“U.S. stocks slipped on Thursday after banking stocks took a hit from declining rates. Disney dragged down Dow Jones industrial average after a profit warning.” Reports CNBC.
With other blue chips not pulling their weight in the markets as quarterly reports are coming around the corner, the Dow/Jones looks like it could take a turn for the worse.
GE shares fell more than 3 percent after JPMorgan reaffirmed its underweight rating, saying earnings and business trends continue to deteriorate. Its shares have performed poorly this year, declining 21 percent through Wednesday versus the S&P 500’s 10 percent return. GE was the worst decliner in the Dow.
Other major financials also took a hit as well.
“Bank of America, Citigroup and Goldman Sachs were all down more than 1 percent, dragging down the major indexes. Financial sector declines come as rates continue to trickle downward, with the yield on the U.S. 10-year Treasury note falling to 2.06 percent. The 10-year note yield dipped below the critical 2.1 percent threshold Tuesday.”
To get the full update from the markets today, check out this report at cnbc.com by clicking here.
Picture credit cnbc.com
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