Stocks Lose Ground as Banks Give Quarterly Updates

US stocks dipped to start the week as investors considered another set
of earnings reports from major companies and looked ahead to a slate
of key central bank meetings.

Stocks were in the green for much of Monday’s session before turning
downward in the afternoon. The s&p 500 fell 32.31 points or 0.8% to
3,830.85. The broad index on Friday ended higher snapping a five-day
losing streak the blue-chip Dow Jones industrial average lost 215.65
points or 0.7% to finish at 31,072.61.

The NASDAQ Composite Index shed 92.37 or 0.8% to 11,360.05. The
technology-heavy index closed lower after rising at least 1% intraday
for the 13th time this year, which happened only twice in 2021. Big
financial firms kicked off a bumper week of earnings reports Monday,
Goldman Sachs gained $7.39 or 2.5% to $301.26 after reporting better
than expected earnings, Synchrony Financial reported earnings per
share that failed over a year but we’re better than analysts expected
and gained nine cents or 0.3% to $31.48.

Bank of America finished up one cent or less than 1% after it said
second-quarter profits declined 32% Charles Schwab, which reported
second-quarter profits rose by 42% lost 94 cents or 1.5% to $61.24.

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