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Midday Thursday: BNY Mellon, others slip following earnings releases

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Midday Thursday: BNY Mellon, others slip following earnings releases

U.S. bank and thrift stocks were trading lower during morning trading Thursday, Jan. 19, amid the latest jobs and housing starts data, and as the industry's fourth-quarter 2016 earnings season continues.

The SNL U.S. Bank Index slid 0.34% to 522.15, and the SNL U.S. Thrift Index lost 0.75% to 936.12 around midday. The broader markets also headed south — the Dow Jones Industrial Average declined 0.17% to 19,770.25, the Nasdaq composite index was down 0.06% to 5,552.59 and the S&P 500 edged 0.15% lower to 2,268.59.

On the earnings front, a handful of large banking companies reported quarterly results earlier today.

Among them, M&T Bank Corp. was up 0.10% to $154.80 around midday. The Buffalo, N.Y.-based company reported fourth-quarter 2016 net income available to common shareholders of $308 million, or $1.98 per share.

KeyCorp declined 1.54% to $17.85. The Cleveland-based company reported fourth-quarter 2016 net income from continuing operations attributable to common shareholders of $213 million, or 20 cents per share. During the quarter, the company incurred merger-related charges totaling $198 million, or 11 cents per share.

Bank of New York Mellon Corp. retreated 2.31% to $45.16. BNY Mellon reported fourth-quarter 2016 net income applicable to common shareholders of $822 million, or 77 cents per share.

BB&T Corp. lost 1.82% to $45.36. The Winston-Salem, N.C.-based company reported fourth-quarter 2016 net income available to common shareholders of $592 million, or 72 cents per share.

Regions Financial Corp., SunTrust Banks Inc., and Citizens Financial Group Inc. are the biggest banks scheduled to report earnings tomorrow, Jan. 20.

Among thrifts, New York Community Bancorp Inc. slid 0.67% to $15.64, and BofI Holding Inc. lost 1.95% to $27.53.

In economic news, the advance figure for seasonally adjusted initial jobless claims was 234,000, in the week ending Jan. 14, a decrease of 15,000 from the previous week's revised level of 249,000. The four-week moving average was 246,750, a decrease of 10,250 from the previous week's revised average of 257,000. This is the lowest level for this average since Nov. 3, 1973, when it was 244,000, according to the U.S. Department of Labor.

Housing starts for privately owned units in the U.S. increased 11.3% month over month to a seasonally adjusted annual rate of 1,226,000 in December 2016, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.

Freddie Mac, citing the results of its Primary Mortgage Market Survey, reported that the 30-year fixed-rate mortgage averaged 4.09% with an average of 0.5 point for the week ending Jan. 19, down from the previous week when it averaged 4.12%. The 15-year fixed-rate mortgage averaged 3.34% with an average 0.5 point, down from last week when it averaged 3.37%.

Market prices and index values are current as of the time of publication and are subject to change.