Wall Street veered into negative territory early today after several big banks issued mixed first-quarter earnings reports and trimmed guidance on the assumption that the Federal Reserve would cut interest rates, according to the Associated Press. Futures for the S&P 500 slipped less than 0.3% before the bell, while futures for the Dow Jones Industrial Average fell 0.2%.
JPMorgan Chase shares fell 2.5% after it reported a modest 6% rise in first-quarter profits; however, the bank gave a lower-than-expected forecast for its net interest income for the full year.
Wells Fargo shares bounced between small gains and losses after it beat Wall Street profit targets, even as earnings declined from the same period a year ago.
Citigroup shares rose 1.2% after it beat Wall Street analysts’ profit targets.
In the bond market, the yield on the 10-year Treasury fell to 4.51% today from 4.58% late Thursday.
Benchmark U.S. crude added $1.25 to $86.27 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, was $1.12 higher at $90.86 per barrel.
In currency trading, the dollar inched back to 153.11 Japanese yen.
