(Reuters) – The New York Stock Exchange opened mixed on Friday, with investors analyzing the risks weighing on regional banks after a series of warnings as well as statements from Donald Trump who announced that he would meet his Chinese counterpart Xi Jinping in two weeks.
In early trading, the Dow Jones index gained 21.25 points, or 0.05% to 45,973.49 points and the broader Standard & Poor’s 500 fell 0.26% to 6,611.98 points.
The Nasdaq Composite lost 0.43%, or 96.73 points, to 22,465.81 points.
Concerns about the health of US regional banks weigh again at the opening, after two regional groups, Zions Bancorporation and Western Alliance, made announcements on Thursday that shook the sector and spread fears across global stock markets.
Investors are especially concerned about the possible laxity of lending criteria in a sector which is already facing two bankruptcies in the automobile sector, more than two years after the collapse of Silicon Valley Bank.
However, some regional American banks published rather positive results before the stock market opened, which could relieve the markets. Major US banks also reported strong quarterly figures earlier in the week.
Zions Bancorporation and Western Alliance Bancorp, which caused Thursday’s banking rout, were both up more than 3% in early trading.
Goldman Sachs, on the other hand, lost 1.52%, JPMorgan 1.34% and Morgan Stanley 0.44%.
The American regional bank Fifth Bancorp, which announced a 14% increase in its third quarter profit on Friday, took 2.88%.
The trade front could also offer some respite, as US President Donald Trump announced on Fox Business television on Friday that he would meet his Chinese counterpart Xi Jinping in two weeks, amid tensions over tariffs.
The plan to impose 100% customs duties on goods from China would not be tenable, also declared Donald Trump, who reignited fears of a trade war just a week ago with this threat against Beijing.
In other corporate news, American Express (AmEx), which announced more optimistic annual profit and turnover forecasts on Friday, is ahead by 4.1%.
Oracle Corp lost 4.61%, with analysts stressing that the group’s long-term goals could be difficult to achieve.
(Written by Diana Mandiá, edited by Blandine Hénault)
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