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US stocks edge down from records

Jul 16 2019 16:30

Wall Street stocks edged down from records early on Tuesday following mixed banking earnings and worrisome manufacturing data contrasted with strong US retail sales.

Shares of JPMorgan Chase, the largest US bank by assets, were slightly negative despite reporting record quarterly earnings as investors focused on the bank's lowered forecast for net interest income in anticipation of Federal Reserve moves to cut interest rates. 

The Fed also loomed over a surprisingly strong US retail sales report, which jumped 0.4% in June to $519.9bn, more than twice the gain economists had expected.

"The key takeaway from the report is that it was a solid report overall and will diminish the prospect of a 50-basis points cut at the July 30-31 FOMC meeting," said Briefing.com analyst Patrick O'Hare.

However, the US manufacturing sector sunk into recession in June after two consecutive quarters of declines amid President Donald Trump's bitter trade wars and the slowdown in China and other trading partners.

About 35 minutes into trading, the Dow Jones Industrial Average was down a hair from Monday's record close at 27 357.51.

The broad-based S&P 500 slipped 0.1% to 3 012.60, and the tech-rich Nasdaq Composite Index also declined 0.1% to 8 253.77.

Among other companies reporting results, Goldman Sachs jumped 2.4%, while Johnson & Johnson lost 1.2%.

equities  |  wall street  |  markets
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