Morgan Stanley’s profit beat expectations as wealth management revenue climbed in the first quarter, offsetting slumps in investment banking and trading. The bank earned $1.70 per share, beating analysts’ average estimate of $1.62 per share, according to Refinitiv data. But its shares fell 1 percent to $88.92 in early trading on Wednesday as investment banking…
Morgan Stanley Beats Estimates With Wealth Business Growth, but Shares Fall
April 19, 2023
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Wall Street Opens Lower on Mixed Earnings, Rising Yields
U.S. stocks fell at the open on Wednesday as Treasury yields rose on expectations that the Federal Reserve could keep interest rates higher for longer, while mixed earnings from regional banks and weakness in Tesla further dented sentiment. The Dow Jones Industrial Average fell 86.80 points, or 0.26 percent, at the open to 33,889.83. The…
Oil Slides as Interest Rate Expectations Eclipse Chinese Data
April 19, 2023
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LONDON—Oil prices dropped sharply on Wednesday, sliding by 2 percent as potential U.S. interest rate hikes that could slow growth and curb oil consumption outweighed strong Chinese economic data and falling U.S. inventories. Brent crude futures shed $1.70 to $83.07 a barrel by 0929 GMT while West Texas Intermediate U.S. crude fell by $1.64 to…
Stocks Ease, Dollar Perks Up as Focus Returns to Fed and Inflation
April 19, 2023
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LONDON/SINGAPORE—Global stocks eased on Wednesday, while the dollar pulled further above last week’s one-year lows, as investor focus honed in on what the Federal Reserve may have to do to tame inflation, rather than on the recent problems in the U.S. banking sector. The MSCI All-World index fell 0.2 percent, thanks to a broad-based decline…
Stock Market Today: S&P 500 Posts Slight Gain, Dow Flat
NEW YORK—Wall Street closed Tuesday almost exactly where it began after a mixed set of profit reports led to a quiet, meandering day of trading. The S&P 500 edged up by 3.55 points, or 0.1 percent, to 4,154.87 after drifting between small gains and losses throughout the day. The Dow Jones Industrial Average slipped 10.55,…
S&P 500, Nasdaq Open Higher on Earnings Optimism
The S&P 500 and Nasdaq opened higher on Tuesday (April 18) as an upbeat quarterly report from Bank of America boosted optimism about the earnings season amid concerns about a looming recession. The Dow Jones Industrial Average fell 22.02 points, or 0.06 percent, at the open to 33,965.16. The S&P 500 opened higher by 12.94…
Goldman Sachs Profit Falls in 1st Quarter as Dealmaking Sputters
Goldman Sachs Group Inc.’s first-quarter profit fell 19 percent as sluggish dealmaking eroded the Wall Street giant’s fees from investment banking, while losses from the sale of some loans from its consumer unit, Marcus, weighed on the results. Goldman booked a $470 million loss on the sale as the bank rejigs its strategy after a…
Dollar Slides After Upbeat China Data; Aussie, Pound Rise
LONDON—The dollar fell against most major currencies on Tuesday after better-than-forecast growth data from China, while strong pay figures from Britain supported the pound. China’s gross domestic product (GDP) grew 4.5 percent year-on-year in the first three months of the year, data showed on Tuesday, beating analyst forecasts for a 4 percent expansion as the…
Oil Slips on Economy Worries, Despite China Growth Data
April 18, 2023
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LONDON—Oil fell for a second day on Tuesday as upbeat Chinese economic data failed to deflect the focus from a possible increase to U.S. interest rates and wider concern about the growth outlook. Crude prices were also pressured by the Iraq federal government and Kurdistan Regional Government (KRG) taking a step towards a resumption in…
Stock Market Today: Shares Mixed Following China Growth Data
April 18, 2023
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TOKYO—Global shares were mixed Tuesday as pessimism over economic and political uncertainties remained even as China reported better-than-expected growth data. France’s CAC 40 added 0.3 percent in early trading to 7,517.90. Germany’s DAX rose nearly 0.1 percent to 15,804.68. Britain’s FTSE 100 added 0.2 percent to 7,897.45. U.S. shares were set to drift higher with…
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