NEW YORK: Wall Street stocks were mixed early Tuesday as markets weighed solid earnings against US retail sales growth that came in weaker than expected.
Shares of Bank of America and Morgan Stanley both rose after their results topped analyst expectations. But the 0.2 percent retail sales advance in June lagged analyst expectations.
While some observers still rated the retail report solid, commentators expressed concern about the tepid uptick in June sales given lower consumer inflation.
Wall St kicks off week higher as investors await more earnings
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.3 percent at 34,692.16.
The broad-based S&P 500 was flat at 4,523.29, while the tech-rich Nasdaq Composite Index shed 0.4 percent to 14,188.92.
Morgan Stanley shares surged 4.5 percent after reporting better-than-expected profits, saying the quarter “started with macroeconomic uncertainties and subdued client activity, but ended with a more constructive tone.”
Trading revenues fell sharply however, with fixed income trading tumbling 31 percent from the year-ago period.
Bank of America climbed 3.7 percent after reporting a 19 percent jump in quarterly profits to $7.4 billion, on growth in income tied to interest rate increases and loan growth.
Arms company Lockheed Martin advanced 1.1 percent as it reported higher quarterly profits, raising its full-year forecast as it pointed to new defense orders.
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