U.S. stocks trade lower as Wall Street cautious on earnings reports
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E-mail Xinhua, July 16, 2019
NEW YORK, July 15 (Xinhua) -- U.S. stocks traded on a downbeat note Monday as investors are cautiously awaiting the upcoming earnings reports.
At midday, the Dow Jones Industrial Average slid 24.98 points to 27,307.05. The S&P 500 was down 3.11 points to 3,010.66. The Nasdaq Composite Index decreased 0.67 points to 8,243.48.
Of the 11 primary S&P 500 sectors, the losses in energy and financials outweighed the gains in health care and real estate.
Citigroup on Monday reported 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.
Citigroup shares traded higher in the premarket on the better-than-expected earnings. However, the stock struggled after the opening and declined 0.43 percent around midday.
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.
U.S. equities gained in the week ending July 12, boosted by hopes for potential rate cut moves from the Federal Reserve later this month. Enditem
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