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Goldman Sachs and Citigroup Cool Markets | Agence France-Presse, The Canadian Press



The Wall Street index, the Dow Jones, decreased by 0.1% to 26,384.77 points, the Nasdaq, with a strong technological color, 0.1% to 976.01 points and the broad S&P 500 index of 0 , 06% to 2905.58 points.

With open equilibrium, the indices soon began to lose ground as investors consumed the results of the banks of Goldman Sachs and Citigroup, before limiting their losses as they approached closure.

"Friday we were hoping for an increase in indices led by financial stocks" following the record results of JPMorgan Chase, said Gregori Volokhine of Meeschaert Financial Services.

But with & # 39; frankly mediocre & # 39; figures from GoldmanSachs (-3.8%) on Monday, we can say that there are currently winners and losers, "he said.

The prestigious US investment bank reported a 20% decrease in net profit and a 13% decrease in revenue.

Citigroup (-0.06%), for its part, reported a slight increase in its net profit due to savings and a reduction in taxes, but also a decrease in its turnover.

"The market has already taken into account the fact that the profit season would not be fantastic in terms of profit," said Peter Cardillo of Spartan Capital.

Analysts expect on average a drop in corporate earnings from S & P 500 of around 4.3% in the first three months of the year, according to FactSet.

"But this morning's results emphasize the fact that we could also have a problem with sales," Cardillo added.

Cancellations of cascading flights

But "the market cannot go up indefinitely without any incentive," Volokhine said, pointing out that trading volumes were particularly weak at the moment.

"If he can't find his inspiration in the financial sector, the most important thing now is to see if the technology sector can continue to play its leading role," he added.

Among the other values ​​of the day, Boeing (-1.1%) is confronted with a cascade of flight cancellations by US airlines.

A month after the 737 MAX fleet closed after two closely related tragedies, American Airlines (-2.7%) announced on Sunday that it had canceled approximately 115 flights per day during the summer flight program.

United Airlines, which manages 737 MAX 9s, said it has used "iconoclastic solutions" to prevent many flights from being canceled, but has no choice for the summer. The parent company United Continental sold 1.1%.

Tesla fell by 0.5% when his boss Elon Musk again tweeted about future production and said the group would produce more than 500,000 vehicles within 12 months.

However, Musk had attracted the gendarme's anger on the financial markets in February when he had tweeted that the electric vehicle manufacturer would produce 500,000 cars in 2019, information corrected a few hours later.

The Toronto Stock Exchange closed higher, reaching its highest point ever, while US markets withdrew after disappointing quarterly results from some banks.

The Toronto S & P / TSX Composite Index took 34.93 points to end the day at 16.515.46 points.

On the foreign exchange market, the Canadian dollar traded the US at an average price of 74.88 cents, compared to the average price of US $ 75.02 cents on Friday.

At the New York Commodity Exchange, crude oil prices fell by 49 cents to US $ 63.40 per barrel, while gold prices fell from US $ 3.90 to 1291, $ 30 an ounce. The copper price was 1.1 cents US to US $ 2.93 per pound.


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