Monday’s Midday Movers: 3 Stories Driving Markets
The major U.S. markets were pausing Monday as investors considered better-than-expected earnings reports with lackluster economic data. As of noon:
|DIJA: +0.13% to 15483.92||S&P 500: +0.15% to 1682.71||NASDAQ: +0.17% to 3606.34|
|Gold: -2.23% to 64.77||Oil: -0.12% to 24.77||U.S. 10-Year: -1.31% to 25.67|
Here are three stories helping shape the market Monday afternoon:
1. Citigroup Joins League of Big Banks Beating Earnings Expectations: Citigroup (NYSE:C) stock jumped nearly 2 percent in early trade Monday after the bank reported second-quarter earnings that beat analyst estimates. Revenues climbed 11 percent on the year to $20.5 billion, beating the average estimate of $19.79 billion. Adjusted earnings climbed 25 percent on the year to $1.25 per share, beating the average estimate of $1.18 per share.
The strong performance was the result of a number of factors. Net credit losses declined 25 percent on the year to $2.6 billion, a welcome break born on the back of rising house prices. Citigroup was also able to draw down its reserves against loan losses by $784 million, which boosted earnings… (Read more.)