US markets were trading mixed on Wednesday, as investors digested more earnings news and awaited a speech from Federal Reserve Chair Janet Yellen to look for clues on the pace of interest rate hikes in 2017.
The Dow Jones Industrial Average fell for a second time but the Standard & Poor’s 500 and the Nasdaq were fluctuating between gains and losses. UnitedlHealth Group (UNH) retreated 2.7% in the Dow’s steepest lost, while six of the 11 sectors on the S&P managed gains, led by a 0.5% advance in materials.
Citigroup (C) slid 1.7% after the lender reported mixed fourth-quarter results, with earnings beating views on lower revenues that were shy of expectations compiled by Capital IQ. Goldman Sachs (GS) slipped 1.2% even though its results beat estimates on both earnings and revenue.
Target (TGT) dropped 5.3% as the retailer said comparable sales for the combined November/December period decreased 1.3% and revised its earnings guidance for the fourth quarter and full year to below Wall Street expectations. Macy’s (M) lost 2.9% and Kohl’s (KSS) fell 1.3%.