Stocks struggled for direction after earnings from three big U.S. banks kicked off the quarterly reporting season.
The S&P 500 rose 0.02%, the Dow Jones Industrial Average fell 0.03% and the Nasdaq rose 0.2%. Stocks had opened the session lower. The financial and technology sectors were higher Thursday while utilities and energy dragged on the markets. Of note, Chevron (CVX - Get Report) was down more than 1%.
Shares of JPMorgan were up 1.1%.
Citigroup (C - Get Report) earned $1.35 a share in the first quarter, topping forecasts of $1.23. The stock rose 1.5%. Wells Fargo (WFC - Get Report) earned $1 a share in the first quarter, beating estimates by 4 cents. Shares fell 1.2% after falling earlier.
"JPMorgan Chase's results show positive momentum for investment banking and capital markets earnings on back of solid debt and equity underwriting and strong fixed income trading revenues," Ana Arsov, Moody's Investors Service associate managing director, wrote in a note. "This may indicate a return back to the banks usual positive Q1 cyclicality. However, the direction of tides is unclear on a variety of economic, geopolitical and policy issues on the horizon."
United Airlines (UAL - Get Report) shares were up slightly on Thursday after the company said it would offer compensation to all passengers on the flight where a passenger was violently dragged off a United plane for not voluntarily giving up his seat.
United shares fell 0.06% Thursday.