Stocks stayed in negative territory Thursday in lighter volume ahead of the three-day Easter weekend, as three big U.S. banks kicked off the quarterly reporting season.
The S&P 500 fell 0.28%, the Dow Jones Industrial Average fell 0.32% and the Nasdaq declined 0.12%. Stocks had opened the session lower and moved into positive territory for a short time. Most sectors were lower Thursday with energy shares leading decliners. Of note, Chevron (CVX - Get Report) was down 2.1% pulling the Dow lower.
Crude settled up 0.1% to $53.18 a barrel, following declines the previous day after the Energy Information Administration's weekly status report showed that U.S. crude oil inventories declined by 2.2 million barrels last week, and OPEC said in its monthly oil report that production decreased by 153,000 barrels a day.
The number of oil and natural gas drilling rigs in the U.S. rose by eight week over week, Houston oilfield services provider Baker Hughes reported Thursday.
Shares of JPMorgan were down 0.52% after being up over 1% earlier in the day.
Citigroup (C - Get Report) earned $1.35 a share in the first quarter, topping forecasts of $1.23. The stock fell 0.7%. Wells Fargo (WFC - Get Report) earned $1 a share in the first quarter, beating estimates by 4 cents. Shares fell 2.5%.
"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 fell Thursday after the attorney for the passenger who was violently dragged off a United plane for not voluntarily giving up his seat said there may be a lawsuit against the airline.
United 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 dropped 0.6%.
Tesla Semi truck unveil set for September. Team has done an amazing job. Seriously next level.— Elon Musk (@elonmusk) April 13, 2017