The Dow Jones industrial average finished 31.88 points lower at 22,841.01, after hitting an intraday record.The Nasdaq composite also notched an intraday record, before closing 0.2 percent lower at 6,591.51.
Like its Wall Street rival JP Morgan Chase & Co (NYSE:JPM) - which reported its results earlier today - Citi recorded a 16% year-on-year decline in fixed income trading revenue which totalled US$2.88bn.
Charter Communications fell 2.6 per cent and Viacom lost 3.4 per cent following reports that the two sides are clashing over contract terms for broadcasts of MTV and other Viacom networks as Charter seeks more streaming broadcasts.
Provisions for credit losses across JPMorgan rose 14 percent, with the bank attributing much of that to its credit card business, and 15 percent at Citi in the quarter compared to a year ago. "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.
Citi's shares were down 2 percent in late morning trade, the worst performer among the major US banks.
Citi-branded cards in the USA provide about 10 percent of Citigroup revenue and profits and are seen by Corbat as one of the company's best shots at growing profits.
JPMorgan and Citi posted their third-quarter earnings beats and saw their stocks rise after the results.
Citi cited "continued growth in loans and assets under management" for the rise, as well as higher interest rates.
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. A lot of people are still underweight risk.
On the other hand, equity markets revenues improved 16% to $757m thanks to growth in the cash equities business.
Wall Street also set its sights on economic data Wednesday.
Treasury yields slipped on Thursday.
Credit losses were up by 17% on the year to $1.77bn, offset by a 2% fall in operating expenses to $10.2bn.