Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

U.S. stocks are rising as earnings continue; Goldman misses on write-downs

Published 07/19/2023, 10:22 AM
Updated 07/19/2023, 11:25 AM
© Reuters.

Investing.com -- U.S. stocks were rising as earnings continued to roll in. Goldman Sachs posted an earnings miss after a write-down related to one of its consumer businesses.

At 11:12 ET (15:12 GMT), the Dow Jones Industrial Average was up 144 points or 0.4%, while the S&P 500 was up 0.3% and the NASDAQ Composite was up 0.4%.

Goldman stumbles on write-downs, investment banking drought

The Goldman Sachs Group, Inc. (NYSE:GS), which is also feeling the effects of a slump in deal-making on Wall Street, wrote down $504 million related to the GreenSky home improvement lending business and another $485M related to real estate investments. Investment banking fees fell 20%. Shares rose 1.4%.

Regional lenders fared better, with Citizens Financial Group, Inc. (NYSE:CFG) and M&T Bank Corporation (NYSE:MTB) both beating expectations as they got a boost from rising interest rates.

Bank stocks have been beaten down this year after the failures of three large banks this spring stoked fears that rapidly rising rates would pose excess risks in the financial system. The S&P 500 banking index is down 3.4% this year.

Fed heads to meeting next week

The Federal Reserve is poised to raise rates again at its meeting next week after pausing on another rate hike in June. Futures traders expect a quarter of a percentage point hike, but then some believe the Fed could stay on hold until it assesses the progress of its actions so far to cool inflation.

Next week also features a second quarter reading on gross domestic product and the latest personal consumption expenditures index, a key inflation reading.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Tesla, Netflix poised to report latest quarter

In other stock movers, shares of used car seller Carvana (NYSE:CVNA) rose 37% after a deal with its bondholders to cut more than $1 billion in debt.

Tesla (NASDAQ:TSLA) and Netflix (NASDAQ:NFLX) are expected to report results after the closing bell tonight, kicking off earnings for the technology sector as investors focus on artificial intelligence and a Hollywood strike by actors and writers that is threatening results at major media companies.

Microsoft Corporation (NASDAQ:MSFT) shares rose 0.2% after the software giant announced it would charge $30 a month for business customers to access AI tools on its Office suite of products, increasing the overall cost of the software.

Latest comments

big caps are too big to fail. small caps are too small to fail?
small caps act like big caps. small. caps are no big caps.
Welcome to the miraculous "late trade" magic show, where investors come to "buy" the most grossly overvalued equities in history before the close.
The greatest financial fraud in world history continues its reign of financial terror as it financially defiles America in broad daylight.
with Mitchell ignorance is bliss...
Mitchell everything your posting is simple minded and idiotic......
Mitchel, the markets are not a financial fraud ... maybe.stamp collecting is more your style.stay sway from the markets. you are apparently unable to understand how they work.
As expected..... analysts will paint a rosy future growth should the earnings are bad to continue rallying the stocks.....
So the miss earnings, and lost a billion but syock rises? yeah. ok
It's the laughable "lost less than expected" malarkey.
op
Hot inside info…. Carvana is sitting down with Elon soon… what a great team Carvana and Tesla!
Why you don't go kiss Elon s ash and stop spamming
that's good reason
The "as" in the headline means correlation, not causation.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.