Stocks fell on Friday as major U.S. banks kicked off the corporate earnings season while inflation and geopolitical concerns weighed on investors.
The Dow Jones Industrial Average slid 225 points, or 0.6%. The S&P 500 dipped 0.7%, while the Nasdaq Composite pulled back by 0.9%.
JPMorgan Chase shares were down more than 3% after the banking giant posted its first-quarter results. The bank said net interest income, a key measure of what it makes through lending activities, could be a little short of what Wall Street analysts are expecting in 2024. CEO Jamie Dimon also warned about persistent inflationary pressures weighing on the economy.
Wells Fargo shares were down around 0.5% after reporting its latest quarterly figures. Citigroup rose more 1% after posting a revenue beat.
Oil prices continued their rise on reports that Israel is preparing for a direct attack by Iran this weekend, in what would be the biggest escalation of tensions in the region since the outbreak of the Israel-Hamas war Oct. 2023. U.S. crude was last at $87.05 a barrel.
The moves come a day after a sharp rebound for the S&P 500 and the Nasdaq Composite as tech shares led a comeback from Wednesday’s inflation-fueled sell-off.
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