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Midday Wednesday: Northern Trust dips following earnings release

Following Tuesday's negative close, U.S. bank and thrift stocks were mixed during morning trading Wednesday, Jan. 18, as the industry's fourth-quarter 2016 earnings season continues.

The SNL U.S. Bank Index shed 0.14% to 519.16, and the SNL U.S. Thrift Index was up 0.27% to 940.21. The Dow Jones Industrial Average slid 0.28% to 19,771.18, the Nasdaq composite index was down 0.01% to 5,537.796 and the S&P 500 declined 0.03% to 2,267.12.

On the earnings front, Citigroup Inc., U.S. Bancorp, and Northern Trust Corp. reported quarterly results before markets opened today.

Citi, which reported net income of $3.57 billion, or $1.14 per share, for the fourth quarter of 2016, saw its stock slide 1.46% to $57.53 around midday. U.S. Bancorp was down 0.09% to $50.26, after reporting fourth-quarter 2016 net income applicable to common stockholders of $1.39 billion, or 82 cents per share.

Northern Trust declined 5.30% to $83.48 around noon, after reporting fourth-quarter 2016 net income applicable to common stock of $260.7 million, or $1.11 per share.

JPMorgan Chase & Co. retreated 0.07% to $83.49, Wells Fargo & Co. declined 0.33% to $53.60, and Bank of America Corp. increased 1.56% to $22.39.

BB&T Corp., KeyCorp, Bank of New York Mellon Corp., M&T Bank Corp., and People's United Financial Inc. are the biggest banks scheduled to report earnings tomorrow, Jan. 19.

In the thrift space, New York Community Bancorp Inc. was up 0.26% to $15.64, and BofI Holding Inc. decreased 0.95% to $27.65.

In economic news, mortgage applications increased 0.8% from a week prior on a seasonally adjusted basis for the week ended Jan. 13, the Mortgage Bankers Association reported, citing its latest weekly mortgage application survey.

The consumer price index for all urban consumers increased 0.3% in December 2016 on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported. Over the last 12 months, the all items index rose 2.1% before seasonal adjustment.

The National Association of Home Builders/Wells Fargo Housing Market Index slipped two points in January, after jumping six points to reach the highest level since June 2005 in the previous month.

The Beige Book is set to be released at 2 p.m. ET today, and Federal Reserve Chair Janet Yellen is scheduled to deliver a speech at 3 p.m. ET today.

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