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Stocks fall as big banks get bludgeoned




The Dow closed down 0.6% on Friday. The index has lost nearly 1% in the past five days and is down 1.2% so far this month.

the S&P500 slightly higher and the Nasdaq rose 0.6%, but both indexes were still down slightly for the week. So far in 2022, the S&P 500 is down 2% while the tech-heavy Nasdaq has slipped 5%.
A weak retail sales report for December did not help matters on Wall Street. Consumer spending has surprisingly fallen in this key holiday shopping month, raising fears that runaway inflation is finally weighing on the economy.
But as investors shun big tech like Apple (AAPL), Microsoft (MSFT) and You’re here (TSLA) this year, banking stocks have been a bright spot for the market until Friday. Investors were disappointed by JPMorgan Chase’s earnings down nearly 15% from the fourth quarter of 2020.
If prices continue to rise, a nightmare scenario for the US economy is a real possibility
Shares of JPMorgan Chase (JPM) were down 6%. Financial Companions (and Dow Components) Goldman Sachs (GS) which publishes its results next Tuesday and American Express (AXP) each fell about 3% too.
Citigroup (VS) and black rock (NOIR), which both posted earnings on Friday, were also lower. Wells Fargo (WFC) was the bright spot for banks, which rallied after posting better than expected results.
More major banks, including Bank of America (BAC), Morgan Stanley (MRS) and Truist (TFC), will release their results in next week’s shortened holiday trading session. Revenues are also on the table for the king of consumer products Procter & Gamble (PG), Airlines companies United (LAU) and American (AAL) and streaming giant netflix (NFLX).

The exchange is closed on Monday for Martin Luther King, Jr. Day.




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