Dow, S&P 500 dragged down by financials after mixed big bank results

– A + A NEW YORK/BENGALURU (Jan 14): The Dow and the S&P 500 fell on Friday, as declines among heavyweight financial stocks led by JPMorgan made for a weak start to the fourth-quarter earnings season, while the Nasdaq edged higher as some big technology stocks regained lost ground. Eight of the 11 major S&P 500 sectors fell in early trading, with financials falling 1.3%. The S&P 500 banks index slid 1.8% from a record high hit in the previous JPMorgan Chase & Co tumbled 4.9% on reporting weaker performance at its trading arm, even as it beat earnings expectations for the fourth quarter. The bellwether lender also warned that soaring inflation, looming threat of Omicron and trading revenues returning to normal levels are set to challenge the banking industry’s growth in the coming months. Citigroup Inc fell 2.5% after posting a 26% drop in fourth-quarter profit, while asset manager BlackRock Inc fell 1.6% after missing quarterly revenue expectations. “The sentiment is pretty sour, even though today officially kicks off the fourth-quarter earnings reporting period … it seems as if inflation continues to be the overriding worry,” said Sam Stovall, chief investment strategist at CFRA Research, New York. Wells Fargo & Co,… Read full this story

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