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Stocks Slip as Europe's Debt Crisis Lingers, Citi Beats Earnings Expectations

Strategic Insights

— 1 min read

Global stocks, including those in the US, took a hit on Monday as European policymakers struggled to address the region's debt crisis and investors weighed mixed messages from the Group of 20 finance ministers meeting over the weekend. Meanwhile, Citigroup reported better-than-expected earnings, pushing its shares up 1.3%. The Dow Jones Industrial Average slipped 61 points, or 0.5%, to 11,583, while the S&P 500 dropped 8 points, or 0.7%, to 1216. European stocks turned mixed after climbing earlier, with London's FTSE gaining 0.13% and Germany's DAX down 0.13%.

Key Takeaways:

  • The Dow Jones Industrial Average dropped 61 points, or 0.5%, to 11,583, while the S&P 500 slipped 8 points, or 0.7%, to 1216.
  • Citigroup reported revenue of $20.83 billion, beating analyst estimates of $19.24 billion, and pushed its shares up 1.3%.
  • European policymakers struggled to address the region's debt crisis, with the Group of 20 finance ministers meeting in Paris over the weekend.
  • The euro was rising to nearly a one-month high, and the dollar index was gaining 0.45%.
  • The benchmark 10-year Treasury was gaining 5/32, diluting the yield to 2.23%.
  • Gold for December delivery was gaining $2.50 to trade at $1685.50 an ounce.
  • The Empire State manufacturing index continued to contract at -8.48, less than the consensus estimate of -4.0.
  • Capacity utilization in the US came in at 77.4% in September, about in line with estimates.
  • Industrial output for September edged up by 0.2% as expected.

Statistics:

  • Dow Jones Industrial Average: -61 points, or 0.5%, to 11,583.
  • S&P 500: -8 points, or 0.7%, to 1216.
  • Citigroup revenue: $20.83 billion, beating analyst estimates of $19.24 billion.
  • Euro: rising to nearly a one-month high.
  • Dollar index: gaining 0.45%.
  • Benchmark 10-year Treasury: gaining 5/32, with a yield of 2.23%.
  • Gold for December delivery: $1685.50 an ounce.
  • November crude oil contract: slipping 34 cents to trade at $86.46 a barrel.
  • Empire State manufacturing index: -8.48, less than the consensus estimate of -4.0.
  • Capacity utilization in the US: 77.4% in September.
  • Industrial output for September: 0.2% increase.

Sources:

  • TheStreet
  • Associated Press
  • ThomsonONE Analytics
  • Kitco
  • CBOE
  • Dow Jones
  • S&P 500
  • Citigroup
  • Eurozone financial ministers
  • Group of 20 finance ministers

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