Stocks sink as big banks sink

The Dow was down 1% on Friday and has fallen nearly 1.3% over the past five days. So far this month, the average of 30 blue chips is down about 1.6%.

The S&P 500 and Nasdaq lost 0.5% and 0.1%, respectively, both down about 1% for the week. The S&P 500 is down about 3% in 2022 while the tech-heavy Nasdaq has slipped more than 5%.
A weak retail sales report for December didn’t help Wall Street’s affairs. Consumer spending fell astonishingly during that key holiday shopping month, raising concerns that runaway inflation was finally taking a toll on the economy.
But when investors have stayed away from big tech like Apple ,AAPL,, Microsoft ,MSFT, And Tesla ,TSLA, This year, banks were a bright spot for the stock market till Friday. Investors were disappointed by JPMorgan Chase’s nearly 15% drop in earnings from the fourth quarter of 2020.
If prices keep rising, a nightmare for the US economy is a real possibility
shares of JPMorgan Chase ,JPM, were down 6%. Partner Financials (and Dow Components) Goldman Sachs ,gs,, which reports income the following Tuesday, and American Express ,AXP, Each also fell about 4%.
Citigroup ,C, And black Rock ,BLK,, which both reported earnings on Friday, was even lower. Wells Fargo ,WFC, Banks remained bullish after better-than-expected results.
Larger banks, including Bank of America ,bac,, Morgan Stanley ,M / s, And truist ,TFC,, will report its results in next week’s holiday-short trading session. Earnings from the king of consumer products is also on tap Procter & Gamble ,PG,, airlines United ,UAL, And American ,came, and streaming giants Netflix ,NFLX,,

The stock market is closed on Mondays to commemorate Martin Luther King, Jr.’s Day.

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