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US stocks edge lower after strongest session since November
US stocks edged lower on Thursday, Jan. 16, as traders weighed the latest batch of earnings reports, while the S&P 500 looked to post its longest winning streak since December.
The S&P 500 fell 0.1%, while the Nasdaq Composite dropped 0.2%. The Dow Jones Industrial Average fell 77 points, or 0.2%.
Bank of America Corp. shares fell slightly on the session after reporting better-than-expected earnings and revenue from the previous quarter.
Morgan Stanley shares rose 2.25% after its fourth-quarter earnings and revenue beat expectations on strong investment banking activity and fixed-income trading revenue.
The results come a day after other U.S. banks including JPMorgan Chase and Goldman Sachs beat fourth-quarter estimates.
The fourth-quarter earnings season has generally gotten off to a strong start, with 77% of companies reporting so far beating expectations, according to FactSet.
Thursday’s trading comes after Wall Street came off its best session since November, with the Dow Jones Industrial Average rising more than 700 points on Wednesday, while the S&P 500 and Nasdaq rose 1.8% and 2.5%, respectively.
A moderate improvement in core inflation in the consumer price index for December and strong earnings from major banks have boosted risk appetite.
The yield on the 10-year U.S. Treasury note has fallen sharply from a 14-month high reached earlier in the week. It was last trading around 4.667%.
