Stocks slip after JPMorgan earnings, retail sales miss

US stocks fell on Friday as bank earnings traded and after an unexpected 1.9% drop in retail sales.

The Dow Jones Industrial Average was down more than 400 points, or 1.1%, while the S&P 500 and Nasdaq Composite were down more than 0.7% and 0.5% at midday.

ribbon protection the last change % changes
Me: DJI Dow Jones averages 35768.79 -344.83 -0.95%
SP500 Standard & Poor’s 500 4642.29 -16.74 -0.36%
I: COMP Nasdaq Composite Index 14812.198554 +5.39 + 0.04%

JPMorgan shares fell after it posted a 14% drop in quarterly profit. The stock is on track for its biggest 1 percent drop since June 26, 2020, when it fell 5.48%, according to Dow Jones market data group tracking.

However, CEO Jamie Dimon believes the economy is picking up.

ribbon protection the last change % changes
JPM JPMORGAN CHASE & CO. 157.08 -11.32 -6.72%

“I think the schedule is set for a very strong economy,” FOX Business’ Maria Bartiromo said earlier this week. “This consumer has a lot of money, companies have a lot of money, and they’re spending it.”

He also said that the Federal Reserve may raise interest rates more than planned.

“The schedule is very well set up for growth…with negative inflation being obvious and how that is being handled and things like that. So my view is a very good chance there will be more than 4 [rate hikes] It might be 6 or 7,” he said during the bank’s earnings call on Friday.

Elsewhere, Wells Fargo’s earnings jumped 86%, sending those shares higher, while Citibank’s profits fell 26%.

ribbon protection the last change % changes
WFC Wells Fargo & Co 57.93 +1.87 + 3.34%
c CITIGROUP INC. 67.02 -0.88 -1.30%
XLF SPDR Financial Sector Fund 40.62 -0.61 -1.49%

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Retailers are in focus as consumers retract their spending in December with a drop of around 2% on the headline figure. Excluding the auto component, spending was down 2.3%, compared to 0.3% in the previous month.

ribbon protection the last change % changes
WMT Wal-Mart Corporation 144.58 -0.95 -0.65%
TGT target company. 219.76 -6.12 -2.71%
AMZN AMAZON.COM INC. 3,220.75 -3.53 -0.11%
M MACY’S INC. 25.76 -1.09 -4.06%

Casino makers doing business in Macau China rebounded after the government outlined renewed regulatory practices but fell short of significantly reducing the number of licensed operators in the region.

ribbon protection the last change % changes
LVS The Las Vegas Sands Company. 42.48 +4.83 + 12.81%
where WYNN RESORTS LTD. 91.16 +6.93 + 8.23%

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Import and export prices for the month of December. Prices of imported goods fell 0.2% on the month, after jumping 0.7% in November. Export prices also fell 1.8%, well below the previous month’s 1.0% rise.

Producer prices rose 9.7% in December, biggest gain on record

Other reports include the University of Michigan Preliminary Consumer Sentiment Index for January which fell to a preliminary reading of 68, a sign that optimism may be waning.

In commodities, oil settled at $82 a barrel.

ribbon protection the last change % changes
use United States Petroleum Fund LP 59.77 +1.47 + 2.52%

In Asia, Tokyo’s Nikkei 225 fell 1.3%, Hong Kong’s Hang Seng fell 0.2%, and China’s Shanghai Composite lost 0.9%.

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China announced that the global trade surplus rose by about 30% in 2021 to $676.4 billion. Customs data on Friday showed that the trade surplus in December ballooned 20.8% from a year earlier to a record monthly level of $94.4 billion. The surplus with the United States increased by 25.1% in 2021 from the previous year to $396.6 billion

South Korea’s central bank raised its key interest rate to 1.25% from 1%, in order to counter inflation.

Keep in mind that there will be no US trading in stocks or bonds on Monday as markets celebrate the Martin Luther King Jr. holiday.


Ken Martin and The Associated Press of FOX Business contributed to this report.

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