The Globe and Mail reports in its Wednesday edition that U.S. stocks ended lower on Tuesday after mixed earnings from Morgan Stanley and Goldman Sachs pressured banks, and as sell-offs in Boeing and Apple weighed on the S&P 500. A Reuters dispatch to The Globe says that the Toronto Stock Exchange also gave back some recent gains, as a drop in commodity prices pressured resource shares and domestic inflation data tempered hopes for an early interest rate cut by the Bank of Canada. Morgan Stanley tumbled 4.2 per cent after it posted a lower quarterly profit, while Goldman Sachs ended 0.7 per cent higher after it reported a 51-per-cent rise in profit. Apple dropped 1.2 per cent after offering rare discounts on its iPhones in China in response to stiff competition there. Boeing slumped almost 8 per cent to a two-month low after the Federal Aviation Administration extended the grounding of its 737 Max 9 airplanes indefinitely and Wells Fargo downgraded the stock to "equal weight" from "overweight." The S&P/TSX Composite Index ended at 20,948.09, down 113.79. Canada's annual inflation rate rose to 3.4 per cent in December. That was expected but an acceleration in underlying price pressures spooked some investors.