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S&P 500, Nasdaq pull back from records

Traders work on the floor at the New York Stock Exchange January 10, 2020. — Reuters pic
Traders work on the floor at the New York Stock Exchange January 10, 2020. — Reuters pic

NEW YORK, Jan 14 — Major US indices pulled back from records early today following mixed banking earnings and after the US removed its currency manipulator label on China, a sign of further mellowing of trade relations.

JPMorgan Chase and Citigroup both rose more than two per cent after reporting better-than-expected results but Wells Fargo fell 3.5 per cent after another earnings stumble and signalled it expects cost cuts.

Analysts welcomed Washington’s move to drop its accusation that China manipulates its currency ahead of the expected signing of a “phase one” trade deal tomorrow.

But they said the stock market’s reticence early today was a sign it is digesting recent gains after both the S&P 500 and Nasdaq ended at records yesterday.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 28,926.14, up 0.1 per cent.

The broad-based S&P 500 shed 0.2 per cent to 3,282.64, while the tech-rich Nasdaq Composite Index dropped 0.3 per cent to 9,250.25.

US data showed only modest consumer inflation in December when food and fuel categories were stripped out, a dynamic unlikely to alter the Federal Reserve’s stance of keeping interest rates steady.

Among other companies reporting results, Delta Air Lines surged 3.4 per cent after reporting better-than-expected fourth-quarter profits on strong consumer demand and lower fuel costs. — AFP

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