Market opens weak after bank earnings reports
Dow -55.26 at 34134.64, Nasdaq -44.96 at 10956.06, S&P -17.98 at 3965.19
The stock market opened to losses as investors react to the first slate of Q4 earnings results. There’s likely some general profit-taking activity driving today’s weakness after a big run recently. The main indices have been improving, though, from opening levels.
Selling in broad in nature with declining issues leading advancing issues by a greater than 2-to-1 margin at the NYSE and a 3-to-2 margin at the Nasdaq.
Ten of the 11 S&P 500 sectors trade down with energy (-1.1%), utilities (-0.9%), and information technology (-0.8%) showing the steepest losses. Health care (+0.3%) is the only sector sporting a gain.