Wall Street declines after Goldman’s bad reporting

Jan 17 (Reuters) – Wall Street’s major indexes slipped on Tuesday as Goldman Sachs’ quarterly earnings fell short of expectations, dampening sentiment already dampened by dismal economic data from China.

Goldman Sachs Group Inc on Tuesday reported a 69% drop in earnings in the fourth quarter of 2022. The bank’s shares fell 5.9%.

Morgan Stanley reported better-than-expected fourth-quarter earnings as the investment bank’s trading business was boosted by market volatility. The bank’s papers rose by 6.5%.

“Goldman Sachs’ quarterly results were already disappointing and even worse,” said Opimas’ Octavio Marenzi.

Big tech stocks were mixed, with Amazon.com Inc down 1.3% and Apple Inc up 0.9%. Tesla shares rose 5.49%.

Investors will be watching economic data releases, including retail sales later this week, as well as comments from Federal Reserve officials, to get an idea of ​​the trajectory of the central bank’s rate hike.

The Dow Jones Industrial Average shed 0.43% to 34,155.26, the S&P 500 shed 0.06% to 3,996.85 and the Nasdaq Composite shed 0.22% to 11,054.51. Original message in English available by code (Shubham Batra, Shreyashi Sanyal and Amruta Khandekar in Bangalore with contributions from Bansari Mayur Kamdar)


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