Wall Street Roundup: Goldman Sachs profit drops, big bank squeeze

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Housing starts down. Construction on new houses was down more than expected in June, according to new government figures.

Goldman’s profit drops. Wall Street powerhouse Goldman Sachs saw its quarterly profit plunge after being fined by the Securities and Exchange Commission and facing tough trading conditions. Other companies also reported bad quarterly results on Tuesday morning.

Big bank squeeze. Big banks are consolidating their market share and squeezing out smaller competitors in places like Orlando, Fla., the Wall Street Journal reports.

Black swan protection. Cashing in on current fears about volatile markets, California mutual-fund giant Pacific Investment Management Co. is preparing to offer a fund that promises to protect investors in case of big market plunges, or black swan events, according to Bloomberg.

-- Nathaniel Popper