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* Wells Fargo, Citigroup among the largest drugs on the S&P 500
* Exxon Mobil weighs in on S & P, regulatory investigations on energy sector
* Retail sales decline again in December
* Dow 0.34%, S&P 500 down 0.48%, Nasdaq 0.40% (update prices, comment adds, New York dateline adds, byline changes)
By Echo Wang
NEW YORK January 15 (Reuters) – Wall Street’s main indices fell on Friday, the biggest drag from major US banks following their earnings report while the energy sector was also weighed down by a regulatory investigation into Exxon Mobil Corp.
The index of S&P 500 banks as shares of Wells Fargo & Company, JP Morgan Chase & Co. and Citigroup Inc. were down by 2.8%, even though they expected better-than-expected fourth-quarter profit. The bank sector had made a rapid cry in recent times.
Wells Fargo, down 7%, was the biggest drag on the S&P 500, followed by Exxon Mobil, down 4%.
Wall Street’s main indices were set to lower after the week climbed to record high fiscal stimulus packages and optimism about vaccine delivery.
“The financial and energy has been disappointing … bringing the entire market down,” said Chris Zaccarelli, chief investment officer at the Independent Advisors Alliance in Charlotte, NC.
“This year is the year for the financial, energy, materials, industry. So if there is a day when they are not leading, it is not good news for the market.”
In addition, an incentive proposal from US President Joe Biden was coming to investors’ minds, which was unveiled on Thursday.
The $ 1.9 trillion proposal included some $ 1 trillion in direct relief to families.
Four of the 11 major S&P were gaining ground, with real estate achieving the largest percentage with 1% gain, while energy fell 3.2%, posting the deepest decline.
At 2:20 pm ET (1920 GMT), the Dow Jones Industrial Average fell 104.42 points or 0.34% to 30,887.1 points, the S&P 500 lost 18.1 points or 0.48% to 3,777.44 and the Nasdaq Composite declined 52.33 points or 0.4. . %, Ranging from 13,060.30.
Earnings for the S&P 500 companies are expected to decline 9.5% in the final quarter of 2020 from a year earlier, but the refinery is expected to rebound in 2021 with a 16.4% gain for the first quarter, according to IBES data.
Exxon’s shares plunged following a report that said the US Securities and Exchange Commission launched an oil investigation following a complaint by Whistleblower that the company said a major asset in the Parliament Permian shale oil basin Overthrown
Spotify Technology SA dropped nearly 5.9% after Citigroup downgraded its shares to “sell”.
The Hewlett Packard Enterprise Company rose 0.9% after JP Morgan upgraded the enterprise software maker’s stock to “overweight”.
Reducing issues on the NYSE from a 2.05-to-1 ratio; On the Nasdaq, a 2.04-to-1 ratio preferred decliner.
The S&P 500 posted eight new 52-week highs and no new lows; The Nasdaq Composite recorded 158 new highs and five new lows. (Additional reporting by Devik Jain and Medha Singh in Bengaluru; Editing by Saumyadev Chakraborty and Majira Summit)