Connect with us

Business

Stocks fall as bank shares fall and retail disappoints

Published

on

 


Stocks tumbled with all three major U.S. indexes set to close lower for the week, as major banks kicked off fourth-quarter earnings season with mixed results and December retail sales were down. below expectations.

Main takeaways

  • Stocks are lower with the Dow Jones, S&P 500 and Nasdaq set to fall for the week.
  • Retail and food sales fell 1.9% in December, the biggest drop in 10 months.
  • Banks reported mixed earnings and JPMorgan is the worst performing stock in the Dow and S&P 500 after reporting a drop in trading revenue.

Banks and retail stocks fall, energy gains

The Dow is down more than 300 points, almost a full percent, and the S&P 500 is down about 0.5%. The Nasdaq’s earlier gains reversed and this index fell about 0.2%.

JPMorgan Chase & Co. (JPM) is the worst-performing stock in the Dow Jones and S&P 500 after posting a fourth-quarter loss and a net interest margin below consensus analyst estimates. Shares of Citigroup Inc. (C) are also down on its results, and rival banks The Goldman Sachs Group, Inc. (GS) and Morgan Stanley (MS) are also down. Shares of Wells Fargo & Company (WFC) rise after reporting fourth-quarter revenue above Wall Street estimates.

Shares of Home Depot, Inc. (HD) and other retailers are down following the retail sales report. The Census Bureau said food and retail sales fell 1.9% in December, the biggest drop in 10 months. Economists had forecast a smaller decline of 0.1%. Excluding autos, sales fell 2.3% from November, compared to projections for a 0.1% gain.

Shares of the Walt Disney Company (DIS) fall following an analyst downgrade. Shares of energy companies surged as oil rose above $83 a barrel for the first time since early November. Casino company stocks are higher.

Most major cryptocurrencies are trading lower, but Dogecoin price is skyrocketing after Tesla CEO Elon Musk says Shiba Inu coin could be used to buy some of the commodity car manufacturers.

Editor’s Choice

Tesla (TSLA) may have postponed the Cybertruck indefinitely

JPMorgan Chase Fourth Quarter 2021 Earnings Report Summary

Best Shipping Stocks for Q1 2022

Chart of the Day: Retail Retreat

Rising prices and the spread of the omicron variant of COVID-19 led to a bigger-than-expected decline in US retail sales in December.

The Census Bureau reported retail sales fell 1.9% from the previous month, well below economists’ forecast of a 0.1% drop and the biggest drop in 10 months. Excluding motor vehicles and their parts, the decline was 2.3%, also larger than expected. Additionally, the November increase was lowered to 0.2% from 0.3%.

United States Census Bureau


Consumers cut back on purchases as inflation hit a nearly four-decade high and many businesses had to close or reduce opening hours due to staff shortages caused by the virus.

Ten of the 13 retail categories analyzed by the Census Bureau fell, led by an 8.7% decline in sales by non-store retailers, which includes e-commerce. Department store sales fell 7%. Restaurant and bar sales fell 0.8%.

Sectors that recorded increases were building material, garden equipment and supply dealers, as well as health and personal care stores and miscellaneous retail stores.

Action of the day: JPMorgan Chase (JPM)

JPMorgan Chase warns that rising costs and moderating revenues will negatively affect the company’s financial results in the near term. Its shares are down more than 6% today, after gaining 13% last year.

Chief Financial Officer Jeremy Barnum said that over the next two years, the largest U.S. bank by market capitalization expects to earn slightly less than target as “headwinds likely outweigh tailwinds.” He pointed to inflationary pressures and the cost of investments that will increase the company’s spending to $77 billion in 2022.

Barnum’s comments came after JPMorgan Chase reported fourth-quarter revenue of $29.3 billion, down slightly from a year ago. Earnings per share (EPS) was $3.33, better than analysts’ forecasts. However, the bank made a net profit of $1.8 billion from the release of loan loss reserves that never materialized. Without it, EPS would have hit $2.86. In addition, the company reported a 16% decline in fixed income trading revenue, below expectations.

Sources

1/ https://Google.com/

2/ https://www.investopedia.com/stocks-fall-as-bank-shares-drop-and-retail-disappoints-5215990

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]