Traders work on the floor of the New York Stock Exchange.
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Stock futures traded lower on Tuesday as investors tried to continue to build on the momentum in early 2023 and weighed in on recent earnings results.
Futures related to the Dow Jones Industrial Average lost 81 points, or 0.2%. S&P 500 futures were down 0.1%, while Nasdaq 100 futures were down 0.2%.
Goldman Sachs reported a lower-than-expected profit for the fourth quarter, sending the stock down more than 2% in the premarket. The bank’s results were pressured by declines in investment banking and asset management services. Meanwhile, rival Morgan Stanley posted better-than-expected numbers, thanks in part to record wealth management returns.
The results come after other major banks such as JPMorgan and Citigroup reported mixed quarterly results.
Wall Street has kicked off consecutive positive weeks to kick off the new year. The Nasdaq Composite is leading the way higher, up 5.9%, as investors bought into surging technology stocks amid rising hopes of an improving stock growth landscape. The S&P 500 and Dow have advanced 4.2% and 3.5%, respectively, since the start of the year.
The gains were made on the back of the first set of inflation-related data that investors saw as pointing to a contraction in the economy, with hopes that it would give the Federal Reserve an excuse to slow rate hikes again. Last week, the Consumer Price Index for December showed that prices had eased by 0.1% from the previous month, but prices were still 6.5% higher than the same month a year ago.
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