The Dow Jones Industrial Average fell over 400 points or 1.1%, while the S&P 500 and Nasdaq Composite fell over 0.7% and 0.5% midday.
|I:DJI||DOW JONES AVERAGES||35724.14||-389.48||-1.08%|
|I:COMP||NASDAQ COMPOSITE INDEX||14773.125975||-33.69||-0.23%|
JPMorgan shares fell after posting a 14% drop in quarterly profits. The stock is on pace for the largest percent decrease since June 26, 2020, when it fell 5.48%, as tracked by Dow Jones Market Data Group.
Even so, CEO Jamie Dimon believes the economy is rebounding.
|JPM||JPMORGAN CHASE & CO.||158.09||-10.31||-6.12%|
“I think that the table is set for a very strong economy,” he told FOX Business’ Maria Bartiromo earlier this week. “That consumer has a lot of money, businesses have a lot of money, and they are spending it.”
He also said the Federal Reserve may do more rate hikes than planned.
“The table is set pretty well for growth…with obviously the negative being inflation and how that gets navigated and stuff like that. So, my view is a pretty good chance there’ll be more than 4 [rate hikes] It could be 6 or 7” he said during the bank’s earnings call on Friday.
Elsewhere, profits at Wells Fargo jumped 86%, lifting those shares, while Citibank profits dipped 26%.
|WFC||WELLS FARGO & CO.||57.79||+1.73||+3.09%|
|XLF||FINANCIAL SELECT SECTOR SPDR ETF||40.58||-0.66||-1.60%|
Retailers are in focus as consumers pulled back spending in December with a decline of nearly 2% on the headline number. Excluding the automotive component, spending fell 2.3% compared to a 0.3% pop the previous month.
Casino makers that do business in Macau China rallied after the government outlined revamped regulatory practices yet stopped short of radically limiting the number of licensed operators in the region.
|LVS||LAS VEGAS SANDS CORP.||41.96||+4.30||+11.42%|
|WYNN||WYNN RESORTS LTD.||90.48||+6.25||+7.42%|
Import and export prices for December. Prices of imported goods fell 0.2% month-over-month, after jumping 0.7% in November. Export prices also fell by 1.8%, well below the prior month’s 1.0% spike.
Other reports include the University of Michigan’s preliminary index of consumer sentiment for January which dipped to a preliminary reading of 68 a sign optimism may be waning.
In commodities, oil held at the $82-per-barrel level.
|USO||UNITED STATES OIL FUND L.P.||59.79||+1.49||+2.56%|
In Asia, Tokyo’s Nikkei 225 lost 1.3%, the Hang Seng in Hong Kong slipped 0.2% and China’s Shanghai Composite index lost 0.9%.
China reported its global trade surplus surged nearly 30% in 2021 to $676.4 billion. The trade surplus in December swelled 20.8% over a year earlier to a monthly record of $94.4 billion, customs data showed Friday. The surplus with the United States rose 25.1% in 2021 over a year earlier to $396.6 billion
South Korea’s central bank raised its key interest rate to 1.25% from 1%, acting to counter inflation.
Keep in mind there will be no U.S. trading in stocks or bonds Monday as the markets observe the Martin Luther King Jr. holiday.
FOX Business’ Ken Martin and The Associated Press contributed to this report.