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The S&P 500 slipped Thursday, ending a three-day winning streak, as big tech shares pulled back.
The Dow Jones Industrials descended 68.42 points to 43,153,13
The much-broader index lost 12.57 points to 5,937.34,
The NASDAQ Composite declined 172.94 points to 19,338.29.
Morgan Stanley climbed 3% after posting a top- and bottom-line beat in the fourth quarter on strong investment banking activity and fixed income trading revenue. Bank of America inched down 1% despite having reported an earnings and revenue beat in the prior quarter. The results come a day after other financial peers such as JPMorgan Chase and Goldman Sachs also beat fourth-quarter estimates.
The major averages gave up gains from earlier in the day, which came on the back of strong corporate earnings. Morgan Stanley beat earnings expectations, sending the stock up 4%. Bank of America also exceeded bottom-line estimates, but the stock slipped about 1%. The results come a day after other financial peers such as JPMorgan Chase and Goldman Sachs also beat fourth-quarter estimates.
The earnings season is off to a strong start overall, with 77% of the companies that have reported thus far beating expectations.
Prices for the 10-year Treasury surged, lowering yields to 4.62% from Wednesday’s 4.65%. Treasury prices and yields move in opposite directions.
Oil prices skidded $1.33 to $78.71 U.S. a barrel.
Prices for gold hiked $29.30 an ounce to $2,747.10 U.S.
