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US open: Stocks mixed as bank loan concerns weigh on sentiment
(Sharecast News) - Wall Street trading got off to a mixed start on Friday, with investor sentiment weighed down by renewed concerns over regional banks' lending practices. As of 1445 BST, the Dow Jones Industrial Average was up 0.27% at 46,074.73, while the S&P 500 shed 0.06% to 6,624.99 and the Nasdaq Composite came out of the 0.26% weaker at 22,503.37.
The Dow opened 122.49 points higher on Friday, reducing some of the losses from the previous session as bank stocks declined late in the day after regional banks Zions and Western Alliance both disclosed bad loans, fuelling fears that similar issues could occur elsewhere.
Concerns surrounding the state of regional banks were somewhat eased after Fifth Third Bancorp posted better-than-expected quarterly numbers. However, shares in AI beneficiaries Nvidia and Oracle headed south as risk-averse traders lowered their exposure to tech stocks, while gold futures rose roughly 1% to trade above $4,300 per ounce at the open.
As far as Friday was concerned, trade tensions, lofty valuations linked to the AI boom, and the ongoing Federal government shutdown continued to weigh on sentiment prior to the open on Friday.
Now in its third week, the shutdown has led to an indefinite suspension of key economic data releases from federal agencies, leaving investors with limited visibility on the macro backdrop.
In terms of earnings, American Express posted Q3 earnings that beat expectations, thanks to a long-anticipated Platinum credit card refresh in September. American Express reported $421bn in billed business for the third quarter, ahead of consensus expectations of $415.2bn.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
American Express Co. (AXP) $338.80 4.85% Salesforce.Com Inc. (CRM) $250.60 1.87% Travelers Company Inc. (TRV) $264.48 1.11% Visa Inc. (V) $339.00 1.07% Procter & Gamble Co. (PG) $151.10 1.00% Chevron Corp. (CVX) $153.17 0.96% McDonald's Corp. (MCD) $307.99 0.87% International Business Machines Corporation (CDI) (IBM) $278.36 0.87% 3M Co. (MMM) $152.63 0.81% Home Depot Inc. (HD) $389.64 0.58%
Dow Jones - Fallers
Goldman Sachs Group Inc. (GS) $743.46 -1.93% Intel Corp. (INTC) $36.17 -1.82% JP Morgan Chase & Co. (JPM) $295.88 -0.89% Microsoft Corp. (MSFT) $508.44 -0.62% Caterpillar Inc. (CAT) $538.44 -0.47% Unitedhealth Group Inc. (UNH) $355.90 -0.22% Amgen Inc. (AMGN) $295.25 -0.19% Walgreens Boots Alliance, Inc. (WBA) $11.98 0.00% Dowdupont Inc. (DWDP) $0.00 0.00% Nike Inc. (NKE) $66.90 0.09%
S&P 500 - Risers
American Express Co. (AXP) $338.80 4.85% Jefferies Financial Group Inc. (JEF) $50.78 4.06% Comerica Inc. (CMA) $76.27 3.28% Capital One Financial Corp. (COF) $209.14 2.95% Bread Financial Holdings, Inc. (BFH) $59.29 2.92% Fifth Third Bancorp (FITB) $41.52 2.87% CSX Corp. (CSX) $36.98 2.74% Truist Financial Corp. (TFC) $42.03 2.29% Gilead Sciences Inc. (GILD) $120.35 2.12% Valero Energy Corp. (VLO) $159.70 2.12%
S&P 500 - Fallers
State Street Corp. (STT) $105.92 -6.23% Oracle Corp. (ORCL) $298.02 -4.78% Eli Lilly and Company (LLY) $792.09 -3.33% Bank Of New York Mellon Corp. (BK) $103.84 -2.70% Newmont Corporation (NEM) $95.70 -2.62% Regions Financial Corp. (RF) $22.83 -2.23% AES Corp. (AES) $14.51 -2.13% Goldman Sachs Group Inc. (GS) $743.46 -1.93% Broadcom Inc. (AVGO) $347.33 -1.93% Arista Networks Inc. (ANET) $143.23 -1.90%
Nasdaq 100 - Risers
CSX Corp. (CSX) $36.98 2.74% Workday, Inc. (WDAY) $232.53 2.17% Gilead Sciences Inc. (GILD) $120.35 2.12% Fiserv Inc. (FI) $119.56 1.32% Mercadolibre Inc. (MELI) $2,060.00 0.83% Verisk Analytics Inc. (VRSK) $230.79 0.76% Kraft Heinz Co. (KHC) $25.30 0.68% Intuit Inc. (INTU) $651.32 0.67% Starbucks Corp. (SBUX) $84.85 0.60% Hologic Inc. (HOLX) $68.91 0.60%
Nasdaq 100 - Fallers
Broadcom Inc. (AVGO) $347.33 -1.93% Intel Corp. (INTC) $36.17 -1.82% NetEase Inc. Ads (NTES) $146.73 -1.26% Applied Materials Inc. (AMAT) $225.77 -0.86% Seagate Technology Plc (STX) $224.35 -0.74% Nvidia Corp. (NVDA) $180.57 -0.68% Alphabet Inc. Class A (GOOGL) $249.75 -0.68% PACCAR Inc. (PCAR) $94.54 -0.65% Cadence Design Systems Inc. (CDNS) $322.19 -0.64% Alphabet Inc. Class C (GOOG) $250.28 -0.64%
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