The US stock market indices declined at the open on Wednesday as investors scrutinized quarterly reports from banking giants Bank of America and Citigroup.
As of 9:45 a.m. Eastern Time, the S&P 500 fell 0.7%, the Dow Jones Industrial Average was down 0.4%, and the Nasdaq Composite was 1% lower.
At the open, the Dow Jones Industrial Average fell 103.7 points, or 0.21%, to 49088.25. The S&P 500 fell 26.3 points, or 0.38%, to 6937.41​, while the Nasdaq Composite dropped 146.0 points, or 0.62%, to 23563.916.
A series of rulings from the US Supreme Court are anticipated Wednesday, involving critical legal challenges such as the validity of President Donald Trump’s worldwide trade tariffs.
Recent economic indicators show November’s US producer price growth met expectations, though retail activity exceeded forecasts.
On Tuesday, official data showed consumer prices rose in December as anticipated.
Following these data, benchmark interest rates are widely projected to remain unchanged in near-term.
The US Treasury yields eased following mixed economic reports. The yield on the 10-year Treasury edged down to 4.15% from 4.18% late on Tuesday.
Key Stock Movers
Bank of America stock tumbled 3.8% despite BofA reporting stronger than expected profit.
Wells Fargo shares slumped 4.6% after the San Francisco-based lender reported weaker profit and revenue for the fourth quarter.
Citigroup stock was down 1.1% following its profit report.
Biogen shares shed 6% after the biotech company said it expects to take a hit to its profit for the fourth quarter due to research and development expenses and other costs.
Oil companies gained with Exxon Mobil rising 1.9% and ConocoPhillips jumped 3.2% as the US crude benchmark rose 0.9%.
Bullion Market
Gold prices soared to a record high on Wednesday on geopolitical and economic uncertainties.
At 09:04 a.m. ET (1404 GMT), spot gold was 1.1% higher at $4,635.99 per ounce, after hitting a record high of $4,641.40 earlier in the session. US gold futures for February delivery added 1% to $4,644.30.
Spot silver surged 5.7% to $91.87 per ounce, after touching a fresh high of $92.23. Spot platinum climbed 3% to $2,394.13 an ounce, palladium rose 0.1% to $1,841.10 an ounce.
Crude Oil
Oil prices extended gains on Wednesday on the political instability in major crude producer Iran.
At 1430 GMT, Brent North Sea Crude was up 0.9% at $66.05 per barrel. West Texas Intermediate rose 0.8% at $61.39 per barrel.
Iran has warned neighbours hosting US troops it would strike American bases if Washington intervenes over protests in the country, while Danish and Greenlandic ministers will meet US Vice President JD Vance after President Donald Trump renewed demands for US control of Greenland.
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