US STOCKS-Wall Street slips as big bank results disappoint

Reuters

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    * Goldman Sachs, Citigroup fall after results
    * Nike gains after Tiger Woods' Masters win 
    * Financials post first drop in four sessions
    * Indexes down: Dow 0.23 pct, S&P 0.28 pct, Nasdaq 0.49 pct

 (Changes comment, updates prices)
    By Amy Caren Daniel
    April 15 (Reuters) - Wall Street's main indexes fell on
Monday, pulling back from a rally in the prior session that took
the S&P 500 within striking distance of its September record
close, as lackluster results from Goldman Sachs and Citigroup
pressured financial stocks.
    Goldman Sachs Group Inc  GS.N  fell 3.2% and Citigroup Inc
 C.N  dipped 0.9% after both Wall Street banks missed revenue
estimates.  urn:newsml:reuters.com:*:nL3N21X2S0  urn:newsml:reuters.com:*:nL3N21X2XL
    The financial sector  .SPSY  slipped 0.47%, its first drop
in four sessions, while the S&P banking index  .SPXBK  fell
0.69%. 
    "With less-than-stellar Goldman results, despite the
bottom-line beat, it's not necessarily surprising to see
financials pulling back a little bit," said Michael James,
managing director of equity trading at Wedbush Securities in Los
Angeles.
    "Earnings and guidance need to be better than estimates for
the market strength to continue given the levels we are at now."
    Monday's results are in contrast to JPMorgan Chase's  JPM.N 
upbeat earnings on Friday that eased fears of first-quarter
earnings season slamming the brakes on Wall Street's big rally
back from last year's slump. The benchmark S&P 500 index  .SPX 
is just 1% away from its September record closing high.
    On the trade discussions, Reuters reported that U.S.
negotiators have tempered demands that China curb industrial
subsidies as a condition for a trade deal, while Treasury
Secretary Steven Mnuchin said he hoped the talks were
approaching a final lap.  urn:newsml:reuters.com:*:nL1N21V0BZ    
    At 10:54 a.m. ET, the Dow Jones Industrial Average  .DJI 
was down 61.01 points, or 0.23%, at 26,351.29. The S&P 500
 .SPX  was down 8.11 points, or 0.28%, at 2,899.30 and the
Nasdaq Composite  .IXIC  was down 39.52 points, or 0.49%, at
7,944.65.
    Of the 33 S&P 500 companies that have reported results so
far, 81.8% have surpassed first-quarter earnings estimate, above
the average of past four quarters, according to Refinitiv data.
    Analysts expect S&P 500 companies to show a 2.1%
year-on-year decline in earnings, their first annual contraction
since 2016.
    In a bright spot, the healthcare sector  .SPXHC  rose 0.1%,
bouncing back from a rough week, led by a 2% gain in
UnitedHealth Group Inc  UNH.N , CVS Health Corp  CVS.N  and
Anthem Inc  ANTM.N .
    Waste Management Inc  WM.N  rose 1.6% after the company said
it would buy smaller rival Advanced Disposal Services Inc
 ADSW.N  for about $3 billion. Advanced Disposal Services jumped
19 percent.  urn:newsml:reuters.com:*:nL3N21X0HG
    Boeing Co  BA.N  fell 0.7% as Brand consultancy firm Brand
Finance said negative publicity over the grounding of the
planemaker's 737 MAX jet is set to wipe $12 billion off the
company's brand value.  urn:newsml:reuters.com:*:nL5N21X368
    Nike Inc  NKE.N  rose 0.4% after long-time brand ambassador
Tiger Woods won the Masters title, ending an 11-year major title
drought.  urn:newsml:reuters.com:*:nL3N21X355
    Declining issues outnumbered advancers for a 1.37-to-1 ratio
on the NYSE and for a 1.81-to-1 ratio on the Nasdaq.
    The S&P index recorded 51 new 52-week highs and one new low,
while the Nasdaq recorded 59 new highs and 25 new lows.

 (Reporting by Amy Caren Daniel and Sruthi Shankar in Bengaluru;
Editing by Sriraj Kalluvila)
 ((Amy.CarenDaniel@thomsonreuters.com ; within U.S.
+1-646-223-8780; outside U.S. +91 80 6749 9250 ; Reuters
Messaging: Amy.CarenDaniel.thomsonreuters.com@reuters.net;))

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