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.
- 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.
Tesla (TSLA) may have postponed the Cybertruck indefinitely
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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%.
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.
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