Stocks dipped on Monday, weighed by big bank results that investors found wanting.
As of market close, the S&P 500 (^GSPC) was down around 0.06%, while the Dow (^DJI) shed 27.53 points. The Nasdaq (^IXIC) dipped by about 0.10%.
Two big bank stocks reported mixed earnings Monday morning, Goldman Sachs (GS) and Citigroup (C), with their results weighed by a soft trading revenues.
Goldman Sachs shares fell after the bank reported mixed first-quarter financial results. The investment banking giant reported earnings of $5.71 per share, which was better than analysts’ expectations of $4.99 per share.
However, revenue was softer-than-expected at $8.81 billion during the quarter. Analysts were anticipating revenue of $8.97 billion. This was the second earnings announcement since David Solomon became CEO.
“Our core businesses generated solid results driven by our strong franchise positions,” Solomon said in a statement.
“We are focused on new opportunities to grow and diversify our business mix and serve a broader range of clients globally. With improving momentum across our businesses, we are confident that Goldman Sachs will generate attractive returns for our shareholders,” he added.
[Read more: Goldman Sachs Q1 EPS $5.71 tops expectations, stock rises]
Citigroup also beat first-quarter earnings estimates, but its business also saw mixed results. The bank reported earnings of $1.87 per share on $18.58 billion in revenue. Analysts were expecting Citi to report earnings of $1.80 per share on $18.63 billion in revenue.
“Our earnings reflect the progress we are making to improve our return on and return of capital. Both our consumer and institutional businesses performed well and we saw good momentum in those areas where we have been investing,” CEO Michael Corbat said in a statement.
As investors digested Citi’s modest bond revenue and a steep drop in its equities business, the stock lost early momentum, changing hands around $67 per share.
[Read more: Citigroup Q1 earnings per share $1.87, beating estimates]
American Airlines (AAL) announced that it will be extending its flight cancellations involving the Boeing 737 MAX aircraft until August 15. The extension would impact about 115 flights per day for American Airlines. This comes on the heels of multiple other airline companies announcing similar cancellations. Southwest (LUV) will not be flying any Boeing 737 MAX airplanes until at least August 5, and United Airlines (UAL) has cancelled flights until June 5.
It is still unclear when Boeing (BA) plans to submit its software upgrade to the Federal Aviation Administration (FAA). The company has said that it plans to submit the update to the FAA in the coming weeks. So far, Boeing said that it has completed 96 successful flights with the new upgrade.
President Donald Trump tweeted some advice for Boeing Monday morning:
What do I know about branding, maybe nothing (but I did become President!), but if I were Boeing, I would FIX the Boeing 737 MAX, add some additional great features, & REBRAND the plane with a new name.
No product has suffered like this one. But again, what the hell do I know?— Donald J. Trump (@realDonaldTrump) April 15, 2019
Waste Management (WM) announced that it would be buying Advanced Disposal Services (ADSW) in a $4.9 billion deal. This purchase is the biggest in nine years for Waste Management. Advanced Disposal Services stock surged 20% in early trade, while Waste Management shares rose 2%.
Best Buy (BBY) will be getting a new CEO. Shares of the big box retailer sank 1% in early trade after the company announced that current CFO and strategic transformation officer Corie Barry will be the CEO starting June 11. Best Buy’s current Chairman and CEO Hubert Joly will become the executive chairman of the board.
Today is the deadline to file taxes, and President Trump will be holding a tax day event 2 p.m. ET in Burnsville, MN. The president will be participating in a roundtable discussion on the economy and tax reform.
Monday’s market kicks off a short trading week, with U.S. markets closed on Friday in observance of Good Friday.
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Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.
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