Stock market opens lower, set to cap holiday-shortened week with a loss – MarketWatch

This post was originally published on this site

U.S. stocks kicked off trade lower on Thursday and were on track to finish the holiday-shortened week in the red, with a third straight decline in sight, after a trio of bank stocks fell in the wake of their quarterly results. The Dow Jones Industrial Average DJIA, +0.01% fell 52 points, or 0.3%, at 20,546, the S&P 500 index SPX, +0.03% was off 6 points, or 0.3%, at 2,339, while the Nasdaq Composite Index COMP, +0.16% slipped 8 points, or 0.1%, at 5,828. J.P. Morgan Chase & Co. JPM, +1.32% and Citigroup C, +0.99% beat analysts’ expectations, but Wells Fargo WFC, -1.70% which is still suffering from its sales-practice scandal, disappointed on revenues, and billionaire Warren Buffett’s Berkshire Hathaway Inc. BRK.A, -0.07% said it reduced its stake in the San Francisco-based lender. Those banks all opened lower. Meanwhile, weekly jobless claims fell slightly in the latest week, dropping to 234,000, while a report on producer-prices fell 0.1% in March, though core PPI-which excludes food, energy, and trade-was up 0.1%. Thursday’s early trade follows a week of intensifying geopolitical worries, underscored by a strained relationship between Russia and the U.S. and mounting aggression in North Korea. On Wednesday, Secretary of State Rex Tillerson described the Russia-U.S. relationship as at a “low point” in a news conference with his Russian counterpart Sergei Lavrov. President Donald Trump’s comments in an interview with The Wall Street Journal late Wednesday, where he said the U.S. dollar DXY, +0.36% is “getting too strong,” also weighed on the market. Yields on the 10-year Treasury note [BX:TMUBMUSD10Y] at 2.24% were trading near multimonth lows. Financial markets will be closed in observance of Good Friday, however, a batch of data are slated for the day because it isn’t a federal holiday. Data include a reading of retail sales, and consumer prices for March.