Shares fall after JPMorgan earnings, retail sales are missed
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US stocks fell on Friday as bank revenues rolled in and after an unexpected fall of 1.9% in retail sales.
The Dow Jones Industrial Average fell above 400 points or 1.1%, while the S&P 500 and Nasdaq Composite fell above 0.7% and 0.5% in the middle of the day.
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGE | 35802.65 | -31[ads1]0.97 | -0.86% |
| SP500 | S&P 500 | 4644.44 | -14.59 | -0.31% |
| I: COMP | NASDAQ COMPOSITE INDEX | 14811.387228 | +4.57 | +0.03% |
JPMorgan shares fell after a 14% decline in quarterly earnings. The stock is in line with the largest percentage decline since June 26, 2020, when it fell 5.48%, which is followed by the Dow Jones Market Data Group.
Still, CEO Jamie Dimon believes the economy is on the rise again.
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 157.58 | -10.82 | -6.43% |
“I think it’s set for a very strong economy,” he told FOX Business’ Maria Bartiromo earlier this week. “This consumer has a lot of money, businesses have a lot of money, and they spend it.”
He also said that the Federal Reserve can make more interest rate increases than planned.
“The table is pretty well covered for growth … with the negative is obviously inflation and how it is navigated and things like that. So my view is a pretty good chance that it will be more than 4 [rate hikes] It could be 6 or 7 “, he said during the bank’s earnings interview on Friday.
JPMorgan Chase CEO will discuss the state of the economy on ‘Mornings with Maria’ on Tuesday at. 06.00 ET.
Elsewhere, Wells Fargo’s earnings rose 86%, boosting these shares, while Citibank’s earnings fell 26%.
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| WFC | WELLS FARGO & CO. | 57.76 | +1.70 | +3.03% |
| C | CITIGROUP INC. | 66.81 | -1.09 | -1.61% |
| XLF | FINANCIAL SELECT SECTOR SPDR ETF | 40.61 | -0.63 | -1.53% |
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Retailers are in focus when consumers withdrew consumption in December with a decrease of almost 2% in the headline figure. Excluding the car component, expenses fell 2.3% compared to an increase of 0.3% last month.
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| WMT | WALMART INC. | 144.68 | -0.85 | -0.58% |
| TGT | TARGET CORP. | 220.17 | -5.71 | -2.53% |
| AMZN | AMAZON.COM INC. | 3,221.29 | -2.99 | -0.09% |
| M | MACY’S INC. | 25.88 | -0.97 | -3.61% |
Casino manufacturers doing business in Macao China gathered after the government outlined renewed regulatory practices, but still stopped to radically limit the number of licensed operators in the region.
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| LVS | LAS VEGAS SANDS CORP. | 42.40 | +4.74 | +12.59% |
| WYNN | WYNN RESORTS LTD. | 90.98 | +6.75 | +8.02% |
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Import and export prices for December. Prices of imported goods fell 0.2% month-on-month, after jumping 0.7% in November. Export prices also fell by 1.8%, well below last month’s peak of 1.0%.
PRODUCER PRICES INCREASED BY 9.7% IN DECEMBER, BIGGEST WIN ON RECORD
Other reports include the University of Michigan’s preliminary index of consumer sentiment for January, which dropped to a preliminary reading of 68, a sign that optimism may decline.
In commodities, oil kept at $ 82 per barrel level.
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| USE | UNITED STATES OIL FUND LP | 59.83 | +1.53 | +2.62% |
In Asia, Tokyo’s Nikkei 225 lost 1.3%, Hong Kong’s Hang Seng fell 0.2% and China’s Shanghai Composite Index lost 0.9%.
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China reported that its global trade surplus increased by almost 30% in 2021 to $ 676.4 billion. The trade surplus in December increased by 20.8% compared to a year earlier to a monthly record of 94.4 billion dollars, customs data showed on Friday. Profit with the United States rose 25.1% in 2021 compared to a year earlier to $ 396.6 billion
South Korea’s central bank raised the key interest rate to 1.25% from 1%, to offset inflation.
Remember that there will be no US stock or bond trading on Monday as the markets hold their Martin Luther King Jr. holiday.
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FOX Business’ Ken Martin and The Associated Press contributed to this report.
