Cash equities, underwriting help Citi to Q3 earnings beat

Thomson Reuters Citigroup handily beat analyst estimates Thursday reporting third-quarter earnings of $1.42 per share a nearly 8% beat

The Dow Jones Industrial Average lost 0.1 per cent at 22,841.01.

"What we're seeing is after a long stretch of consecutive highs in the market, with earnings, even if they are slightly disappointing, or an even an aspect of earnings like bond trading at JPM, is more an excuse to selloff", said Scott Clemons, chief investment strategist for Brown Brothers Harriman in NY.

JPMorgan on October 12 reported third-quarter net income available to common shareholders of $6.3 billion.

Clemons said earnings will probably heighten volatility, with lack of any other major developments to drive the market. Total revenue, meanwhile, rose about 2 percent to $18.17 billion, topping expectations of $17.90 billion helped in part by an increase in fees earned on share sales at Citi's investment bank and a jump in equity trading.Overall, however, trading dropped 11 percent, dragged under by Citi's large fixed income division.Wall Street banks have seen major declines in bond trading activity, which was boosted previous year on global macroeconomic uncertainty, especially around Brexit and the US presidential election.

Executives maintained earlier guidance for full-year net interest income, expenses, charge-offs and loan growth, indicating that they expect JPMorgan's other businesses to continue to offset capital markets pain. But concerns about rising credit costs drove the stock lower by more than 3 percent. "There's kind of a general feeling that things are better than they have been, and that's being reflected in the earnings season", he said.

With the S&P 500 up 14 percent in 2017, investors are betting on strong earnings growth across the S&P 500.

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Bank of America Corp and Wells Fargo & Co, the second- and third-biggest US banks by assets, are due to report results on Friday.

Citi cited "continued growth in loans and assets under management" for the rise, as well as higher interest rates. A lot of people are still underweight risk.

Wall Street also set its sights on economic data Wednesday.

In the latest United States economic data, a Labour Department report showed its producer price index for final demand climbed 0.4 percent in September, following a 0.2 percent increase in August.

Meanwhile, weekly jobless claims totaled 243,000, hitting a more than one-month low, the Labor Department also said. The two-year yield traded at 1.517 percent and the benchmark 10-year yield hovered around 2.327 percent.

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