US markets end flat as financials drop, defensives gain

Financials rallied more than 20% in the wake of US presidential election on hopes of fiscal stimulus

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A street sign for Wall Street is seen outside the New York Stock Exchange in Manhattan, New York City

Reuters New York

Last Updated : Jun 01 2017 | 8:37 AM IST

US stocks were little changed on Wednesday as financials dropped after JPMorgan and Bank of America warned of revenue weakness, offsetting gains in defensive plays.

JPMorgan blamed lower volatility for a 15 percent decline in trading revenue in the current quarter compared with last year, while Bank of America said trading revenue in the second quarter was on track to be 10 to 12 percent lower than last year.

Financials rallied more than 20 percent in the wake of the US presidential election on hopes of fiscal stimulus and deregulation under President Donald Trump, but they have struggled in recent weeks. The

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