Stocks Opened Flat as Earnings Kicked Off
-- Tuesday, January 14, 2020, 9:51 --
U.S. stocks opened flat on Tuesday as corporate earnings results began rolling in. The Dow Jones Industrial Average lately rose 25.62 points, or 0.09%, to 28,932.67. The S&P 500 retreated 3.13 points, or 0.10%, to 3,285.00. The Nasdaq Composite declined 11.39 points, or 0.12%, to 9,262.54.
Oil futures bounced higher Tuesday in an effort to snap a five-day losing streak that dragged the U.S. benchmark to its lowest level since early December. West Texas Intermediate crude for February delivery rose 38 cents, or 0.7%, to $58.46 a barrel, while March Brent was up 45 cents, or 0.7%, to $64.65 a barrel.
JPMorgan Chase (JPM) reported much stronger than expected fourth-quarter results. Adjusted revenue came to $29.2 billion vs $27.9 billion expected. Adjusted earnings per share was $2.57 vs $2.36 per share expected.
Citigroup (C) saw profits surge 15% during the waning months of 2019 as credit and an eye-popping 49% spike in fixed-income trading activity bolstered the bottom line. Wells Fargo (WFC) suffered a startling 55% profit slump, hurt by the hangover of low rates and regulatory scandals.
Consumer prices rose by a modest 0.2% in December, Labor Department data showed on Tuesday, moderating slightly from the prior month and half the pace of October’s jump.