New York (AFP)
Wall Street was down slightly Tuesday at the start of the session, digesting the quarterly results of banks JPMorgan Chase, Citigroup and Wells Fargo.
Around 1:50 p.m. GMT, its flagship index, the Dow Jones Industrial Average, yielded 0.09% to 26,063.19 points.
The Nasdaq, with a strong technological coloring, dropped 0.70% to 10,318.62 points.
The broad S&P 500 index dropped 0.45% to 3,140.93 points.
The New York Stock Exchange had finished without direction Monday at the end of a sawtooth session, where several large technological stocks fell sharply after having made significant gains the previous weeks: the Dow Jones had grabbed 0.04 %, while the Nasdaq fell 2.13%.
JPMorgan Chase (+ 0.22%) and Citigroup (-2.39%) did better than expected between April and June, but the two banks had to put huge sums aside to meet the arrears of their respective customers .
Wells Fargo (-6.81%), which recorded a net loss of $ 2.4 billion, also had to provision $ 8.4 billion to protect itself from a situation much worse than expected because of of the pandemic.
Its managing director, Charlie Scharf, said in a statement that "the duration and severity of the economic crisis have increased considerably compared to what we had expected in the previous quarter".
"Overall, the provisions made by these banks are not good economic news," said Patrick O'Hare of Briefing.
Bank of America, Morgan Stanley and Goldman Sachs are expected to release quarterly results this week.
The streaming giant Netflix and the pharmaceutical group Johnson & Johnson will also bend to this exercise in the coming days.
Among the indicators, consumer prices rose again in June in the United States, to + 0.6%, after three months of decline due to the crisis linked to the Covid-19, according to the CPI index released Tuesday by the Labor Department.
On the bond market, the 10-year rate on the US debt stood at 0.6004%, down from Monday evening (0.6184%).
© 2020 AFP