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Banks (Finance)

US Stocks Pull Back from Record Highs as Big Banks Outperform and Coinbase Makes Debut

Strategic Insights

— 2 min read

US stocks edged back from record highs on Wednesday, with the S&P 500 index hurt as technology shares lost ground, despite earnings beats by big banks like Goldman Sachs, JP Morgan Chase, and Wells Fargo. The first-quarter trading season began, and Wall Street turned its attention to Coinbase, the first cryptocurrency exchange to make a public debut. The shares opened at $381, higher than their direct listing reference price of $250 on the Nasdaq exchange.

Key Takeaways:

  • The S&P 500 index declined 0.4% to 4,124.84, while the Dow Jones Industrial Average rose 0.16% to 33,732.14, and the Nasdaq Composite fell 1% to 13,857.84.
  • Goldman Sachs, JP Morgan Chase, and Wells Fargo each reported earnings that surpassed Wall Street's targets, with Goldman Sachs beating revenue and profit expectations on strong trading and investment banking revenue.
  • Coinbase, the first cryptocurrency exchange to make a public debut, opened at $381, higher than their direct listing reference price of $250 on the Nasdaq exchange.
  • Value stocks, such as retail and energy, outperformed recovery stocks, with Eric Diton, president and managing director of The Wealth Alliance, stating that "value outperforms and it's happening now."
  • Long-dated US treasury yields rose, with the 10-year yield at 1.638%, and oil prices rose as weekly US crude inventories fell by more than expected.

Statistics:

  • The S&P 500 index declined 0.4% to 4,124.84.
  • The Dow Jones Industrial Average rose 0.16% to 33,732.14, with a gain of 54.87 points.
  • The Nasdaq Composite fell 1% to 13,857.84.
  • Goldman Sachs reported revenue and profit that surpassed Wall Street's targets, with a strong trading and investment banking revenue.
  • Coinbase opened at $381, higher than their direct listing reference price of $250 on the Nasdaq exchange.
  • The first North American bitcoin ETF surged beyond $1 billion under management.
  • Gold fell 0.6% to $1,736.40 per ounce.
  • Long-dated US treasury yields rose, with the 10-year yield at 1.638%.
  • Oil prices rose as weekly US crude inventories fell by more than expected, with West Texas Intermediate crude gaining 5% to $62.93 per barrel.

Sources:

  • Markets Business Insider. (2021). Goldman Sachs Stock Price. Retrieved from
  • Markets Business Insider. (2021). JP Morgan Chase Stock Price. Retrieved from
  • Markets Business Insider. (2021). Wells Fargo Stock Price. Retrieved from
  • Markets Business Insider. (2021). S&P 500 Index. Retrieved from
  • Markets Business Insider. (2021). Dow Jones Industrial Average. Retrieved from
  • Markets Business Insider. (2021). Nasdaq Composite Index. Retrieved from
  • Markets Business Insider. (2021). Coinbase Stock Price. Retrieved from

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