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NEW YORK (CNNMoney)
The Dow, S&P 500 and Nasdaq all fell in early trading.
On Wednesday, the Federal Reserve rejected Citigroup's capital plan, saying it was troubled by the bank's inability to predict how much it could lose in a severe economic downturn. It banned the bank from any dividend hikes or share repurchases for the next year.
Citigroup (C, Fortune 500) shares dropped 5% Thursday.
Citi was among 30 large banks required to submit capital plans for an annual stress tests. The Fed approved 25 plans. Citi and four other smaller banks were turned down.
Related: Fear & Greed Index backslides into fear
But Bank of America (BAC, Fortune 500) shares were up Thursday after it announced an increase in its dividend and a new stock buyback plan. The bank also unveiled a $9.5 billion settlement with the Federal Housing Finance Agency. The deal settles all litigation between Bank of America and the agency over the use of mortgage-backed securities in the run up to the housing meltdown.
On the earnings front, Lululemon (LULU) popped after the yogawear maker reported quarterly increases in revenue and net income. But it also had a slide in same-store sales.
Brian Sozzi of Belus Capital Advisors, wrote that this decline was a "once unthinkable development."
GameStop (GME, Fortune 500) shares fell nearly 8% after the video game retailer missed earnings missed estimates and gave a lackluster outlook for the current quarter.
Accenture (ACN) dropped about 7% after reporting a decline in quarterly net income. The technology services company was recently hired to work on the Obamacare website.
BlackBerry (BBRY) was downgraded to a "sell" by an analyst at Société Générale. Shares slumped on the news. The stock has had a rough go of it in recent years, but has rallied around 20% this year on hopes of a turnaround. The company will report its latest quarterly results on Friday morning.
King Digital Entertainment (KING) shares fell again. The maker of online game Candy Crush Saga took a beating in its initial public offering on Wednesday.
Related: CNNMoney's Tech 30
European markets were mostly lower in afternoon trading. The International Monetary Fund said it was throwing Ukraine an $18 billion lifeline.
Asian markets ended with mixed results. Shares in tech company Tencent (TCEHY) fell by nearly 6% in Hong Kong. Investors and traders have been growing concerned that valuations have become too rich in the Asian tech sector ... much like investors in the U.S. have regarding the likes of Facebook (FB, Fortune 500) and Twitter (TWTR).
First Published: March 27, 2014: 9:55 AM ET
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