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US benchmark equity indexes were mostly lower intraday Tuesday as Wall Street digested the first wave of major bank earnings, with Wells Fargo (WFC) reporting third-quarter revenue that fell short of market projections despite higher-than-expected bottom-line results.
The Dow Jones Industrial Average dropped 0.3% to 51,708.3 after midday, while the Nasdaq Composite slipped 0.1% to 27,225.2. The S&P 500 was little changed at 7,805.1.
The divergence in results across the sector was immediate. Wells Fargo shares fell 1.7% intraday following its report, which highlighted disappointing net interest income as a drag on revenue.
Citigroup (C) shares declined 3.6% despite beating Street projections on earnings.
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