by Noel Randewich and Johann M Cherian

(Reuters) – The New York Stock Exchange ended lower on Tuesday, as the mixed results communicated by Goldman Sachs and Morgan Stanley weighed down the banking sector, while the decline of Appel and Boeing also weighed on the S&P- 500.

The Dow Jones index lost 0.62% to 37,361.12 points.

The broader S&P-500 lost 0.37% to 4,765.98 points.

The Nasdaq Composite fell 0.19% to 14,944.35 points.

Several large American banks gave the unofficial start of the results season on Friday. As Wall Street was closed on Monday, Morgan Stanley fell 4.2% to a more than one-month low after reporting a lower quarterly profit, while Goldman Sachs advanced 0.7 % following the jump in its profit.

The market gloom was fueled by comments from Federal Reserve (Fed) Governor Christopher Waller, who said there was no need for the US central bank to rush to lower interest rates, even if he said he was more confident about bringing inflation under control.

While many last month anticipated a first rate cut in March, traders are now betting less and less on this hypothesis.

“What happened today is more of a form of market consolidation related to the idea that investors were a little too optimistic” about the Fed’s desire to cut rates, Ross commented. Mayfield, analyst at Baird.

Ten of the eleven major sectors of the S&P-500 ended the session in the red, led by energy, down 2.4%.

Spirit Airlines plunged 47% after a US federal judge blocked JetBlue Airways’ takeover of the airline.

Apple fell 1.2% in the wake of a rare reduction in the prices of its iPhones decided in China to respond to fierce competition in the country.

Advanced Micro Devices gained 8.3% after Barclays analysts raised their price target, as did other semiconductor makers.

Boeing plunged nearly 8% to a two-month low following the US Aviation Administration’s decision to ground the 737 MAX 9 for an indefinite period.

( Jean Terzian)

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