Banks, lenders and other financial companies fell after uninspiring earnings reports from three major banks and further signs that the Federal Reserve could hold off on rate hikes. Shares of JPMorgan, the largest U.S. bank by assets, declined after it trimmed its projection for 2017 net interest income and loan growth. The warning came despite quarterly earnings that were higher than Wall Street forecasts. Citigroup ticked down after the banking giant posted quarterly revenue growth, despite a slowdown in trading activity. Wells Fargo shares fell after the San Francisco bank reported lackluster demand for loans. Regional bank PNC Financial Services Group's second-quarter earnings and revenue topped estimates, helped by higher interest rates and growth in commercial lending.
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(END) Dow Jones Newswires
July 14, 2017 16:48 ET (20:48 GMT)