- US stocks moved lower Friday, with the Dow dropping more than 240 points.
- JPMorgan beat earnings estimates but Jamie Dimon warned that a mild recession is its “central case.”
- Bank of America and Citigroup also beat on fourth-quarter earnings forecasts.
US stocks fell on Friday as a slate of bank shares tumbled following new earnings reports, with the biggest bank in the country, JPMorgan, warning of a looming economic downturn.
“The US economy currently remains strong with consumers still spending excess cash and businesses healthy,” JPMorgan chief Jamie Dimon said. “However, we still do not know the ultimate effect of the headwinds coming from geopolitical tensions including the war in Ukraine, the vulnerable state of energy and food supplies, persistent inflation that is eroding purchasing power and has pushed interest rates higher, and the unprecedented quantitative tightening.”
Shares of JPMorgan, Wells Fargo, and Bank of America all slipped in early trading. US stocks remain on track for a winning week, with both the Nasdaq and S&P 500 eyeing their best weeks since November.
Here’s where US indexes stood as the market opened 9:30 a.m. on Friday:
Here’s what else is going on:
In commodities, bonds, and crypto:
- Oil prices climbed, with West Texas Intermediate up 0.51% to $78.79 a barrel.
- Brent crude, the international benchmark, inched higher 0.31% to $84.29 a barrel.
- Gold edged higher 0.32% to $1,904.00 per ounce.
- The 10-year yield ticked higher by two basis points to 3.467%.
- Bitcoin moved lower 0.18% to $18,925.22.