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US stocks flat as bank shares cool off

AFP

US stocks opened little changed Thursday as oil prices edged higher and banking shares cooled off following lower earnings from Bank of America and Wells Fargo.

Five minutes into trade, the Dow Jones Industrial Average stood at 17,919.44, up 11.16 points (0.06 percent).

The broad-based S&P 500 was essentially flat, shedding 0.01 point at 2,082.41, while the tech-rich Nasdaq Composite Index lost 3.01 (0.06 percent) at 4,944.41.

Bank of America gained 1.0 percent after reporting first-quarter net income dropped 18.1 percent year-over-year at $2.2 billion and earnings per share met expectations.

Wells Fargo lost 0.7 percent after first-quarter profits fell 5.9 percent to $5.5 billion and the bank cited the drag from low interest rates.

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Both banks boosted their reserves to cover bad energy loans.

The mixed performance of banking shares was a shift from Tuesday, when better-than-expected earnings from JPMorgan Chase helped fuel a global equity rally led by banks.