected quarterly results, but fell more than 1 percent shortly after the opening bell.
Citigroup was the first of the big U.S. banks to report second-quarter results. Other bank giants like JPMorgan Chase, Bank of America and Goldman Sachs are expected to report quarterly earnings later this week.
Analysts expect S&P 500 earnings to have fallen by 3 percent in the second quarter, according to CNBC, citing FactSet data.
In the week ending July 12, U.S. equities reported solid gains, boosted by hopes for potential rate cut moves from the Federal Reserve later this month. Enditem
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