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Oct. 16, 2019, 4:19 p.m. EDT

Stocks end slightly lower after weak U.S. retail sales and tension with China offsets good corporate earnings

Bank of America tops earnings expectations

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By Andrea Riquier and Clive McKeef

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Meanwhile, the third quarter U.S. corporate earnings reporting season were off to a good start this week. Of the S&P 500 index companies that have reported through Wednesday morning, 83% have topped analyst expectations, FactSet data shows.

Which stocks are in focus?

Shares of Bank of America Corp. /zigman2/quotes/200894270/composite BAC +0.39% rose 1.5% after the company reported third-quarter profit that topped Wall Street expectations.

Shares of United Airlines Holdings Inc. /zigman2/quotes/205037281/composite UAL -0.06%  ended 2.1% higher after third-quarter profit reported after Tuesday’s close topped expectations and the company raised guidance for the year.

Shares of General Motors /zigman2/quotes/205226835/composite GM -0.76%  gained 1.1% after the car maker and the United Auto Workers union reached a tentative deal to end the months long strike at GM.

Shares of MGM Resorts International /zigman2/quotes/209932643/composite MGM +0.99%  fell 1.6% after it announced late Tuesday that it would sell its Circus Circus casino resort in Las Vegas and a huge interest in its Bellagio resort.

How are other markets trading?

U.S. Treasury yields fell Wednesday after lackluster data U.S. on retail sales. The 10-year Treasury note yield /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -1.73%  slipped 2 basis points to 1.750%.

Oil futures on Wednesday registered their first climb in three sessions, recouping much of the loss they suffered a day earlier, but worries over demand prospects remained, with prices holding on to a sizable week-to-date loss. West Texas Intermediate crude for November delivery /zigman2/quotes/209727038/delayed CLX21 +0.93% added 55 cents, or 1%, to settle at $53.36 a barrel on the New York Mercantile Exchange.

Gold prices ended higher on Wednesday as investors watched global political news surrounding trade and Brexit, and reacted to a weaker-than-expected reading of U.S. retail sales, which spurred some haven buying. Gold for December delivery on Comex rose $10.50, or 0.7%, to settle at $1,494 an ounce.

The British pound was on a roller-coaster ride Wednesday, while U.K. stocks fell as investors rode a wave of headlines updating on the Brexit-deal front. The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD +0.2220% which has swung back and forth in recent sessions on Brexit headlines, advanced 0.4% to $1.2831 against the dollar, the highest level in five months.

/zigman2/quotes/200894270/composite
US : U.S.: NYSE
$ 23.10
+0.09 +0.39%
Volume: 52.92M
July 8, 2020 4:00p
P/E Ratio
9.43
Dividend Yield
3.12%
Market Cap
$199.63 billion
Rev. per Employee
$543,289
loading...
/zigman2/quotes/205037281/composite
US : U.S.: Nasdaq
$ 32.53
-0.02 -0.06%
Volume: 55.86M
July 8, 2020 4:00p
P/E Ratio
8.82
Dividend Yield
N/A
Market Cap
$9.45 billion
Rev. per Employee
$448,946
loading...
/zigman2/quotes/205226835/composite
US : U.S.: NYSE
$ 24.94
-0.19 -0.76%
Volume: 11.11M
July 8, 2020 4:00p
P/E Ratio
7.63
Dividend Yield
0.00%
Market Cap
$35.96 billion
Rev. per Employee
$849,994
loading...
/zigman2/quotes/209932643/composite
US : U.S.: NYSE
$ 16.30
+0.16 +0.99%
Volume: 17.03M
July 8, 2020 4:00p
P/E Ratio
2.93
Dividend Yield
0.06%
Market Cap
$7.96 billion
Rev. per Employee
$213,874
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
0.65
-0.01 -1.73%
Volume: 0.00
July 9, 2020 2:09a
loading...
/zigman2/quotes/209727038/delayed
US : U.S.: Nymex
$ 42.55
+0.39 +0.93%
Volume: 1,965
July 8, 2020 4:53p
loading...
/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.2639
+0.0028 +0.2220%
Volume: 0.0000
July 9, 2020 2:11a
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Andrea Riquier reports on housing and banking from MarketWatch's New York newsroom. Follow her on Twitter @ARiquier. Clive McKeef is a MarketWatch editor and writer based in New York.

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