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Wall Street slips as bank gains disappointed

NEW YORK (Reuters) – Wall Street lost ground on Monday, cut off by finances as an invasive bank income-oriented investor enthusiasm.

But at the same time as all three major US stock indices were lowered, S & P 500 was within one percent of its record high.

After a rally in January-March that marked the US stock market's best quarterly performance for almost a decade, stocks had been in a holding pattern in April before the first quarter of the reporting period.

Goldman Sachs slowed 3.8% after investment bank revenue from the first quarter came below analysts' expectations.

Citigroup Inc reported higher than expected earnings as cost-shifting falling revenues. The shares ended the session nominally lower and fell by 0.1


"We are getting away from a strong week last week," said Joseph Sroka, head of investment in NovaPoint in Atlanta. "So any bad news or performance reports this week, which we saw with Goldman and Citigroup, will remove some of this move."

With the report period's first quarter moving into high gear, analysts now see S & P 500 companies, which means a decline in profit of 2.1% from year to year. While an improvement over recent calculations, it would still mark the first annual decline in profits since 2016.

"We get a clearer feeling when we go through the week," added Sroka. "When we move into other sectors, we get a clearer picture of the companies' results and the economy."

Bank of America Co, Morgan Stanley, Netflix Inc., Johnson & Johnson, Textron Inc., Honeywell International Inc, Schlumberger NV and American Express Co are among the highly appreciated gains expected this holiday-shortened week.

Apart from the revenue, "we still need to be vigilant for global geopolitical events such as the US-China trade discussion," warned Sam Stovall, chief investment strategist for CFRA Research in New York.

Sources said US negotiators have alleviated their demands that China restrict industrial subsidies as a condition of a trade agreement, marking a refuge from a central US target.

"It's a positive," Stovall said. "The president wants to get a type of agreement signed so he can move on."

Dow Jones Industrial Average fell 27.53 points, or 0.1% to 26.384.77, S & P 500 lost 1.83 points or 0.06% to 2.905.58 and Nasdaq Composite fell 8.15 points, or 0.1%, to 7,976.01.

Of the 11 major sectors of the S & P 500, the six session ended in red.

The finances were the largest percentage losses, closed down 0.6% and snapped their three-day winning line.

Waste Management Inc increased 2.4% after announcing it would buy smaller competitors Advanced Disposal Services Inc for about $ 3 billion.

Boeing Co hit 1.1% after US President Donald Trump tweeted that the plan maker would fix and "rebrand" his 737 MAX jet.

Lyft Inc extended its slider, dropped 6.3%. The equestrian platform, which had its market debut in March, is now trading around 22% below the offer price of $ 72.

FILE PHOTO: Traders work on the floor on the New York Stock Exchange (NYSE) in New York, USA on April 9, 2019. REUTERS / Brendan McDermid

Decreasing problems surpass NYSE's progress with a 1.21-to-1 relationship; on Nasdaq, a 1.57-to-1 ratio was favored.

S & P 500 posted 56 new 52-week high and 1 new flame; Nasdaq Composite recorded 79 new raises and 46 new flames.

The volume of US stock exchanges was 5.75 billion shares, compared to the average of 6.91 billion in the last 20 trading days.

Reporting by Stephen Culp, Editing by Rosalba O & # 39; Brien

Our Standards: Thomson Reuters Trust Principles.

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