Investing.com - Stocks ended little changed on Monday as Goldman Sachs led banking stocks down following mixed quarterly results.
The S&P 500 lost 0.06% and the Dow Jones Industrial Average fell 0.1%. The Nasdaq Composite slipped 0.1%.
Goldman Sachs (NYSE:GS) reported earnings that beat on the bottom line, but revenue fell short, sending shares down nearly 4%.
Analysts at Evercore said that investors are likely to take the show-me approach on Goldman for the rest of the year.
Citigroup (NYSE:C) also reported mixed results. Earnings topped expectations, but weaker-than-expected equity trading performance weighed on overall revenue, which missed estimates from Investing.com. Its shares ended the day a tad lower.
Bank of America (NYSE:BAC) and Morgan Stanley (NYSE:MS), which report earnings on Tuesday and Wednesday, respectively, ended 1% lower.
Beyond earnings, falling energy stocks also weighed on the broader market as U.S. oil prices settled lower. Russia’s finance minister said Russia and OPEC may decide to boost production to protect market share amid a ramp-up in U.S. crude output.
Elsewhere, American Airlines (NASDAQ:AAL) fell 2.7% after extending the cancellation of its Boeing 737 Max 8 flights from June until mid-August. The move comes as 737 Max jets were grounded worldwide following two deadly crashes in recent months. Southwest Airlines (NYSE:LUV) and United Continental (NASDAQ:UAL) also ended the day lower.
Boeing (NYSE:BA) fell 1% with U.S. President Donald Trump tweeting that the aircraft maker should upgrade and rebrand its troubled jet.
In a sign of investor skittishness, defensive corners of the market like consumer staples and health care provided some respite.
A slump in shares of Electronic Arts (NASDAQ:EA), meanwhile, weighed on the communication services sector, even as Piper Jaffray's Michael Olson said company's rollout of its hit game Apex Legends saw its minutes on Twitch more than triple in first quarter of this year from fourth quarter last year.
EA's Twitch viewership rose 281%, Take-Two's (NASDAQ:TTWO) rose 38% and Activision Blizzard's (NASDAQ:ATVI) fell 22%.
In other company news, Spotify (NYSE:SPOT) slumped 4.4% as competition looks set to heat up after a report that Amazon.com (NASDAQ:AMZN) was in talks to launch a free ad-supported music service as soon as this month.
On the economic front, a better-than-expected Empire State manufacturing report drew a fairly muted reaction Wall Street reaction.
Top S&P 500 Gainers and Losers Today:
Anthem (NYSE:ANTM), UnitedHealth Group (NYSE:UNH) and Fortinet (NASDAQ:FTNT) were among the top S&P 500 gainers for the session.
Alliance Data Systems (NYSE:ADS), Nektar Therapeutics (NASDAQ:NKTR) and Electronic Arts (NASDAQ:EA) were among the worst S&P 500 performers of the session.