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 January 14, 2020 - 10:25 AM EST
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Indexes Directionless at Open

Indexes Directionless at Open

Stocks opened little changed on Tuesday as the corporate earnings season kicked off with J.P. Morgan Chase and Citigroup posting stronger-than-forecast quarterly results.

The Dow Jones Industrials gained 23.54 points to 28,930.59

The S&P 500 stepped back 3.49 points from Monday's record high to 3,284.69

The NASDAQ slid 14.16 points to 9,259.78

J.P. Morgan Chase posted quarterly earnings and revenue that beat analyst expectations, sending the stock up more than 0.6%. The bank's annual profits also reached record levels at $36.4 billion. J.P. Morgan also had a surge in bond-trading revenues during the fourth quarter.

Citigroup's earnings also got a boost from strong fixed-income trading as revenue from that business surged 49%. Shares of the banking giant gained 0.7%.

Delta Air Lines also reported better-than-expected earnings, boosted by lower fuel costs and strong travel demand. The results sent Delta shares higher by 3.2%.

Despite the strong results from J.P. Morgan, Citi and Delta, expectations for the corporate earnings season were low. S&P 500 profits were forecast to fall 2% in the fourth quarter on a year-over-year basis.

Prices for the 10-Year U.S. Treasury eked up, lowering yields to 1.83% from Monday's 1.84%. Treasury prices and yields move in opposite directions.

Oil prices took on 11 cents to $58.19 U.S. a barrel.

Gold prices fell $5.20 to $1,545.40 U.S. an ounce.


Source: Livemoney (January 14, 2020 - 10:25 AM EST)