Indexes
The S&P 500 slipped 1.79 points to 7,805.45, the Dow Jones Industrial Average fell 180.45 points, or 0.3%, to 51,670.10, and the Nasdaq composite lost 0.2% to 27,204.38, the Associated Press reported.
Banks
JPMorgan Chase earned $5.57 a share, short of the $5.90 analysts expected, and its shares fell 0.9%, CNBC reported. Wells Fargo dropped 3%. Goldman Sachs earned $17.01 a share against forecasts of $13.02, with equities trading revenue up 72%, yet its stock closed 0.2% lower.
Why it matters
When a blowout quarter cannot lift a bank's shares, investors are pricing macro risk over earnings. What to watch: the Labor Department said on Wednesday that consumer prices rose 3.7% in September from a year earlier, up from 3.4% in August and slightly above forecasts, with core inflation at 2.6%, the Associated Press reported. Higher inflation raises the odds of tighter Fed policy, a headwind for rate-sensitive stocks.