Stocks slip from record levels as attention shifts to Q3 earnings.
U.S. stocks declined on Thursday, as investors turned their attention to third-quarter earnings led by Wall Street banks.
The S&P 500 Index (NYSEARCA:SPY) fell 0.2% to close at 2,550.93. The Dow Jones Industrial Average (NYSEARCA:DIA) declined 0.1% to 22,841.01. The technology-focused Nasdaq Composite Index (NYSEARCA:QQQ) settled 0.2% lower at 6,591.51.
All three benchmarks closed in record territory on Wednesday.
A measure of 30-day volatility known as the CBOE VIX (NYSEARCA:VXX) rose slightly on Thursday, but continued to show stable market conditions. The VIX settled up 0.6% at 9.91.
Dow blue-chip J.P. Morgan Chase & Co (JPM) posted quarterly earnings and revenue that beat forecasts, although it’s trading revenue was quiet during the summer lull period.
Wells Fargo (WFC) will deliver quarterly results on Friday. Goldman Sachs (GS) and Morgan Stanley are set to deliver corporate results on Monday.
In commodities, oil prices declined even after government data showed a bigger than expected drop in weekly crude inventories. U.S. West Texas Intermediate (WTI) for November settlement rose declined 62 cents, or 1.2%, to $50.68 a barrel. Brent crude for December delivery was down 55 cents, or 1%, to $56.39 a barrel.
U.S. crude stockpiles declined by 2.7 million barrels In the week ended October 6, the U.S. Energy Information Administration (EIA) reported Thursday. That was higher than the median forecast calling for an inventory drawdown of about 1.9 million barrels.
The Final Word: Despite easing from records, stocks remain in a firm uptrend that is expected to continue during the earnings period. Financial research firm FactSet expects another quarter of year-over-year earnings growth for Wall Street.