US Stocks mixed on Goldman earnings miss

The US stocks mostly lower on Tuesday, 17 January 2023, after returning from a long holiday weekend, with the Dow and the S&P500 indexes settling below neutral line, while the Nasdaq index managed to hold gain line.

The mixed finish of the Wall Street was chiefly due to weaker-than-expected quarterly results from Goldman Sachs on rising costs and a slump in deal activity.

The At the close of trade, the Dow Jones Industrial Average index declined 391.76 points, or 1.14%, to 33,910.85. The S&P500 index was down 8.12 points, or 0.2%, to 3,990.97. The tech-heavy Nasdaq Composite Index increased by 15.96 points, or 0.14%, to 11,095.11.

Total 7 of 11 sectors ended lower along with the S&P500 Index. Materials was worst performing sector, erasing 1.07%, followed by industrials (down 0.84%) and financials (down 0.68%). Information technology was the top performing sector, rising 0.44%.

Goldman Sachs Group Inc slid 6.4% after the bank posted earnings miss. The bank reported 66% drop in profit and a 16% drop in revenue in quarter ended December 2022, citing rising costs and a bigger provision for credit losses.

Morgan Stanley shares jumped 5.9% after the company posted better-than-expected numbers, thanks in part to record wealth management revenue.

Travelers shares plunged by 4.6% after warning of weaker than expected fourth quarter earnings due to the significant winter storm that impacted much of the U.S and Canada in late December.

Among Indian ADR, HDFC Bank was down 0.77% at $67, ICICI Bank fell 2.6% to $21.10, WNS Holdings declined 1.03% to $84, and Tata Motors sank 0.5% at $24.79. INFOSYS was up 0.81% at $18.67, Dr Reddy's labs added 0.35% to $53.79, Azure Power Global added 8.75% to $4.35, and Wipro added 2.1% to $4.89.

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