IGI Logo

Below the Quote on markets by Mr. Vikram Kasat, Head Advisory, PL Capital (Prabhudas Lilladher)

US Stock pops from stellar bank earnings on Tuesday battled with IBM’s drop after a dismal showing, creating a tug-of-war in the Dow Jones for much of the day until the index managed to pull off a late-breaking gain.

Dow closed just above the flatline at 0.02%. Nasdaq was up 0.9% and S&P 500 finished up 0.4%.

JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and Goldman Sachs all reported earnings that beat expectations and delivered strong revenues from equities trading

Meanwhile, IBM’s stock tanked more than 25% after releasing preliminary results that fell far short of expectations. CEO Arvind Krishna blamed the revenue shortfall on a sudden change in spending priorities, explaining that clients diverted purchases away from IBM’s products to AI hardware and memory chips.

*Oil prices surged earlier today, but backed off their highs after President Donald Trump dumped plans to charge a 20% fee for ships traveling through the Strait of Hormuz*

The longer that prices have been above the inflation target, it’s usually a bit harder to dislodge them and get them lower,” Warsh said Our job, my commitment to you, is to take sticky prices and to unstick them

Above views are of the author and not of the website kindly read disclaimer