The major averages closed lower on bank earnings, but off the lows as President Trump signaled he could hold off on an attack on Iran. The Dow Jones Industrial Average

 lost 42.36 points after falling over 300 points. The S&P 500 fell 37 points while the Nasdaq Composite lost 238 points on weakness in the big cap techs.

 The banks dragged the Dow and S&P 500 lower on earnings from Bank of America, Wells Fargo and Citigroup. The rest of the banks held up better. The Trump Administration has also put pressure on the banks to lower their interest rates on credit cards.

Big cap techs were weak as well today with Amazon, Microsoft, Meta, Tesla and Broadcom. Nvidia was lower as China informed companies not to use Nvidia’s H200 chips.

Oil was having a good day, but then fell into the red, but still held the $60 a barrel level after President Donald Trump signaled he might not attack Iran, yet. The president has previously threatened to take “very strong action” against the Islamic Republic if it executes protestors.

Gold, silver and the crypto currencies have all perked up late.

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