The US stock market fell on Friday after disappointing results from some of the country's largest banks raised concerns about the strength of the upcoming earnings reporting season. Investing writes about this.
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The Dow Jones Industrial Average fell 180 points, or 0.5%, the S&P 500 traded 27 points, or 0.5% lower, and the NASDAQ Composite fell by 105 points, or 0.6%.
Fall of shares
JPMorgan Chase shares fell just under 4% after the banking giant forecast full-year interest earnings below expectations as the industry prepares for a widely expected Federal Reserve rate cut.
Wells Fargo shares also fell 0.6%, despite revenue expectations being higher than expected as the lender reported lower net interest income.
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The health of the banking sector is often used as an indicator of the strength of the overall economy, and uncertainty about the Fed's interest rate outlook will hang over the overall first-quarter earnings reporting season.
According to LSEG, analysts expect that In the first quarter, earnings for S&P 500 companies as a whole will rise 5% from a year earlier, a sharp contrast to the 10.1% growth seen in the fourth quarter of 2023.
Roku shares fell 1 .5% after the streaming provider reported on Friday a second cyberattack affecting about 576,000 accounts, following the disclosure of unauthorized access to 15,000 user accounts earlier this year.
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The hotter-than-expected CPI release on Wednesday led to investors no longer considering a June rate cut likely. especially after a strong monthly report on payroll. Now the likely start date for the meeting is September.
