Wall Street slips

Credit: Reuters Studio
Published on April 15, 2019 - Duration: 01:08s

Wall Street slips

Wall Street ended slightly lower on Monday, dragged down by financials.

As Fred Katayama reports, underwhelming earnings from Goldman Sachs and Citigroup curbed investor enthusiasm.


Wall Street slips

Stocks slipped on Wall Street Monday.

Lackluster bank earnings reports sparked the fall weighed on the market.

The Dow, S&P 500 and Nasdaq all finished just below the breakeven line.

CFRA Research chief investment strategist, Sam Stovall expectations for banks were heightened after JPMorgan Chase's strong earnings results on Friday.

SOUNDBITE: CFRA RESEARCH CHIEF INVESTMENT STRATEGIST, SAM STOVALL (ENGLISH) SAYING: "Instead of earnings being up about 5 percent as was anticipated by Wall Street, now diversified banks were expected to be up 13 percent in the first quarter.

So I think investors were basically saying 'We needed to see even better results on Monday versus the results we got on Friday.'" Financial stocks snapped their three-day winning streak.

Goldman Sachs quarterly revenue dropped and fell shy of analysts' expectations.

Like Goldman, Citigroup's revenue also declined.

Waste Management shares rose after the solid-waste giant said it's buying its smaller rival, Advanced Disposal Services, for about $3 billion.

Advanced Disposal's shares jumped.

Tiger Woods' dramatic Master's victory was also a win for some of his corporate sponsors.

Shares of Nike, Bridgestone, and Monster Beverage all rose.

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