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Wall Street drops as bank earnings fail to cheer, media stocks drag

Investors are betting on strong earnings growth across the S&P 500


US stocks fell on Thursday morning, dragged down by media companies, while results from JPMorgan and Citigroup failed to fuel the optimism that has driven indexes to record highs. JPMorgan and Citigroup, which had already talked down third-quarter expectations, reported earnings that were better than Wall Street estimates even as trading revenues fell. The shares of both companies were little changed. "After a long stretch of consecutive highs in the market, with earnings, even if they are slightly disappointing, or an even an aspect of earnings like bond trading at JPM, is ...

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First Published: Thu, October 12 2017. 21:37 IST