Wall Street closes lower as banks, energy shares tumble

16 Janvier, 2021, 08:07 | Auteur: Auguste Feret
  • Hong Kong's Hang Seng index futures rose 0.23% in early trading

Wall Street futures had stocks opening lower ahead of the bell on Friday as several major United States banks were slated to report their latest quarterly earnings throughout the course of the day.

On Friday, investors got fresh looks at major banks such as JPMorgan Chase, Citigroup and Wells Fargo. TCS, Reliance and L&T contributed the most to the index's gains, while selling in Infosys, Axis Bank and HCL Tech limited the rally to some extent.

Wall Street pushed all three institutions, with shares of JPMorgan falling 1.2 per cent to US$138.64 at the close, Citigroup sinking 6.9 per cent to US$64.23 and Wells Fargo diving 7.8 per cent to US$32.04.

"The bank stocks have been running here for a couple of weeks now so a lot of good news has already been priced in", said Dennis Dick, a trader at Bright Trading LLC in Las Vegas.

"This year is the year for financials, energy, materials, industrials".

The Philadelphia semiconductor index also hit a record high with a big boost from Taiwan Semiconductor Manufacturing Co., Ltd.

Major equity indexes in the USA started the last day of the week mixed as investors assess President-elect Joe Biden's coronavirus relief plan and the latest macroeconomic data releases from the US.

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Also spooking Wall Street was the Commerce Department's report that retail sales declined 0.7 per cent in December, despite holiday shopping, underscoring that the U.S. economy was far from healed.

"The weaker-than-expected economic data, and especially in parts of the economy like retail sales, is a big driver", said Liz Ann Sonders, chief investment strategist at Charles Schwab.

For the week the S&P 500 and the Nasdaq fell around 1.5% while the Dow lost 0.91%.

As of 1230 GMT, Dow Jones futures were down 0.40%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.29% and 0.03% lower, respectively.

"We are seeing sentiment through last week in extreme speculative frothy euphoric optimistic territory", she said.

The S&P 500 posted 10 new 52-week highs and no new lows; the Nasdaq Composite recorded 169 new highs and seven new lows.

On U.S. exchanges 14.37 billion shares changed hands, compared with the 12.54 billion average for the last 20 sessions.

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