Wall Street closes at fresh records for second-straight day

By Wall StreetFOXBusiness

Fed rate cut may signal a slower economy: Glenn Hutchins

North Island Chairman and Federal Reserve Bank of New York Director Glenn Hutchins says a Federal Reserve rate cut indicates the central bank perceives the U.S. economy as weakening.

U.S. stocks finished at record highs on Monday after the three major market indexes closed with minor gains.

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The Dow Jones Industrial Average ended the day 27.13 points higher at 27,359.16. Meanwhile, the S&P 0.02 percent higher and the Nasdaq Composite ending the session up nearly 0.2 percent. The intraday record was the second-straight session of new highs for the three benchmarks.

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Stocks managed to rise even as financial stocks fell after Citigroup noted some weakness in net interest margins. Even so, the New York City-based lender reported second-quarter profits of $1.83 per share, better than the $1.80 per share that analysts expected. Revenue also increased 2 percent to $18.8 billion, above Wall Street predictions.

TickerSecurityLastChange%Chg
CCITIGROUP INC.69.35-0.38-0.55%

Energy shares were also weak as oil dipped below $60 per barrel.

Dow Member Boeing fell about 1 percent after the Wall Street Journal reported on Sunday that the Max fleet may not return to service until 2020.

American Airlines and United Airlines have both extended the potential for flight cancellations due to the grounding until early November.

TickerSecurityLastChange%Chg
BABOEING COMPANY379.39-5.05-1.31%
UALUNITED AIRLINES HLDG.89.09-0.33-0.37%
AALAMERICAN AIRLINES GROUP INC.27.99-0.31-1.10%

JPMorgan Chase, Goldman Sachs, Johnson & Johnson, United Airlines and Wells Fargo are among those who report on Tuesday.

TickerSecurityLastChange%Chg
JPMJP MORGAN CHASE & CO.118.90-0.48-0.40%
GSGOLDMAN SACHS GROUP INC.213.74-1.49-0.69%
JNJJOHNSON & JOHNSON131.65+1.54+1.18%
WFCWELLS FARGO & COMPANY48.63-0.28-0.57%

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Meanwhile, U.S. tariffs on China underscored the lowest economic growth for the Asian nation in the past 26 years, down to 6.2 percent in the second quarter.

Trump and Chinese President Xi Jinping agreed to withhold any new tariffs as trade talks restart, but the ongoing duties remain a point of contention in the discussions.