Traders work on the floor of the New York Stock Exchange.
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Stock futures traded lower on Tuesday as investors tried to build on momentum from early 2023 and weigh recent earnings results.
Futures tied to the Dow Jones Industrial Average lost 81 points, or 0.2%. S&P 500 futures fell 0.1%, while Nasdaq 100 futures fell 0.2%.
Goldman Sachs reported lower-than-expected earnings for the fourth quarter, sending the stock down more than 2% premarket. The bank’s results were weighed down by declines in investment banking and wealth management revenues. Meanwhile, rival Morgan Stanley released better-than-expected numbers, thanks in part to record wealth management earnings.
These results come after other major banks including JPMorgan and Citigroup reported mixed quarterly results.
Wall Street has had a string of positive back-to-back weeks to start the new year. The Nasdaq Composite led the way, up 5.9%, as investors bought battered technology stocks amid growing hopes of an improving landscape for growth stocks. The S&P 500 and the Dow are up 4.2% and 3.5%, respectively, year-to-date.
The gains came on the back of the first crop of inflation-related data, which investors took as an indication of a contracting economy, hoping it will give the Federal Reserve some justification for renewed slower rate hikes. Last week, the December CPI showed prices fell 0.1% month-on-month, but prices were still 6.5% higher than the same month a year ago.
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