Stocks edged lower Tuesday amid mixed bank earnings and President Donald Trump's threats to put additional tariffs on Chinese goods. The S&P 500 snapped its five-day winning streak, dragged down by tech and utilties stocks.
Vespula Capital CEO Jeff Tomasulo:
SOUNDBITE: VESPULA CAPITAL CEO JEFF TOMASULO (ENGLISH) SAYING:
"When you see the market up 20% for half of a year, we're basically six-and-a-half months into the year, you have to say to yourself, 'How is this going to be sustainable?'"
Three big banks - JPMorgan Chase, Wells Fargo, and Goldman Sachs - pumped out quarterly profit that breezed past analysts' estimates. But they reported weaker net interest income. That had investors concerned that banks could have a tougher time in an environment of lower interest rates, pulling down bank shares. Wells Fargo shares slipped, but JPMorgan and Goldman.
Johnson & Johnson fell. The healthcare company warned that competition from generic and copycat drugs could hurt its quarterly results.
The biggest gainer on the NYSE: Blue Apron. The meal delivery kit company's shares skyrocketed after it said it would introduce recipes that use Beyond Meat's plant-based burgers.