SARASOTA, Fla. (WWSB) – The stock market showed mixed performance this week as earnings season kicked off, with the Dow Jones Industrial Average leading gains while the NASDAQ turned slightly negative.
The Dow posted gains of about a quarter percent for the week, while the S&P 500 remained relatively flat and the NASDAQ declined slightly. The 10-year Treasury yield rose to 4.19%, while mortgage rates dropped to a three-year low.
Oil prices traded around $60 per barrel, down from a weekly high of $62.
Several companies reported earnings this week, including Tijuana Semiconductors, which beat profit expectations by 35%. The stock gained 20 points following the announcement.
Current market levels showed the Dow trading down nearly 15 points at 49,427, the S&P 500 up almost 8 points at 6,952, and the NASDAQ up 17 points at 23,546.
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Major banks led earnings reports with generally solid numbers driven by higher fees and strong trading activities. Loan growth increased across the sector, though profit margins faced pressure from declining interest rates.
J.P. Morgan reported strong revenue and loan growth but fell short of high profit expectations. The stock declined slightly after the earnings announcement.
Citigroup posted strong numbers in banking growth and mergers and acquisitions activity, though profits came in slightly below expectations.
Bank of America and Wells Fargo reported strong profit and revenue growth, with fees performing well.
Despite beating earnings expectations, bank stocks sold off due to high investor expectations and potential regulatory concerns. President Trump mentioned a possible credit card rate cap, which could impact financial institutions’ profitability while benefiting consumers.
Analysts maintain positive outlooks for banks and financials over the next couple of years, though they expect increased volatility in the sector.
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