Wall Street gropes as Corporate America’s earnings season continues.
Yesterday, Goldman Sachs shares plunged more than 6% after announcing a quarterly report that highlighted the decline in turnover, particularly in the investment banking and asset management divisions.
Buy instead on Morgan Stanley, which toasted with a 5.9% rally to the turnover of the asset management business better than expected.
“This is a really crucial earnings season to find out whether or not companies will weather the storm, and how long they will,” SoFi’s Liz Young told CNBC on “Closing Bell: Overtime. ”.
“I believe – added Young – that we are still in a space that allows markets to rally even in the wake of bad news”.
On the calendar today from the macro front of the United States the publication of inflation measured by the producer price index, which economists interviewed by Dow Jones expect for the month of December to fall by 0.1%, compared to an increase of 0, 3% of the previous month.
At the same time, retail sales to be released today, also in December, are estimated to be down 1%, after the previous drop of 0.6%.
Yesterday on Wall Street the Dow Jones fell by 391 points, (-1.14%), while the S&P 500 marked a decline of 0.20%. The Nasdaq Composite, on the other hand, rose by 0.14%.
At around 1pm GMT, Dow Jones, S&P 500 and Nasdaq futures were up 0.05%, 0.06% and 0.16% respectively.
In the fixed income market, 10-year Treasury rates are down to 3.476%, while two-year bond yields drop to 4.177%.