FX.co ★ US Stocks Mostly Lower

On Wednesday, the majority of U.S. stocks experienced declines. The S&P 500 fell by 0.5%, the Nasdaq decreased by 0.8%, while the Dow Jones hovered near stability. This market movement was influenced by investor reactions to new bank earnings reports and crucial economic data, which did little to alter the expectation that the Federal Reserve will implement interest rate cuts this year. Wells Fargo's stock dropped by 3.9% after failing to meet earnings and profit projections. Similarly, Bank of America faced a 3.6% decrease despite surpassing expectations. Meanwhile, Citigroup saw a slight dip of 0.3% even after reporting stronger-than-anticipated earnings and revenue. JPMorgan's shares also declined by 0.3%, continuing a 4.1% fall from the previous session due to lackluster quarterly results. Economically, U.S. producer inflation saw a modest rise in November due to increased energy costs, and retail sales exceeded predictions. In terms of sectors, technology stocks underperformed, whereas energy stocks outperformed due to rising oil prices. Additionally, investors remained attentive to developments in Iran, while a potential U.S. Supreme Court decision on tariffs was anticipated.