Wall Street drops as bank earnings fail to cheer, media stocks drag

U.S. stocks fell on Thursday morning, dragged down by media companies, while results from JPMorgan and Citigroup failed to fuel the optimism that has driven indexes to record highs.

“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 New York.