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2022-07-15

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Dow Pops 400 Points As Wall Street Digests Fresh Batch of Bank Earnings, Strong Retail Sales

U.S. stock futures popped on Friday as traders digested a fresh batch of bank earnings and retail sa

Dow Pops 400 Points As Wall Street Digests Fresh Batch of Bank Earnings, Strong Retail Sales

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S&amp;P 500 jumped 1% and Nasdaq 100 futures added 0.85%.</p><p>A new round of bank results from Wells FargoandCitigroupoffered further insight into the state of the economy. Wells Fargo shares slipped more than 1% in the premarket as quarterly profits declined 48% and the bank set aside funds for bad loans.Citigroup added 3% as the bank beat estimates and benefitted from a rising rate environment.</p><p>A day earlier, investors combed through troubling reports from JPMorgan Chase and Morgan Stanley, which kicked off major bank earnings, and also weighed the likelihood of larger interest rate hikes from the Federal Reserve and looming recession concerns.</p><p>Shares of JPMorgan Chase dropped about 3.5%after the bank said it built up reserves for bad loans, and suspended share buybacks. 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S&amp;P 500 jumped 1% and Nasdaq 100 futures added 0.85%.</p><p>A new round of bank results from Wells FargoandCitigroupoffered further insight into the state of the economy. Wells Fargo shares slipped more than 1% in the premarket as quarterly profits declined 48% and the bank set aside funds for bad loans.Citigroup added 3% as the bank beat estimates and benefitted from a rising rate environment.</p><p>A day earlier, investors combed through troubling reports from JPMorgan Chase and Morgan Stanley, which kicked off major bank earnings, and also weighed the likelihood of larger interest rate hikes from the Federal Reserve and looming recession concerns.</p><p>Shares of JPMorgan Chase dropped about 3.5%after the bank said it built up reserves for bad loans, and suspended share buybacks. 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Wells Fargo shares slipped more than 1% in the premarket as quarterly profits declined 48% and the bank set aside funds for bad loans.Citigroup added 3% as the bank beat estimates and benefitted from a rising rate environment.A day earlier, investors combed through troubling reports from JPMorgan Chase and Morgan Stanley, which kicked off major bank earnings, and also weighed the likelihood of larger interest rate hikes from the Federal Reserve and looming recession concerns.Shares of JPMorgan Chase dropped about 3.5%after the bank said it built up reserves for bad loans, and suspended share buybacks. 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