Stocks sink as big banks get pummeled

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

The S&P 500 is up slightly and the Nasdaq is up 0.6% – but both indexes are still down modestly during the week. So far in 2022, the S&P 500 is down 2% while the tech-heavy Nasdaq is down 5%.
The weak December retail sales report didn’t help matters on Wall Street. Consumer spending fell surprisingly during the main holiday shopping month, sparking fears that runaway inflation is finally taking its toll on the economy.
But while investors were avoiding big tech companies like An apple (AAPL)And Microsoft (MSFT) And Tesla (TSLA) This year, bank stocks have been a bright spot for the market – as of Friday. Investors were disappointed that JPMorgan Chase earnings fell nearly 15% from the fourth quarter of 2020.
shares c. B. Morgan Chase (JPM) decreased by 6%. Colleagues (and Dow Components) Goldman Sachs (p) – which announces earnings next Tuesday – and American Express (AXP) Each fell about 3%, too.
City Group (c) And Black stone (BLK), which reported earnings on Friday, were also lower. Wells Fargo (WFC) It was a bright spot for banks, which rose after reporting better-than-expected results.
More major banks, including American bank (buck)And Morgan Stanley (miss) And Truth (TFC)It will announce its results in the holiday trading session next week. Profits are also taken from the king of consumer products Procter & Gamble Company (PG), Airlines United (UAL) And American (AAL) And the running giant Netflix (NFLX).

The stock market is closed on Monday in observance of Martin Luther King Jr. Day.


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