NEW YORK (AP) — Losses for several banks and Big Tech stocks pulled indexes lower on Wednesday, even though the majority of stocks on Wall Street rose.
The S&P 500 slipped 0.5% for its second straight loss after setting its all-time high. The Dow Jones Industrial Average dipped 42 points, or 0.1%, and the Nasdaq composite lost 1%.
Wells Fargo helped pull the market lower after falling 4.6%. The San Francisco-based bank reported weaker profit and revenue for the latest quarter than expected, with analysts citing lower trading fees and other miscellaneous items.
Bank of America fell 3.8% despite reporting a stronger profit than analysts expected, with some consternation about the size of its upcoming expenses. Citigroup, which is in the midst of a turnaround under Chair and CEO Jane Fraser, fell 3.3% following its own profit report.