Markets Little Changed Following Bank Earnings

Table showing performance of major U.S. financial indexes on April 18, 2023

Key Takeaways

  • U.S. equities indexes were mostly flat on April 18, 2023, with large financial firms posting quarterly results.
  • The S&P 500 ticked higher by less than 0.1% on Tuesday, while the Dow and the Nasdaq finished the day minimally lower.
  • The financials and industrials sectors posted gains, while the communicationS services sector moved lower, dragged down by declines in Dish Network (DISH) shares.

U.S. equities were little changed following more earnings from big banks. The Dow, Nasdaq, and S&P 500 all finished flat.

Financials came in among the top-performing sectors after Bank of America (BAC) and Goldman Sachs (GS) reported earnings. While Bank of America beat estimates, its shares dropped 0.6%, and shares of Goldman Sachs fell close to 2% following its earnings miss. State Street (STT) shares were up more than 3%. Industrials also posted gains, with shares of Lockheed Martin (LMT) up nearly 2.4% after the aircraft maker beat earnings estimates.

Dish Network (DISH) shares dropped 4.7% to finish at their lowest levels since 1999 following a February cyberattack that took the satellite TV and wireless provider offline. The stock's decline helped drive the communications services sector, which fell more than 0.6%. Sirius XM (SIRI) shares dropped close to 3% following news that a New York state retirement fund would decrease its holdings in the satellite radio provider. Johnson & Johnson (JNJ) shares lost 2.8% after the company posted earnings growth that beat expectations. 

Oil futures pressed upwards. Spot gold prices traded higher as the precious metal rose back above $2,000 an ounce. The U.S. dollar lost ground against the euro but gained on the yen. Major cryptocurrencies traded higher, with the price of Bitcoin (BTC/USD) up more than 2%. The yield on the 10-year Treasury note slid.

Table showing the S&P 500 stocks with the biggest gains and losses on April 18, 2023


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