{"id":1973497,"date":"2023-07-14T18:46:02","date_gmt":"2023-07-14T22:46:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sp-500-ends-down-with-banks-mostly-lower-indexes-post-weekly-gains\/"},"modified":"2023-07-14T18:47:47","modified_gmt":"2023-07-14T22:47:47","slug":"sp-500-ends-down-with-banks-mostly-lower-indexes-post-weekly-gains","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sp-500-ends-down-with-banks-mostly-lower-indexes-post-weekly-gains\/","title":{"rendered":"S&#038;P 500 closes lower, banks down, weekly gains for indexes."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsp-500-ends-down-with-banks-mostly-lower-indexes-post-weekly-gains%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1973497&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>Stock Market Update: S&#038;P 500 Ends Slightly Down, But Weekly Gains Remain Strong<\/h2>\n<blockquote>\n<p>By Caroline Valetkevitch<\/p>\n<\/blockquote>\n<p>The S&#038;P 500 ended down slightly on Friday, with bank and financial shares mostly lower on the day following quarterly reports that kicked off earnings season, but all three major U.S. stock indexes posted solid weekly gains.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Offsetting some of the declines, <strong>UnitedHealth Group\u2019s<\/strong> stock rallied following its stronger-than-expected results.<\/p>\n<p>Shares of <strong>JPMorgan Chase<\/strong> rose 0.6% and <strong>Wells Fargo<\/strong> eased 0.3%, while the S&#038;P 500 banks index fell 0.9%. Both major banks reported higher quarterly profits, but said they have set aside more money for expected losses from <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/big-u-s-banks-see-loan-growth-slowing-as-outlook-for-demand-economy-darkens\/\" title=\"Big U.S. banks see loan growth slowing as outlook for demand, economy darkens\">commercial real estate loans<\/a>.<\/p>\n<p>The biggest drags on the benchmark index were the energy sector, down 2.8%, and financials, down 0.7%. <\/p>\n<p><strong>UnitedHealth<\/strong> shares jumped 7.2% and helped the Dow to end higher. Shares of other health insurers also advanced, with <strong>Humana<\/strong> ending up 2.5% and <strong>Cigna<\/strong> up 4.7%.<\/p>\n<p>\u201cWe\u2019ve rallied significantly year to date, and that was in anticipation of better-than-expected earnings,\u201d said Oliver Pursche, senior vice president and advisor for Wealthspire Advisors in Westport, Connecticut.<\/p>\n<p>\u201cWhat we\u2019re seeing now and are likely to continue to see through the end of the summer is a little bit of fatigue and lack of conviction that stocks can go materially higher.\u201d<\/p>\n<p>The day\u2019s quarterly reports unofficially started off second-quarter U.S. earnings season. Analysts expect S&#038;P 500 earnings to have declined 8.1% in the quarter from a year ago, according to Refintiiv data, but the majority of companies tend to beat expectations.<\/p>\n<p>The Dow Jones Industrial Average rose 113.89 points, or 0.33%, to 34,509.03, the S&#038;P 500 lost 4.62 points, or 0.10%, to 4,505.42 and the Nasdaq Composite dropped 24.87 points, or 0.18%, to 14,113.70.<\/p>\n<p>For the week, the Dow was up 2.3%, the S&#038;P 500 rose 2.4% and the Nasdaq advanced 3.3%. The S&#038;P 500 remains up 17% for the year to date.<\/p>\n<p>Among other financial company reports, <strong>Citigroup<\/strong> shares fell 4% after the lender\u2019s quarterly profit tumbled, while <strong>BlackRock<\/strong> was down 1.5% after it posted a decline in quarterly revenue.<\/p>\n<p>Some strategists said bank stocks may have sold off following recent strong gains.<\/p>\n<p>The S&#038;P banks index snapped a five-session winning streak along with the KBW regional bank index, which was down 1.9% on the day. <\/p>\n<p>An index of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sp-500-ends-down-with-banks-mostly-lower-indexes-post-weekly-gains\/\" title=\"S&#038;P 500 closes lower, banks down, weekly gains for indexes.\">high profile tech-related shares edged lower<\/a> a day after registering a record high close.<\/p>\n<p><strong>Tesla<\/strong>, whose shares rose 1.3%, is the first of the growth giants to report, with earnings expected on Wednesday.<\/p>\n<p>Volume on U.S. exchanges was 10.72 billion shares, compared with the 11.04 billion average for the full session over the last 20 trading days.<\/p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 2.73-to-1 ratio; on Nasdaq, a 2.33-to-1 ratio favored decliners.<\/p>\n<p>The S&#038;P 500 posted 40 new 52-week highs and 4 new lows; the Nasdaq Composite recorded 97 new highs and 60 new lows.<\/p>\n<\/p>\n<p> (Reporting by Caroline Valetkevitch; additional reporting by Johann M Cherian and Bansari Mayur Kamdar in Bengaluru; Editing by Saumyadeb Chakrabarty, Sriraj Kalluvila, Maju Samuel, Vinay Dwivedi and David Gregorio)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/sp-500-ends-down\/attachment\/traders-work-on-the-floor-of-the-nyse-in-new-14\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Interview: House Republicans Face Dilemma as Conservatives Push Agenda<\/h3>\n<p>National Political Correspondent Neil W. McCabe interviewed political consultant Jason Cole, the CEO of the Arsenal Media Group, about the dilemma facing House Republicans, as Conservatives push their agenda and more moderate members of the House Republican Conference look to tap the brakes going into the 2024 political cycle.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Interview: Exploring the Future of Medicine with Dr. Shannon Kroner<\/h3>\n<p>with Dr. Shannon Kroner<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Interview: The Art of Storytelling with Jess Weber<\/h3>\n<p>with Jess Weber<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Interview: Understanding the World of Finance with Professor Richard Werner<\/h3>\n<p>with Professor Richard Werner<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>WASHINGTON (Reuters) \u2013 A U.S. federal court rejected the Federal Trade Commission\u2019s request that it order Microsoft to temporarily hold off on\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Sarita Chaganti Singh and Aditi Shah NEW DELHI (Reuters) -China\u2019s BYD Co has submitted a $1 billion investment proposal to build\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>SEOUL (Reuters) \u2013 Tesla began selling its Model Y <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mixed-martial-arts-hill-to-vacate-ufc-title-after-suffering-achilles-injury\/\" title=\"MMA champ Hill to relinquish UFC title due to Achilles injury.\">rear-wheel drive car<\/a> on Friday in South Korea at a price of 56.99\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>KUALA LUMPUR (Reuters) \u2013 Malaysian Prime Minister Anwar Ibrahim said on Friday he held a call with billionaire Elon Musk to discuss\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The S&amp;P 500 closed slightly lower on Friday as bank and financial shares declined after quarterly reports. However, all three major U.S. stock indexes recorded strong weekly gains. UnitedHealth Group&#8217;s stock surged, offsetting some of the losses.<\/p>\n","protected":false},"author":66,"featured_media":1973498,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1973497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1973497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1973497"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1973497\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1973498"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1973497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1973497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1973497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}