The Dow Jones Industrial Average closed at 26,384.77 on Monday with a loss of -27.53 points or -0.10%. The S&P 500 closed at 2,905.58 for a loss of -1.83 points or -0.06%. The Nasdaq Composite closed at 7,976.01 for a loss of -8.15 points or -0.10%. The VIX Volatility Index was higher at 12.28 for a gain of 0.27 points or 2.25%.
Monday’s market movers
Stocks were lower Monday after Goldman Sachs and Citigroup shares fell. The two large banks added to key bank sector reports from JPMorgan and Wells Fargo on Friday. While Goldman and Citi both beat earnings per share estimates, investors were slightly disappointed overall. Goldman's revenue fell short of the $8.89 billion expectation with revenue down across all of its major segments year-over-year. For Citigroup, investors were concerned about specifics including equity market losses, mark-to-market losses on loan hedges and the wind down of legacy assets.
In the banking sector, Charles Schwab (SCHW, Financial) and M&T Bank (MTB, Financial) also rounded out the day’s earnings reports with earnings beats. Returns for the reporting banks and S&P 500 financial sector were as follows:
- Goldman Sachs (GS, Financial) -3.80%
- M&T Bank (MTB, Financial) -2.30%
- Charles Schwab (SCHW, Financial) -0.85%
- S&P 500 Financial Sector (XLF, Financial) -0.61%
- Citigroup (C, Financial) -0.09%
After the opening bell, investors also digested news on some of the risks across the globe. Headlines reported that the U.S. and China are nearing a trade deal with loosened negotiations around China’s industrial subsidies, which has been a point of resistance from Beijing. The International Monetary Fund said global growth could improve through 2020, but several key risks still remain, with trade relations and Brexit negotiations at the top of the list.
Economic reports affecting market trading included the following:
- The Treasury held auctions for three-month bills at a rate of 2.38% and six-month bills at a rate of 2.39%.
- The Treasury released its Treasury International Capital report, which showed Overall Net Capital Flows of -$21.6 billion in February versus -$143.7 billion in January, Foreign Bond Investment of $19.9 billion in February versus $23 billion in January and Net Long-Term Flows of $51.9 billion in February versus -$7.2 billion in January.
In the Dow Jones Industrial Average, the following stocks led losses:
Small-cap stocks
In small caps, the Russell 2000 closed at 1,578.76 for a loss of -6.04 points or -0.38%. The S&P 600 closed at 966.08 for a loss of -3.83 points or -0.39%. The Dow Jones Small-Cap Growth TSM Index closed at 10,038.02 for a loss of -24.07 points or -0.24%. The Dow Jones Small-Cap Value TSM Index closed at 9,734.35 for a loss of -56.27 points or -0.57%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,961.64 for a loss of -3.78 points or -0.19%; the S&P 100 at 1281.47 for a gain of 0.38 points or 0.03%; the Russell 3000 at 1713.74 for a loss of -1.68 points or -0.10%; the Russell 1000 at 1610.70 for a loss of -1.26 points or -0.08%; the Wilshire 5000 at 30,030.14 for a loss of -29.80 points or -0.10%; and the Dow Jones US Select Dividend Index at 715.96 for a loss of -2.92 points or -0.41%.
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