US stocks slide as bank shares lag

New York Stock Exchange.

New York,  US stocks declined as major bank shares fell, weighing on the market.

The Dow Jones Industrial Average on Monday decreased 27.53 points, or 0.10 per cent, to 26,384.77. The S&P 500 fell 1.83 points, or 0.06 per cent, to 2,905.58, Xinhua news agency reported.

The Nasdaq Composite Index dropped 8.15 points, or 0.10 per cent, to 7,976.01.

Shares of Goldman Sachs slid 3.82 per cent at the close, leading the laggards in the Dow. The bank delivered first-quarter results before Monday’s opening bell and its revenue for the quarter missed estimates.

Citigroup also reported earnings topped expectations while revenue missed. The stock traded roughly on a downbeat note throughout the session and closed 0.06 per cent lower.

The financials sector was down 0.62 per cent, the worst-performing group among the 11 primary S&P 500 sectors.

Wall Street is anxiously expecting corporate earnings amid signs of slowing global growth.

Of the companies that have reported, 85 per cent have topped analyst earnings expectations, according to CNBC, citing FactSet.