Business

Investors digest the first batch of bank profits

U.S. stocks fell Friday as investors digested the first batch of bank profits.
JPMorgan, Citigroup and Wells Fargo all reported first-quarter profits that beat estimates.
“There appears to be a lot of lingering inflationary pressure, which could probably persist,” said Jamie Dimon, CEO of JPMorgan.

U.S. stocks fell on Friday as investors digested the first set of first-quarter results with the release of results from major banks.

JPMorgan, Wells Fargo and Citigroup all reported first-quarter earnings that beat analysts' estimates, although the results weren't very impressive as shares of JPMorgan and Wells Fargo fell while shares of Citigroup rose. jumped about half a percent.

JPMorgan CEO Jamie Dimon warned that while the stock market is doing well and most economic indicators look favorable, significant risks can still arise at any time.

“Looking ahead, we remain alert to a number of important uncertain forces. First, the global landscape is worrying, terrible wars and violence continue to cause suffering, and geopolitical tensions are increasing. Second, there appears to be have a lot of persistent inflationary pressures, which could probably continue,” Dimon said.

On the inflation front, prices of U.S. imports rose for the third straight month in March, slightly above consensus estimates, at 0.4% month-over-month. Almost all of the rise in import prices is due to the recent surge in oil prices.

Here's where the US indexes stood shortly after the 9:30 a.m. opening bell on Friday:

Here's what else is happening today:

In commodities, bonds and cryptocurrencies:

West Texas Intermediate crude oil jumped 2.60% to $87.23 a barrel. Brent crude, the international benchmark, climbed 2.17% to $91.69 per barrel.
Gold jumped 1.79% to $2,415.20 an ounce.
The 10-year Treasury yield fell 8 basis points to 4.51%.
Bitcoin edged up 0.23% to $70,184.

Sources

1/ https://Google.com/

2/ https://markets.businessinsider.com/news/stocks/stock-market-today-investors-digest-first-batch-of-bank-earnings-2024-4

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